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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and fees on loans:        
Taxable $ 59,412 $ 33,095 $ 127,859 $ 95,283
Tax-exempt 2,299 1,411 5,116 4,205
Interest and dividends on investment securities:        
Taxable 4,739 1,920 8,561 5,973
Tax-exempt 411 375 1,153 1,210
Dividends 55   59 4
Interest on interest-bearing deposits in other banks 150 91 385 190
Interest on federal funds sold 1,218 1,873 2,524 2,914
Total interest income 68,284 38,765 145,657 109,779
Interest expense:        
Interest on deposits 26,398 16,481 63,216 39,805
Interest on short-term borrowings 550 291 1,444 1,590
Interest on long-term debt 1,389 273 1,929 569
Interest on subordinated debt 443 443 1,330 1,330
Interest on junior subordinated debt 260   260  
Total interest expense 29,040 17,488 68,179 43,294
Net interest income 39,244 21,277 77,478 66,485
Provision for (credit to) credit losses 14,458 (166) 15,762 (1,103)
Net interest income after provision for (credit to) credit losses 24,786 21,443 61,716 67,588
Noninterest income:        
Mortgage banking income 84 87 263 295
Increase in cash surrender value of life insurance 551 270 1,116 790
Interest rate swap (loss) gain (53) 266 25 512
Net gains (losses) on equity investment securities 175   155 (17)
Net gains on sale of investment securities available for sale 1   1 81
Total noninterest income 5,722 3,692 12,665 10,918
Noninterest expense:        
Salaries and employee benefits expense 13,170 8,784 30,459 26,346
Net occupancy and equipment expense 6,436 4,298 15,745 12,678
Acquisition related expenses 9,653 869 11,210 990
Amortization of intangible assets 1,665 29 1,665 86
Net gains on sale of other real estate owned   (18)   (18)
Professional fees and outside services 1,017 687 2,482 1,960
FDIC insurance and assessments 809 508 1,907 1,565
Donations 512 389 1,354 1,254
Other expenses 2,240 1,508 6,906 5,361
Total noninterest expense 35,502 17,054 71,728 50,222
(Loss) income before income taxes (4,994) 8,081 2,653 28,284
(Benefit) provision for income tax expense (657) 1,335 242 4,534
Net (loss) income (4,337) 6,746 2,411 23,750
Other comprehensive income (loss):        
Unrealized gain (loss) on investment securities available for sale 15,167 (10,378) 12,744 (4,690)
Reclassification adjustment for net gain on sales included in net income (1)   (1) (81)
Change in derivative fair value (1,424) 747 (185) 826
Other comprehensive income (loss) 13,742 (9,631) 12,558 (3,945)
Income tax expense (benefit) related to other comprehensive income (loss) 3,008 (2,074) 2,748 (851)
Other comprehensive income (loss), net of income tax expense (benefit) 10,734 (7,557) 9,810 (3,094)
Comprehensive income (loss) $ 6,397 $ (811) $ 12,221 $ 20,656
Per share data:        
Basic $ (0.43) $ 0.95 $ 0.30 $ 3.33
Diluted $ (0.43) $ 0.95 $ 0.30 $ 3.31
Weighted average common shares outstanding:        
Basic 9,987,627 7,088,745 8,039,734 7,130,506
Diluted 10,044,449 7,120,685 8,094,036 7,165,570
Dividends declared $ 0.62 $ 0.41 $ 1.44 $ 1.23
Service charges, fees, commissions and other        
Noninterest income:        
Revenue from contracts with customers $ 3,384 $ 1,900 $ 7,304 $ 5,847
Merchant services income        
Noninterest income:        
Revenue from contracts with customers 223 170 598 542
Commission and fees on fiduciary activities        
Noninterest income:        
Revenue from contracts with customers 649 606 1,717 1,691
Wealth management income        
Noninterest income:        
Revenue from contracts with customers $ 708 $ 393 $ 1,486 $ 1,177