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Consolidated Statements of Income - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
INTEREST INCOME      
Loans receivable, including fees $ 154,945,000 $ 111,648,000 $ 90,737,000
Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions 12,247,000 7,046,000 5,637,000
Total interest and dividend income 167,192,000 118,694,000 96,374,000
INTEREST EXPENSE      
Deposits 36,751,000 9,420,000 6,929,000
Borrowings 5,196,000 3,052,000 1,074,000
Subordinated notes 1,942,000 1,942,000 1,722,000
Total interest expense 43,889,000 14,414,000 9,725,000
NET INTEREST INCOME 123,303,000 [1] 104,280,000 [1] 86,649,000 [2]
PROVISION FOR CREDIT LOSSES 4,774,000 6,217,000 500,000
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 118,529,000 98,063,000 86,149,000
NONINTEREST INCOME      
Service charges and fee income 11,138,000 8,525,000 4,349,000
Gain on sale of loans 6,711,000 7,917,000 31,083,000
Earnings on cash surrender value of BOLI 920,000 876,000 866,000
Other noninterest income 1,721,000 790,000 1,215,000
Total noninterest income 20,490,000 [3] 18,108,000 [4] 37,513,000 [3]
NONINTEREST EXPENSE      
Salaries and benefits 53,622,000 47,632,000 49,721,000
Operations 13,070,000 10,743,000 10,791,000
Occupancy 6,378,000 5,165,000 4,892,000
Data processing 6,852,000 6,062,000 4,951,000
(Gain) loss on sale of OREO (148,000) 0 9,000
Loan costs 2,574,000 2,718,000 2,795,000
Professional and board fees 2,584,000 3,154,000 3,181,000
Federal Deposit Insurance Corporation (“FDIC”) insurance 2,392,000 1,224,000 636,000
Marketing and advertising 1,349,000 897,000 634,000
Acquisition costs 1,562,000 898,000 0
Amortization of core deposit intangible 3,464,000 691,000 691,000
Impairment (recovery) of MSRs 48,000 (1,000) (2,059,000)
Total noninterest expense [5] 93,747,000 79,183,000 76,242,000
INCOME BEFORE PROVISION FOR INCOME TAXES 45,272,000 36,988,000 47,420,000
PROVISION FOR INCOME TAXES 9,219,000 7,339,000 10,008,000
Net income $ 36,053,000 $ 29,649,000 $ 37,412,000
Basic earnings per share (in dollars per share) $ 4.63 $ 3.75 $ 4.48
Diluted earnings per share (in dollars per share) $ 4.56 $ 3.7 $ 4.37
[1] Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of assigned liabilities to fund segment assets.
[2] Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of assigned liabilities to fund segment assets.
[3] Noninterest income includes activity from certain residential mortgage loans that were initially originated for sale and measured at fair value, and subsequently transferred to loans held for investment. Gains and losses from changes in fair value for these loans are reported in earnings as a component of noninterest income. For the years ended December 31, 2023, 2022, and 2021, the Company recorded net increases in fair value of $447,000, net decreases of $1.7 million, and net decreases of $29,000, respectively. As of December 31, 2023, 2022, and 2021, there were $15.1 million, $14.0 million, and $17.8 million, respectively, in residential mortgage loans recorded at fair value as they were previously transferred from loans held for sale to loans held for investment.
[4] Noninterest income includes activity from certain residential mortgage loans that were initially originated for sale and measured at fair value, and subsequently transferred to loans held for investment. Gains and losses from changes in fair value for these loans are reported in earnings as a component of noninterest income. For the years ended December 31, 2023, 2022, and 2021, the Company recorded net increases in fair value of $447,000, net decreases of $1.7 million, and net decreases of $29,000, respectively. As of December 31, 2023, 2022, and 2021, there were $15.1 million, $14.0 million, and $17.8 million, respectively, in residential mortgage loans recorded at fair value as they were previously transferred from loans held for sale to loans held for investment.
[5] Noninterest expense includes allocated overhead expense from general corporate activities. Allocation is determined based on a combination of segment assets and FTEs. For the years ended December 31, 2023, 2022, and 2021, the Home Lending segment included allocated overhead expenses of $6.1 million, $6.2 million, and $7.3 million, respectively.