XML 17 R4.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest Income      
Loans, including fees $ 119,416 $ 109,843 $ 74,403
Interest-bearing time deposits in other banks 785 519 46
Debt securities, taxable 2,531 2,791 2,313
Debt securities, tax-exempt 273 330 360
Other interest and dividend income 8,535 8,061 1,627
Total interest income 131,540 121,544 78,749
Interest Expense      
Deposits 45,345 38,998 9,322
Total interest expense 45,345 38,998 9,322
Net Interest Income 86,195 82,546 69,427
Provision for Credit Losses 0 21,145 4,468
Net Interest Income After Provision for Credit Losses 86,195 61,401 64,959
Noninterest Income      
Mortgage lending income 370 331 486
Loss on sales, prepayments, and calls of available-for-sale debt securities (6) (16) (127)
Service charges on deposit accounts 975 869 900
Other 9,915 8,058 1,680
Total noninterest income 11,254 9,242 2,939
Noninterest Expense      
Salaries and employee benefits 20,783 17,385 17,040
Furniture and equipment 1,070 995 1,468
Occupancy 2,640 2,689 2,329
Data and item processing 1,897 1,730 2,068
Accounting, marketing and legal fees 836 543 984
Regulatory assessments 1,196 1,537 1,344
Advertising and public relations 549 427 477
Travel, lodging and entertainment 431 374 363
Other 7,693 7,740 2,568
Total noninterest expense 37,095 33,420 28,641
Income Before Taxes 60,354 37,223 39,257
Income tax expense 14,656 8,948 9,619
Net Income $ 45,698 $ 28,275 $ 29,638
Earnings per common share - basic (in dollars per share) $ 4.92 $ 3.09 $ 3.26
Earnings per common share - diluted (in dollars per share) $ 4.84 $ 3.05 $ 3.22
Weighted average common shares outstanding - basic (in shares) 9,290,051 9,161,565 9,101,523
Weighted average common shares outstanding - diluted (in shares) 9,447,751 9,264,307 9,204,716
Other comprehensive income (loss)      
Unrealized gains (losses) on securities, net of tax (expense) benefit of ($335), ($1 million), and $2.8 million for the years ended December 31, 2024, 2023, and 2022, respectively $ 1,169 $ 3,146 $ (9,543)
Reclassification adjustment for realized losses included in net income net of tax of $1, $4 and $31 for the years ended December 31, 2024, 2023, and 2022, respectively 5 12 96
Other comprehensive income (loss) 1,174 3,158 (9,447)
Comprehensive Income $ 46,872 $ 31,433 $ 20,191