XML 29 R5.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statement of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
INTEREST INCOME      
Loans, including fees $ 265,522 $ 218,060 $ 150,256
Investment securities:      
Taxable 16,542 16,005 11,952
Tax-exempt 1,464 1,540 1,497
Other interest-bearing balances 1,127 361 69
Federal funds sold 1,928 373 1,826
Total Interest Income 286,583 236,339 165,600
INTEREST EXPENSE      
Deposits 116,320 79,295 14,144
Short-term borrowings 10,575 7,087 441
Long-term and subordinated debt 3,017 2,984 3,182
Total Interest Expense 129,912 89,366 17,767
Net Interest Income 156,671 146,973 147,833
Provision for credit losses - loans 2,144 3,295 4,300
(Benefit)/Provision for credit losses - CCL (628) 404 0
Net Interest Income After Provision for Credit Losses 155,155 143,274 143,533
NONINTEREST INCOME      
Net gain on sales of SBA loans 347 571 262
Earnings from cash surrender value of life insurance 1,141 1,112 1,013
Other 7,812 5,627 7,793
Noninterest Income 22,493 20,008 23,657
NONINTEREST EXPENSE      
Salaries and employee benefits 64,098 59,345 52,601
Software licensing and utilization 9,300 7,927 7,524
Occupancy, net 7,571 7,349 6,900
Equipment 4,928 5,121 4,493
Shares tax 2,350 2,713 2,786
Legal and professional fees 4,306 2,945 2,761
ATM/card processing 2,284 2,108 2,139
Intangible amortization 1,784 1,780 2,012
FDIC Assessment 4,170 3,500 1,594
Loss (Gain) on sale of foreclosed assets, net 80 (144) (133)
Merger and acquisition 545 5,544 294
Post-acquisition restructuring 0 2,952 329
Other 16,200 17,448 16,543
Total Noninterest Expense 117,616 118,588 99,843
INCOME BEFORE PROVISION FOR INCOME TAXES 60,032 44,694 67,347
Provision for income taxes 10,595 7,297 12,541
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 49,437 $ 37,397 $ 54,806
PER COMMON SHARE DATA:      
Basic Earnings Per Common Share (in dollars per share) $ 2.90 $ 2.29 $ 3.44
Diluted Earnings Per Common Share (in dollars per share) $ 2.90 $ 2.29 $ 3.44
Weighted-average basic shares outstanding (in shares) 17,026,240 16,319,006 15,912,877
Weighted-average diluted shares outstanding (in shares) 17,070,862 16,350,963 15,934,635
Fiduciary and wealth management      
NONINTEREST INCOME      
Non-interest Income $ 4,680 $ 5,059 $ 5,071
ATM debit card interchange      
NONINTEREST INCOME      
Non-interest Income 3,851 4,019 4,362
Service charges on deposits      
NONINTEREST INCOME      
Non-interest Income 2,176 1,943 2,078
Mortgage banking      
NONINTEREST INCOME      
Non-interest Income 2,476 1,353 1,607
Mortgage hedging      
NONINTEREST INCOME      
Non-interest Income $ 10 $ 324 $ 1,471