v3.26.1
Consolidated Statements of Income - USD ($)
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
INTEREST INCOME        
Interest-bearing deposits $ 455,000 $ 487,000 $ 1,013,000 $ 819,000
FHLB stock 140,000 130,000 274,000 312,000
Securities:        
Taxable 1,391,000 1,735,000 2,800,000 3,521,000
Tax-exempt 24,000 17,000 42,000 35,000
Total securities 1,415,000 1,752,000 2,842,000 3,556,000
Loans:        
SBA loans 840,000 856,000 1,684,000 1,790,000
Commercial loans 26,509,000 23,352,000 51,525,000 44,666,000
Commercial construction loans 3,347,000 2,384,000 6,385,000 5,330,000
Residential mortgage loans 10,411,000 10,390,000 21,324,000 20,337,000
Consumer loans 1,471,000 1,491,000 2,895,000 2,837,000
Residential construction loans 2,047,000 1,758,000 3,872,000 3,754,000
Total loans 44,625,000 40,231,000 87,685,000 78,714,000
Total interest income 46,635,000 42,600,000 91,814,000 83,401,000
INTEREST EXPENSE        
Interest-bearing demand deposits 2,084,000 1,898,000 3,994,000 3,520,000
Savings deposits 3,291,000 2,718,000 6,451,000 5,311,000
Brokered deposits 2,247,000 1,786,000 4,513,000 3,573,000
Time deposits 6,282,000 6,560,000 12,411,000 12,975,000
Borrowed funds and subordinated debentures 904,000 1,081,000 1,887,000 2,214,000
Total interest expense 14,808,000 14,043,000 29,256,000 27,593,000
Net interest income 31,827,000 28,557,000 62,558,000 55,808,000
Provision for credit losses, loans 1,040,000 1,725,000 2,083,000 3,083,000
Provision for credit losses, off-balance sheet 127,000 136,000 133,000 95,000
Release of credit losses, securities   (2,036,000) 0 (2,036,000)
Net interest income after provision for credit losses 30,660,000 28,732,000 60,342,000 54,666,000
NONINTEREST INCOME        
Gain on sale of SBA loans held for sale, net 213,000 163,000 640,000 302,000
Gain on sale of mortgage loans, net 406,000 435,000 905,000 603,000
BOLI income 213,000 183,000 430,000 334,000
Net security (losses) gains (643,000) 3,600,000 (725,000) 3,551,000
Other income 463,000 433,000 876,000 814,000
Total noninterest income 1,921,000 5,815,000 4,797,000 7,916,000
NONINTEREST EXPENSE        
Compensation and benefits 8,669,000 8,160,000 17,342,000 16,062,000
Processing and communications 1,131,000 980,000 2,277,000 1,966,000
Occupancy 842,000 809,000 1,829,000 1,689,000
Furniture and equipment 831,000 787,000 1,546,000 1,533,000
Professional services 456,000 350,000 944,000 714,000
Advertising 442,000 456,000 835,000 847,000
Loan related expenses 396,000 265,000 868,000 311,000
Deposit insurance 300,000 313,000 600,000 554,000
Director fees 270,000 265,000 530,000 760,000
Other expenses 592,000 634,000 1,230,000 1,194,000
Total noninterest expense 13,929,000 13,019,000 28,001,000 25,630,000
Income before provision for income taxes 18,652,000 21,528,000 37,138,000 36,952,000
Provision for income taxes 4,180,000 5,037,000 8,378,000 8,863,000
Net income $ 14,472,000 $ 16,491,000 $ 28,760,000 $ 28,089,000
Net income per common share - Basic (in dollars per share) $ 1.44 $ 1.64 $ 2.87 $ 2.79
Net income per common share - Diluted (in dollars per share) $ 1.42 $ 1.61 $ 2.82 $ 2.74
Weighted average common shares outstanding - Basic (in shares) 10,041 10,033 10,026 10,043
Weighted average common shares outstanding - Diluted (in shares) 10,221 10,212 10,210 10,229
Branch Fee Income        
NONINTEREST INCOME        
Noninterest income $ 612,000 $ 465,000 $ 1,101,000 $ 912,000
Service and Loan Fee Income        
NONINTEREST INCOME        
Noninterest income $ 657,000 $ 536,000 $ 1,570,000 $ 1,400,000