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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income        
Loans and leases $ 30,174 $ 22,947 $ 78,934 $ 69,333
Securities 1,165 855 3,204 2,524
Short-term investments 447 212 915 563
Total interest income 31,786 24,014 83,053 72,420
Interest expense        
Deposits 3,181 834 5,005 2,796
Federal Home Loan Bank advances and other borrowings 2,721 1,677 6,573 5,054
Junior subordinated notes 0 280 504 832
Total interest expense 5,902 2,791 12,082 8,682
Net interest income 25,884 21,223 70,971 63,738
Provision for loan and lease losses 12 (2,269) (4,569) (5,295)
Net interest income after provision for loan and lease losses 25,872 23,492 75,540 69,033
Non-interest income        
Private wealth management service fees 2,618 2,759 8,311 7,910
Gain on sale of Small Business Administration loans 732 721 2,269 3,002
Service charges on deposits 1,018 956 3,058 2,814
Loan fees 814 713 2,163 1,828
Increase in cash surrender value of bank-owned life insurance 359 357 1,057 1,056
Net gain on sale of securities 0 0 0 29
Swap fees 341 0 1,038 684
Other non-interest income 2,315 1,509 4,559 3,208
Total non-interest income 8,197 7,015 22,455 20,531
Non-interest expense        
Compensation 14,817 13,351 42,475 39,263
Occupancy 566 544 1,689 1,628
Professional fees 1,203 1,024 3,671 2,803
Data processing 719 746 2,391 2,315
Marketing 543 572 1,713 1,474
Equipment 253 260 732 767
Computer software 1,128 999 3,327 3,244
FDIC insurance 230 291 840 933
Other non-interest expense 569 703 1,469 1,576
Total non-interest expense 20,028 18,490 58,307 54,003
Income before income tax expense 14,041 12,017 39,688 35,561
Income tax expense 3,215 2,819 8,986 8,396
Net income 10,826 9,198 30,702 27,165
Preferred stock dividend 218 0 464 0
Basic earnings allocated to common shareholders $ 10,608 $ 9,198 $ 30,238 $ 27,165
Earnings per common share        
Basic $ 1.25 $ 1.07 $ 3.57 $ 3.15
Diluted 1.25 1.07 3.57 3.15
Dividends declared per share $ 0.1975 $ 0.18 $ 0.5925 $ 0.54