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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and dividend income        
Loans, including fees $ 37,978 $ 21,851 $ 74,376 $ 42,889
Taxable securities 2,984 1,775 5,818 3,495
Tax-exempt securities 2,319 1,882 4,581 3,671
Deposits in other banks 54 556 99 675
Total interest and dividend income 43,335 26,064 84,874 50,730
Interest expense        
Deposits 7,534 710 10,766 1,415
Federal Home Loan Bank advances 3,130 193 7,407 383
Subordinated debentures 1,198 890 2,367 1,726
Securities sold under agreements to repurchase and other 134 3 394 6
Total interest expense 11,996 1,796 20,934 3,530
Net interest income 31,339 24,268 63,940 47,200
Provision for credit losses 861 400 1,481 700
Net interest income after provision for loan losses 30,478 23,868 62,459 46,500
Noninterest income        
Service charges 1,831 1,540 3,604 3,119
Net gain on sale of securities   6   6
Net gain (loss) on equity securities (170) 39 (238) 89
Net gain on sale of loans 615 573 1,246 1,509
ATM/Interchange fees 1,450 1,355 2,803 2,596
Wealth management fees 1,180 1,228 2,373 2,505
Lease revenue and residual income 2,201   4,247  
Bank owned life insurance 311 233 564 477
Tax refund processing fees 475 475 2,375 2,375
Swap fees 116   177  
Other 1,140 186 3,066 602
Total noninterest income 9,149 5,635 20,217 13,278
Noninterest expense        
Compensation expense 14,978 11,947 30,083 24,170
Net occupancy expense 1,369 1,026 2,728 2,176
Equipment expense 2,766 562 5,527 1,057
Contracted data processing 559 433 1,079 1,053
FDIC assessment 529 195 777 398
State franchise tax 654 628 1,180 1,219
Professional services 1,239 1,209 2,794 2,258
Amortization of intangible assets 399 217 797 434
ATM/Interchange expense 615 542 1,195 1,055
Marketing 540 380 1,045 697
Software maintenance expense 1,059 790 1,937 1,498
Other operating expenses 3,206 2,450 6,404 4,622
Total noninterest expense 27,913 20,379 55,546 40,637
Income before taxes 11,714 9,124 27,130 19,141
Income tax expense 1,680 1,423 4,208 2,974
Net Income $ 10,034 $ 7,701 $ 22,922 $ 16,167
Earnings per common share, basic $ 0.64 $ 0.53 $ 1.45 $ 1.10
Earnings per common share, diluted $ 0.64 $ 0.53 $ 1.45 $ 1.10