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Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest Income      
Loans, including fees $ 109,843 $ 74,403 $ 55,768
Interest-bearing time deposits in other banks 519 46 169
Debt securities, taxable 2,791 2,313 143
Debt securities, tax-exempt 330 360 31
Other interest and dividend income 8,061 1,627 178
Total interest income 121,544 78,749 56,289
Interest Expense      
Deposits 38,998 9,322 3,053
Total interest expense 38,998 9,322 3,053
Net Interest Income 82,546 69,427 53,236
Provision for credit losses 21,145 4,468 4,175
Net Interest Income After Provision for Credit Losses 61,401 64,959 49,061
Noninterest Income      
Mortgage lending income 331 486 435
Loss on sales, prepayments, and calls of available-for-sale debt securities (16) (127) 0
Service charges on deposit accounts 869 900 550
Other 8,058 1,680 1,265
Total noninterest income 9,242 2,939 2,250
Noninterest Expense      
Salaries and employee benefits 17,385 17,040 11,983
Furniture and equipment 995 1,468 883
Occupancy 2,689 2,329 1,899
Data and item processing 1,730 2,068 1,237
Accounting, marketing and legal fees 543 984 800
Regulatory assessments 1,537 1,344 604
Advertising and public relations 427 477 282
Travel, lodging and entertainment 374 363 409
Other 7,740 2,568 2,300
Total noninterest expense 33,420 28,641 20,397
Income Before Taxes 37,223 39,257 30,914
Income tax expense 8,948 9,619 7,755
Net Income $ 28,275 $ 29,638 $ 23,159
Earnings per common share - basic (in dollars per share) $ 3.09 $ 3.26 $ 2.56
Earnings per common share - diluted (in dollars per share) $ 3.05 $ 3.22 $ 2.55
Weighted average common shares outstanding - basic (in shares) 9,161,565 9,101,523 9,056,117
Weighted average common shares outstanding - diluted (in shares) 9,264,307 9,204,716 9,091,536
Other Comprehensive Income (Loss)      
Unrealized gains (losses) on securities, net of (tax expense) tax benefit of ($1.0 million), $2.8 million, and $0 for the years ended December 31, 2023, 2022, and 2021, respectively $ 3,146 $ (9,543) $ 144
Reclassification adjustment for realized loss included in net income net of tax of $4, $31,and $0 for the years ended 2023, 2022, and 2021, respectively 12 96 0
Other comprehensive income(loss) 3,158 (9,447) 144
Comprehensive Income $ 31,433 $ 20,191 $ 23,303