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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest income    
Loans and leases $ 51,549 $ 39,814
Securities 2,794 1,590
Short-term investments 1,440 660
Total interest income 55,783 42,064
Interest expense    
Deposits 23,837 12,430
Federal Home Loan Bank advances and other borrowings 2,435 2,929
Total interest expense 26,272 15,359
Net interest income 29,511 26,705
Provision for credit losses 2,326 1,561
Net interest income after provision for credit losses 27,185 25,144
Non-interest income    
Private wealth management service fees 3,111 2,654
Gain on sale of Small Business Administration loans 195 476
Service charges on deposits 940 682
Loan fees 847 803
Increase in cash surrender value of bank-owned life insurance 412 366
Net loss on sale of securities (8) 0
Swap fees 198 557
Other non-interest income 1,062 2,872
Total non-interest income 6,757 8,410
Non-interest expense    
Compensation 16,157 15,908
Occupancy 607 631
Professional fees 1,571 1,343
Data processing 1,018 875
Marketing 818 628
Equipment 345 295
Computer software 1,418 1,183
FDIC insurance 610 394
Other non-interest expense 798 510
Total non-interest expense 23,342 21,767
Income before income tax expense 10,600 11,787
Income tax expense 1,752 2,808
Net income 8,848 8,979
Preferred stock dividend 219 219
Basic earnings allocated to common shareholders $ 8,629 $ 8,760
Earnings per common share    
Basic $ 1.04 $ 1.05
Diluted 1.04 1.05
Dividends declared per share $ 0.2500 $ 0.2275