v3.25.2
Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest Income        
Loans - including fees $ 86,261 $ 70,731 $ 158,332 $ 135,627
Investment securities - taxable 157 155 312 320
FHLB stock - taxable 1,553 1,611 3,181 3,110
Interest bearing deposits 5,122 6,402 10,418 12,423
Total interest income 93,093 78,899 172,243 151,480
Interest Expense        
Deposits 43,582 37,500 79,893 71,032
Subordinated debentures 678 791 1,564 1,584
Borrowings 12,313 12,011 23,877 23,076
Total interest expense 56,573 50,302 105,334 95,692
Net interest income 36,520 28,597 66,909 55,788
Provision for credit loss and unfunded commitments 583 298 1,877 (60)
Net interest income after provision (benefit) for credit losses and unfunded commitments 35,937 28,299 65,032 55,848
Noninterest income        
Service charges on deposits and other fees 239 516 419 1,024
Loan servicing fees 1,525 2,397 2,520 6,259
Mortgage Purchase Program ("MPP") fees 1,355 1,341 2,496 2,285
Net gain on sale of loans 19,351 13,714 37,938 25,065
Other noninterest income (32) (1,063) 1,939 (1,083)
Total noninterest income 22,438 16,905 45,312 33,550
Noninterest expense        
Salaries and employee benefits 22,234 20,018 42,677 38,039
Occupancy and equipment 918 1,146 1,890 2,442
Data processing expense 2,155 2,341 4,262 4,840
Professional fees 1,793 1,082 3,021 2,201
Other taxes and insurance 1,190 1,482 2,977 3,292
Other noninterest expense 3,432 1,731 6,267 4,971
Total noninterest expense 31,722 27,800 61,094 55,785
Income - before income taxes 26,653 17,404 49,250 33,613
Income tax expense 6,309 4,183 11,658 8,148
Net income 20,344 13,221 37,592 25,465
Preferred stock dividends 2,296 1,839 4,503 4,252
Net income available to common stockholders $ 18,048 $ 11,382 $ 33,089 $ 21,213
Basic earnings per common share (in USD per share) $ 0.52 $ 0.44 $ 1.03 $ 0.83
Diluted earnings per share (in USD per share) $ 0.51 $ 0.44 $ 1.01 $ 0.82
Provision for credit losses        
Interest Expense        
Provision for credit loss and unfunded commitments $ 548 $ 397 $ 1,932 $ 728
Provision (benefit) for unfunded commitments        
Interest Expense        
Provision for credit loss and unfunded commitments $ 35 $ (99) $ (55) $ (788)

Source

10-Q PDF XBRL Zip