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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Interest Income          
Interest and fees on loans $ 55,484 $ 50,115 $ 160,615 $ 144,092  
Taxable interest on investments 6,622 5,814 20,456 17,629  
Nontaxable interest on investments 462 748 1,388 2,273  
Dividend income 389 302 1,222 788  
Other interest income 764 690 2,385 1,667  
Total interest income 63,721 57,669 186,066 166,449  
Interest Expense          
Interest on deposits 25,051 20,969 72,398 56,046  
Interest on borrowings 4,549 3,577 15,032 9,249  
Interest on junior subordinated debentures 534 539 1,592 1,600  
Total interest expense 30,134 25,085 89,022 66,895  
Net interest income 33,587 32,584 97,044 99,554  
Provision (credit) for credit losses 239 (574) (1,213) 1,531  
Net interest income after provision (credit) for credit losses 33,348 33,158 98,257 98,023  
Non-Interest Income          
Brokerage and insurance commissions 1,414 1,217 4,094 3,462  
Mortgage banking income, net 973 583 2,297 1,889  
Net loss on sale of securities 0 (5,335) 0 (5,335)  
Bank-owned life insurance 709 644 2,086 1,849  
Other income 1,156 1,152 3,048   $ 3,283
Total non-interest income 11,406 5,072 32,373 25,048  
Non-Interest Expense          
Salaries and employee benefits 16,545 14,744 48,100 44,605  
Furniture, equipment and data processing 3,578 3,382 10,704 9,772  
Net occupancy costs 1,890 1,804 5,941 5,735  
Debit card expense 1,368 1,318 3,943 3,781  
Consulting and professional fees 788 897 2,797 3,327  
Regulatory assessments 784 861 2,454 2,574  
Merger and acquisition costs 727 0 727 0  
Amortization of core deposit intangible assets 139 148 417 444  
Other real estate owned and collection costs (recoveries), net 94 (34) 151 (25)  
Other expenses 2,987 3,087 8,338 9,302  
Total non-interest expense 28,900 26,207 83,572 79,515  
Income before income tax expense 15,854 12,023 47,058 43,556  
Income Tax Expense 2,781 2,236 8,720 8,653  
Net Income $ 13,073 $ 9,787 $ 38,338 $ 34,903  
Per Share Data          
Basic earnings per share $ 0.90 $ 0.67 $ 2.63 $ 2.39  
Diluted earnings per share 0.90 0.67 2.62 2.39  
Cash dividends declared per share $ 0.42 $ 0.42 $ 1.26 $ 1.26  
Weighted average number of common shares outstanding 14,575,550 14,556,057 14,579,195 14,564,431  
Diluted weighted average number of common shares outstanding 14,645,675 14,597,649 14,643,029 14,607,031  
Debit card income          
Non-Interest Income          
Revenue $ 3,169 $ 3,130 $ 9,104 $ 9,147  
Service charges on deposit accounts          
Non-Interest Income          
Revenue 2,168 2,040 6,308 5,737  
Income from fiduciary services          
Non-Interest Income          
Revenue $ 1,817 $ 1,641 $ 5,436 $ 5,016