v3.26.1
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Loans, including fees:        
Taxable $ 73,668 $ 53,156 $ 132,549 $ 106,525
Federally tax exempt 1,539 1,215 2,856 2,383
Debt securities:        
Taxable 11,167 7,434 20,711 14,370
Federally tax exempt 1,001 457 1,659 926
Interest-bearing deposits in bank 1,024 1,544 2,300 2,609
Other interest and dividend income 184 113 347 244
Total interest and dividend income 88,583 63,919 160,422 127,057
INTEREST EXPENSE        
Deposits 17,253 12,835 31,362 25,774
Securities sold under agreements to repurchase 14 0 30 22
Borrowings 170 30 379 139
Subordinated notes 1,245 469 1,523 939
Junior subordinated debentures issued to capital trusts 845 927 1,685 1,817
Total interest expense 19,527 14,261 34,979 28,691
Net interest income 69,056 49,658 125,443 98,366
PROVISION FOR CREDIT LOSSES 676 526 520 1,102
Net interest income after provision for credit losses 68,380 49,132 124,923 97,264
NONINTEREST INCOME        
Mortgage servicing 1,143 1,042 2,126 2,032
Mortgage servicing rights fair value adjustment (751) (751) (554) (1,059)
Gains on sale of mortgage loans 412 459 743 711
Unrealized gains (losses) on equity securities 191 23 79 31
Gains (losses) on foreclosed assets (129) 14 (89) 27
Gains (losses) on other assets (2) (128) (212) (74)
Income on bank owned life insurance 206 167 394 331
Other noninterest income 937 776 1,789 1,576
Total noninterest income 11,841 9,140 22,785 18,446
NONINTEREST EXPENSE        
Salaries 21,981 16,452 45,042 33,505
Employee benefits 4,185 3,580 8,105 6,865
Occupancy of bank premises 3,509 2,471 6,633 5,096
Furniture and equipment 931 575 1,539 1,020
Data processing 3,763 2,687 15,557 5,404
Marketing and customer relations 1,386 1,020 2,530 2,164
Amortization of intangible assets 1,455 694 2,342 1,389
FDIC insurance 677 551 1,265 1,113
Loan collection and servicing 555 360 1,251 743
Foreclosed assets 40 67 100 72
Other noninterest expense 3,964 3,457 10,519 6,478
Total noninterest expense 42,446 31,914 94,883 63,849
INCOME BEFORE INCOME TAX EXPENSE 37,775 26,358 52,825 51,861
INCOME TAX EXPENSE 9,931 7,128 13,781 13,556
NET INCOME $ 27,844 $ 19,230 $ 39,044 $ 38,305
EARNINGS PER SHARE - BASIC (in dollars per share) $ 0.77 $ 0.61 $ 1.12 $ 1.21
EARNINGS PER SHARE - DILUTED (in dollars per share) $ 0.76 $ 0.61 $ 1.12 $ 1.21
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (in shares) 36,373,749 31,510,759 34,785,701 31,547,669
Card income        
NONINTEREST INCOME        
Revenue $ 3,428 $ 2,797 $ 6,179 $ 5,345
Wealth management fees        
NONINTEREST INCOME        
Revenue 3,917 2,826 7,681 5,667
Service charges on deposit accounts        
NONINTEREST INCOME        
Revenue $ 2,489 $ 1,915 $ 4,649 $ 3,859