XML 14 R2.htm IDEA: XBRL DOCUMENT v3.24.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets    
Cash and due from banks $ 65,064 $ 32,586
Interest-bearing deposits with banks 171,716 32,575
Cash and cash equivalents 236,780 65,161
Restricted investments in bank stocks 20,247 11,992
Securities available for sale (amortized cost of $845,869 and $549,089 at September 30, 2024 and December 31, 2023, respectively) 826,828 513,519
Loans held for sale, at fair value 3,561 5,816
Loans 3,981,437 2,298,313
Less: Allowance for credit losses (49,630) (28,702)
Net loans 3,931,807 2,269,611
Premises and equipment, net 49,839 29,393
Cash surrender value of life insurance 142,895 73,204
Goodwill 70,655 18,724
Other intangible assets, net 46,144 2,414
Accrued interest receivable 20,562 13,630
Deferred tax assets, net 38,517 22,017
Other assets 82,754 38,759
Total assets 5,470,589 3,064,240
Deposits:    
Noninterest-bearing 815,404 430,959
Interest-bearing 3,835,449 2,127,855
Total deposits 4,650,853 2,558,814
Securities sold under agreements to repurchase and federal funds purchased 21,932 9,785
FHLB advances and other borrowings 115,378 137,500
Subordinated notes and trust preferred debt 68,510 32,093
Other liabilities 97,710 60,992
Total liabilities 4,954,383 2,799,184
Commitments and contingencies
Shareholders’ Equity    
Preferred stock, $1.25 par value per share; 500,000 shares authorized; no shares issued or outstanding 0 0
Common stock, no par value—$0.05205 stated value per share; 50,000,000 shares authorized; 19,729,307 shares issued and 19,373,354 outstanding at September 30, 2024; 11,204,599 shares issued and 10,612,390 outstanding at December 31, 2023 1,027 583
Additional paid - in capital 422,177 189,027
Retained earnings 117,311 117,667
Accumulated other comprehensive loss (15,888) (28,476)
Treasury stock—355,953 and 592,209 shares, at cost at September 30, 2024 and December 31, 2023, respectively (8,421) (13,745)
Total shareholders’ equity 516,206 265,056
Total liabilities and shareholders’ equity $ 5,470,589 $ 3,064,240