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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest Income        
Loans $ 48,898 $ 34,643 $ 139,647 $ 100,246
Securities – taxable 4,301 2,701 11,742 7,489
Securities – non-taxable 912 491 2,570 1,068
Other earning assets 8,904 1,264 19,211 2,436
Total interest income 63,015 39,099 173,170 111,239
Interest Expense        
Deposits 40,339 10,520 102,285 23,025
Other borrowed funds 5,298 4,585 15,788 12,790
Total interest expense 45,637 15,105 118,073 35,815
Net Interest Income 17,378 23,994 55,097 75,424
Provision for credit losses 1 1,850 892 11,976 2,868
Benefit for credit losses - debt securities held to maturity (15) 0 (15) 0
Net Interest Income After Provision for Credit Losses 15,432 23,102 42,038 72,556
Noninterest Income        
Gain on sale of loans 5,569 2,713 14,498 8,510
Other 823 164 1,486 883
Total noninterest income 7,407 4,316 18,724 15,450
Noninterest Expense        
Salaries and employee benefits 11,767 10,439 34,267 31,149
Marketing, advertising and promotion 500 1,041 2,049 2,717
Consulting and professional services 552 790 2,189 3,912
Data processing 701 483 1,880 1,422
Loan expenses 1,336 1,142 4,385 3,417
Premises and equipment 2,315 2,808 7,753 7,767
Deposit insurance premium 1,067 229 2,546 797
Other 1,518 1,063 4,311 3,579
Total noninterest expense 19,756 17,995 59,380 54,760
Income Before Income Taxes 3,083 9,423 1,382 33,246
Income Tax (Benefit) Provision (326) 987 (2,892) 4,056
Net Income $ 3,409 $ 8,436 $ 4,274 $ 29,190
Income Per Share of Common Stock        
Basic (in dollars per share) $ 0.39 $ 0.89 $ 0.48 $ 3.04
Diluted (in dollars per share) $ 0.39 $ 0.89 $ 0.48 $ 3.01
Weighted-Average Number of Common Shares Outstanding        
Basic (in shares) 8,744,385,000 9,458,259,000 8,889,532,000 9,615,039
Diluted (in shares) 8,767,217,000 9,525,855,000 8,907,748,000 9,681,742
Dividends Declared Per Share (in dollars per share) $ 0.06 $ 0.06 $ 0.18 $ 0.18
Provision for credit losses 1 $ 111 $ 0 $ 1,098 $ 0
Service charges and fees        
Noninterest Income        
Noninterest income 208 248 635 845
Loan servicing revenue        
Noninterest Income        
Noninterest income 1,064 653 2,699 1,858
Loan servicing asset revaluation        
Noninterest Income        
Noninterest income (257) (333) (670) (1,100)
Mortgage banking activities        
Noninterest Income        
Noninterest income $ 0 $ 871 $ 76 $ 4,454