XML 14 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST INCOME        
Loans, including fees $ 66,096 $ 52,094 $ 129,332 $ 97,959
Investment securities:        
Taxable 4,143 3,962 8,183 7,836
Tax-exempt 371 391 747 780
Other interest-bearing balances 347 83 750 136
Federal funds sold 282 49 418 94
Total Interest Income 71,239 56,579 139,430 106,805
INTEREST EXPENSE        
Deposits 28,463 17,927 54,795 29,928
Short-term borrowings 3,324 1,507 7,770 2,997
Long-term and subordinated debt 686 701 1,643 1,387
Total Interest Expense 32,473 20,135 64,208 34,312
Net Interest Income 38,766 36,444 75,222 72,493
Provision for credit losses - loans 1,782 1,157 1,163 1,647
(Benefit)/Provision for credit losses - CCL (178) 401 (496) 629
Net provision for credit losses 1,604 1,558 667 2,276
Net Interest Income After Provision for Credit Losses 37,162 34,886 74,555 70,217
NONINTEREST INCOME        
Net gain on sales of SBA loans 74 128 181 128
Earnings from cash surrender value of life insurance 301 292 585 546
Other 1,685 1,669 4,121 2,609
Total Noninterest Income 5,329 5,220 11,166 9,545
NONINTEREST EXPENSE        
Salaries and employee benefits 15,533 15,027 30,995 28,871
Software licensing and utilization 2,208 2,070 4,328 4,016
Occupancy, net 1,861 1,750 3,843 3,636
Equipment 1,287 1,248 2,509 2,499
Shares tax 124 751 1,121 1,650
Legal and professional fees 689 602 1,687 1,402
ATM/card processing 510 532 1,044 1,025
Intangible amortization 425 461 853 805
FDIC Assessment 1,232 684 2,177 1,024
Loss (Gain) on sale of foreclosed assets, net 42 (126) 42 (126)
Merger and acquisition 0 4,992 0 5,216
Post-acquisition restructuring 0 2,952 0 2,952
Other 4,313 4,185 8,145 8,000
Total Noninterest Expense 28,224 35,128 56,744 60,970
INCOME BEFORE PROVISION FOR INCOME TAXES 14,267 4,978 28,977 18,792
Provision for income taxes 2,496 142 5,073 2,729
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 11,771 $ 4,836 $ 23,904 $ 16,063
PER COMMON SHARE DATA:        
Basic Earnings Per Common Share (in dollars per share) $ 0.71 $ 0.29 $ 1.44 $ 1.00
Diluted Earnings Per Common Share (in dollars per share) $ 0.71 $ 0.29 $ 1.44 $ 1.00
Weighted-average basic shares outstanding (in shares) 16,576,283 16,233,473 16,572,102 16,060,789
Weighted-average diluted shares outstanding (in shares) 16,605,353 16,255,278 16,608,863 16,096,270
Fiduciary and wealth management        
NONINTEREST INCOME        
Non-interest Income $ 1,129 $ 1,204 $ 2,261 $ 2,440
ATM debit card interchange        
NONINTEREST INCOME        
Non-interest Income 973 998 1,918 2,054
Service charges on deposits        
NONINTEREST INCOME        
Non-interest Income 539 514 1,048 949
Mortgage banking        
NONINTEREST INCOME        
Non-interest Income 628 287 1,052 671
Mortgage hedging        
NONINTEREST INCOME        
Non-interest Income $ 0 $ 128 $ 0 $ 148