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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest and fees on loans:      
Taxable $ 184,907 $ 129,013 $ 95,505
Tax-exempt 7,354 5,628 5,084
Interest and dividends on investment securities:      
Taxable 12,930 7,912 8,234
Tax-exempt 1,550 1,582 2,066
Dividends 89 4 2
Interest on interest-bearing deposits in other banks 498 335 101
Interest on federal funds sold 4,132 5,377 342
Total interest income 211,460 149,851 111,334
Interest expense:      
Interest on deposits 87,934 58,561 12,632
Interest on short-term borrowings 2,031 1,920 1,103
Interest on long-term debt 3,317 842 76
Interest on subordinated debt 1,774 1,774 1,774
Interest on junior subordinated debt 415    
Total interest expense 95,471 63,097 15,585
Net interest income 115,989 86,754 95,749
Provision for (credit to) credit losses 19,131 566 (449)
Net interest income after provision for (credit to) credit losses 96,858 86,188 96,198
Noninterest income:      
Mortgage banking income 389 390 511
Increase in cash surrender value of life insurance 1,572 1,067 1,020
Interest rate swap gain 285 390 622
Net gains (losses) on equity investment securities 132 (11) (31)
Net gains (losses) on sale of investment securities available for sale 1 81 (1,976)
Total noninterest income 18,336 14,133 11,845
Noninterest expense:      
Salaries and employee benefits expense 45,746 35,285 33,553
Net occupancy and equipment expense 22,296 17,146 16,578
Acquisition related expenses 16,200 1,816  
Amortization of CDI and other intangibles 3,367 105 363
Net gains on sale of other real estate owned   (18) (478)
Professional fees and outside services 3,269 2,810 2,715
FDIC insurance and assessments 3,158 2,131 1,300
Donations 1,825 1,619 1,381
Other expenses 10,865 6,926 7,265
Total noninterest expense 106,726 67,820 62,677
Income before income taxes 8,468 32,501 45,366
(Benefit) provision for income tax expense (30) 5,121 7,276
Net income 8,498 27,380 38,090
Other comprehensive income (loss):      
Unrealized gain (loss) on investment securities available for sale 2,569 14,804 (66,435)
Reclassification adjustment for net gain (loss) on sales included in net income (1) (81) 1,976
Change in benefit plan liabilities 1,518 1,129 370
Change in derivative fair value 632 (824) (728)
Other comprehensive income (loss) 4,718 15,028 (64,817)
Income tax expense (benefit) related to other comprehensive income (loss) 1,062 3,043 (13,995)
Other comprehensive income (loss), net of income tax expense (benefit) 3,656 11,985 (50,822)
Comprehensive income (loss) $ 12,154 $ 39,365 $ (12,732)
Per share data:      
Basic $ 1 $ 3.85 $ 5.31
Diluted $ 0.99 $ 3.83 $ 5.28
Weighted average common shares outstanding:      
Basic 8,531,122 7,107,908 7,168,092
Diluted 8,586,035 7,151,471 7,211,643
Dividends declared $ 2.06 $ 1.64 $ 1.58
Service charges, fees, commissions and other      
Noninterest income:      
Revenue from contracts with customers $ 10,673 $ 7,728 $ 7,076
Merchant services income      
Noninterest income:      
Revenue from contracts with customers 896 693 964
Commission and fees on fiduciary activities      
Noninterest income:      
Revenue from contracts with customers 2,270 2,219 2,229
Wealth management income      
Noninterest income:      
Revenue from contracts with customers $ 2,118 $ 1,576 $ 1,430