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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income        
Loans and leases $ 53,892 $ 44,279 $ 105,441 $ 84,094
Securities 3,053 1,813 5,847 3,403
Short-term investments 965 1,069 2,405 1,729
Total interest income 57,910 47,161 113,693 89,226
Interest expense        
Deposits 24,676 16,541 48,512 28,971
Federal Home Loan Bank advances and other borrowings 2,694 2,873 5,130 5,802
Total interest expense 27,370 19,414 53,642 34,773
Net interest income 30,540 27,747 60,051 54,453
Provision for credit losses 1,713 2,231 4,039 3,793
Net interest income after provision for credit losses 28,827 25,516 56,012 50,660
Non-interest income        
Private wealth management service fees 3,461 2,893 6,571 5,547
Gain on sale of Small Business Administration loans 349 444 544 920
Service charges on deposits 951 766 1,890 1,448
Loan fees 826 905 1,674 1,708
Increase in cash surrender value of bank-owned life insurance 403 363 815 729
Net loss on sale of securities 0 (45) (8) (45)
Swap fees 157 977 355 1,534
Other non-interest income 1,278 1,071 2,341 3,943
Total non-interest income 7,425 7,374 14,182 15,784
Non-interest expense        
Compensation 16,215 15,129 32,372 31,037
Occupancy 593 603 1,200 1,234
Professional fees 1,472 1,240 3,043 2,583
Data processing 1,182 1,061 2,200 1,936
Marketing 850 779 1,669 1,407
Equipment 335 355 680 650
Computer software 1,555 1,197 2,973 2,379
FDIC insurance 612 580 1,222 974
Other non-interest expense 1,065 1,087 1,863 1,598
Total non-interest expense 23,879 22,031 47,222 43,798
Income before income tax expense 12,373 10,859 22,972 22,646
Income tax expense 1,917 2,522 3,668 5,330
Net income 10,456 8,337 19,304 17,316
Preferred stock dividend 219 219 438 438
Net income available to common shareholders $ 10,237 $ 8,118 $ 18,866 $ 16,878
Earnings per common share        
Basic $ 1.23 $ 0.98 $ 2.26 $ 2.02
Diluted 1.23 0.98 2.26 2.02
Dividends declared per share $ 0.25 $ 0.2275 $ 0.5 $ 0.455