v3.25.3
Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Interest Income        
Loans - including fees $ 94,044 $ 75,033 $ 252,376 $ 210,660
Investment securities - taxable 87 157 399 477
FHLB stock - taxable 1,605 1,641 4,786 4,751
Interest bearing deposits 6,100 6,520 16,518 18,943
Total interest income 101,836 83,351 274,079 234,831
Interest Expense        
Deposits 48,169 40,937 128,061 111,968
Subordinated debentures 679 1,271 2,244 2,855
Borrowings 12,657 12,740 36,534 35,815
Total interest expense 61,505 54,948 166,839 150,638
Net interest income 40,331 28,403 107,240 84,193
Provision (benefit) for credit loss and unfunded commitments 828 178 2,706 118
Net interest income after provision (benefit) for credit losses and unfunded commitments 39,503 28,225 104,534 84,075
Noninterest income        
Service charges on deposits and other fees 217 363 635 1,387
Loan servicing fees 1,117 (289) 3,637 5,970
Mortgage Purchase Program ("MPP") fees 1,457 1,538 3,952 3,823
Net gain on sale of loans 20,953 24,591 58,892 49,656
Other noninterest income 285 (445) 2,224 (1,527)
Total noninterest income 24,029 25,758 69,340 59,309
Noninterest expense        
Salaries and employee benefits 24,336 20,779 67,012 58,817
Occupancy and equipment 811 1,014 2,701 3,456
Data processing expense 2,190 2,207 6,451 7,047
Professional fees 1,701 1,140 4,722 3,341
Other taxes and insurance 1,998 1,602 4,974 4,894
Other noninterest expense 3,322 2,628 9,590 7,599
Total noninterest expense 34,358 29,370 95,450 85,154
Income - before income taxes 29,174 24,613 78,424 58,230
Income tax expense 7,001 5,913 18,658 14,061
Net income 22,173 18,700 59,766 44,169
Preferred stock dividends 2,041 1,601 6,544 5,853
Net income available to common stockholders $ 20,132 $ 17,099 $ 53,222 $ 38,316
Basic earnings per common share (in USD per share) $ 0.58 $ 0.67 $ 1.61 $ 1.49
Diluted earnings per share (in USD per share) $ 0.57 $ 0.66 $ 1.58 $ 1.49
Provision for credit losses        
Interest Expense        
Provision (benefit) for credit loss and unfunded commitments $ 852 $ 484 $ 2,785 $ 1,212
Provision (benefit) for unfunded commitments        
Interest Expense        
Provision (benefit) for credit loss and unfunded commitments $ (24) $ (306) $ (79) $ (1,094)

Source

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