XML 15 R4.htm IDEA: XBRL DOCUMENT v3.25.2
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest and fees on loans:        
Taxable $ 57,459 $ 34,406 $ 112,671 $ 68,447
Tax-exempt 2,302 1,399 4,547 2,817
Interest and dividends on investment securities:        
Taxable 4,604 1,904 8,738 3,822
Tax-exempt 399 371 795 742
Dividends 40 2 81 4
Interest on interest-bearing deposits in other banks 96 115 209 235
Interest on federal funds sold 435 179 720 1,306
Total interest income 65,335 38,376 127,761 77,373
Interest expense:        
Interest on deposits 20,303 18,114 41,150 36,818
Interest on short-term borrowings 410 633 635 895
Interest on long-term debt 1,211 269 2,388 539
Interest on subordinated debt 1,026 444 1,469 887
Interest on junior subordinated debt 188   374  
Total interest expense 23,138 19,460 46,016 39,139
Net interest income 42,197 18,916 81,745 38,234
(Credit to) provision for credit losses (239) 596 (39) 1,304
Net interest income after provision for credit losses 42,436 18,320 81,784 36,930
Noninterest income:        
Mortgage banking income 125 87 239 179
Increase in cash surrender value of life insurance 535 286 1,061 565
Interest rate swap gain 164 102 207 78
Net (losses) gains recognized on equity securities (7) (12) 64 (20)
Net gains on fixed assets   13 680 4
Total noninterest income 6,247 3,554 12,503 6,947
Noninterest expense:        
Salaries and employee benefits expense 13,761 8,450 27,242 17,289
Net occupancy and equipment expense 6,284 4,589 12,894 9,305
Acquisition related expenses 66 1,071 220 1,557
Amortization of CDI and other intangibles 1,684 0 3,367 0
Professional fees and outside services 1,168 779 2,179 1,467
FDIC insurance and assessments 976 504 1,998 1,098
Advertising and corporate business development 1,074 433 1,933 842
Other expenses 3,249 2,345 5,782 4,672
Total noninterest expense 28,262 18,171 55,615 36,230
Income before income taxes 20,421 3,703 38,672 7,647
(Benefit) provision for income tax expense 3,465 421 6,707 899
Net income 16,956 3,282 31,965 6,748
Other comprehensive income (loss):        
Unrealized gain (loss) on investment securities available for sale 1,859 18 7,431 (2,423)
Change in derivative fair value 16 160 (132) 1,239
Other comprehensive income (loss) 1,875 178 7,299 (1,184)
Income tax expense (benefit) related to other comprehensive income (loss) 409 38 1,592 (260)
Other comprehensive income (loss), net of income tax expense (benefit) 1,466 140 5,707 (924)
Comprehensive income (loss) $ 18,422 $ 3,422 $ 37,672 $ 5,824
Per share data:        
Basic $ 1.7 $ 0.47 $ 3.2 $ 0.96
Diluted $ 1.68 $ 0.46 $ 3.18 $ 0.95
Weighted average common shares outstanding:        
Basic 9,994,955 7,057,258 9,993,944 7,055,085
Diluted 10,082,260 7,114,115 10,062,831 7,108,113
Dividends declared $ 0.6175 $ 0.41 $ 1.24 $ 0.82
Service charges, fees, commissions and other        
Noninterest income:        
Revenue from contracts with customers $ 3,664 $ 1,885 $ 7,068 $ 3,921
Merchant services income        
Noninterest income:        
Revenue from contracts with customers 584 260 815 375
Commission and fees on fiduciary activities        
Noninterest income:        
Revenue from contracts with customers 563 517 1,100 1,068
Wealth management income        
Noninterest income:        
Revenue from contracts with customers $ 619 $ 416 $ 1,269 $ 777