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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income        
Loans and leases $ 55,506 $ 47,868 $ 160,947 $ 131,962
Securities 2,976 2,198 8,823 5,601
Short-term investments 845 875 3,250 2,604
Total interest income 59,327 50,941 173,020 140,167
Interest expense        
Deposits 25,290 19,803 73,802 48,774
Federal Home Loan Bank advances and other borrowings 3,030 2,542 8,159 8,344
Total interest expense 28,320 22,345 81,961 57,118
Net interest income 31,007 28,596 91,059 83,049
Provision for credit losses 2,087 1,817 6,126 5,610
Net interest income after provision for credit losses 28,920 26,779 84,933 77,439
Non-interest income        
Private wealth management service fees 3,264 2,945 9,835 8,492
Gain on sale of Small Business Administration loans 460 851 1,004 1,771
Service charges on deposits 920 835 2,810 2,283
Loan fees 812 786 2,486 2,495
Increase in cash surrender value of bank-owned life insurance 416 376 1,231 1,106
Net loss on sale of securities 0 0 (8) (45)
Swap fees 460 992 815 2,526
Other non-interest income 732 1,645 3,073 5,586
Total non-interest income 7,064 8,430 21,246 24,214
Non-interest expense        
Compensation 15,198 15,573 47,570 46,610
Occupancy 585 575 1,785 1,809
Professional fees 1,305 1,429 4,348 4,012
Data processing 1,045 953 3,245 2,889
Marketing 922 758 2,591 2,165
Equipment 333 349 1,013 1,000
Computer software 1,608 1,289 4,581 3,668
FDIC insurance 810 680 2,032 1,653
Other non-interest expense 1,301 1,583 3,164 3,181
Total non-interest expense 23,107 23,189 70,329 66,987
Income before income tax expense 12,877 12,020 35,850 34,666
Income tax expense 2,351 2,079 6,020 7,409
Net income 10,526 9,941 29,830 27,257
Preferred stock dividend 218 218 656 656
Net income available to common shareholders $ 10,308 $ 9,723 $ 29,174 $ 26,601
Earnings per common share        
Basic $ 1.24 $ 1.17 $ 3.5 $ 3.19
Diluted 1.24 1.17 3.5 3.19
Dividends declared per share $ 0.25 $ 0.2275 $ 0.75 $ 0.6825