XML 18 R4.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Income - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest and dividend income:      
Interest and fees on loans $ 194,264,000 $ 171,099,000 $ 141,569,000
Interest on interest-earning deposits 10,746,000 1,353,000 552,000
Interest on investment securities 14,028,000 6,084,000 3,379,000
Dividend income on FHLB stock 1,125,000 938,000 869,000
Interest on federal funds sold and other 985,000 1,496,000 694,000
Total interest and dividend income 221,148,000 180,970,000 147,063,000
Interest expense:      
Interest on savings deposits, NOW and money market accounts 12,205,000 5,561,000 2,786,000
Interest on time deposits 76,837,000 13,338,000 9,170,000
Interest on subordinated debentures and long-term debt 9,951,000 9,645,000 8,999,000
Interest on other borrowed funds 2,869,000 2,872,000 1,765,000
Total interest expense 101,862,000 31,416,000 22,720,000
Net interest income before provision for credit losses 119,286,000 149,554,000 124,343,000
Provision for credit losses 3,362,000 4,935,000 3,959,000
Net interest income after provision for credit losses 115,924,000 144,619,000 120,384,000
Noninterest income:      
Service charges and fees 4,172,000 4,145,000 4,524,000
Loan servicing fees, net of amortization 2,576,000 2,209,000 684,000
Increase in cash surrender value of BOLI 1,409,000 1,322,000 1,067,000
Gain on sale of loans 374,000 1,895,000 9,991,000
Gain on sale of fixed assets 32,000 757,000 0
Other income 6,455,000 924,000 2,479,000
Total noninterest income 15,018,000 11,252,000 18,745,000
Noninterest expense:      
Salaries and employee benefits 37,795,000 35,488,000 33,568,000
Occupancy and equipment expenses 9,629,000 9,092,000 8,691,000
Data processing 5,326,000 5,060,000 4,474,000
Legal and professional 8,198,000 5,383,000 3,773,000
Office expenses 1,512,000 1,438,000 1,197,000
Marketing and business promotion 1,132,000 1,578,000 1,157,000
Insurance and regulatory assessments 3,165,000 1,850,000 1,561,000
Core deposit premium amortization 923,000 1,086,000 1,121,000
Other expenses 3,016,000 3,551,000 2,650,000
Total noninterest expense 70,696,000 64,526,000 58,192,000
Net income before income taxes 60,246,000 91,345,000 80,937,000
Income tax expense 17,781,000 27,018,000 24,031,000
Net income $ 42,465,000 $ 64,327,000 $ 56,906,000
Net income per share      
Basic (in dollars per share) $ 2.24 $ 3.37 $ 2.92
Diluted (in dollars per share) $ 2.24 $ 3.33 $ 2.86
Weighted-average common shares outstanding      
Basic (in shares) 18,965,346 19,099,509 19,423,549
Diluted (in shares) 18,985,233 19,332,639 19,834,306