Southern States Bancshares, Inc. Announces Third Quarter 2024 Financial Results

Southern States Bancshares, Inc

Mon, Oct 21, 2024, 5:00 AM 18 min read

Net income of $7.4 million, or $0.76 per diluted share
Core net income⁽¹⁾ of $8.7 million, or $0.89 per diluted share⁽¹⁾
Core pretax pre-provision net income⁽¹⁾ of $13.8 million
Net interest income of $24.2 million, an increase of $2.7 million from the prior quarter
Net interest margin (“NIM”) of 3.65%, up 9 basis points from the prior quarter
NIM of 3.66% on a fully-taxable equivalent basis (“NIM - FTE”)⁽¹⁾
Return on average assets (“ROAA”) of 1.05%; return on average stockholders’ equity (“ROAE”) of 11.89%; and return on average tangible common equity (“ROATCE”)⁽¹⁾ of 13.35%
Core ROAA⁽¹⁾ of 1.24%; and core ROATCE⁽¹⁾ of 15.74%
Efficiency ratio of 52.79%; and core efficiency ratio of 46.96%
Linked-quarter loans grew 36.3% annualized; and legacy loans grew 10.3% annualized
Linked-quarter total deposits grew 44.8% annualized
Linked-quarter total deposits, excluding brokered deposits, grew 71.5% annualized; and legacy total deposits, excluding brokered deposits grew 9.6% annualized

^{(1) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.}

ANNISTON, Ala., Oct. 21, 2024 (GLOBE NEWSWIRE) -- Southern States Bancshares, Inc. (NASDAQ: SSBK) (“Southern States” or the “Company”), the holding company for Southern States Bank, an Alabama state-chartered commercial bank (the “Bank”), today reported net income of $7.4 million, or $0.76 diluted earnings per share, for the third quarter of 2024. This compares to net income of $8.2 million, or $0.90 diluted earnings per share, for the second quarter of 2024, and net income of $6.6 million, or $0.73 diluted earnings per share, for the third quarter of 2023. The Company reported core net income of $8.7 million, or $0.89 diluted core earnings per share, for the third quarter of 2024. This compares to core net income of $9.1 million, or $1.00 diluted core earnings per share, for the second quarter of 2024, and core net income of $9.6 million, or $1.06 diluted core earnings per share, for the third quarter of 2023 (see “Reconciliation of Non-GAAP Financial Measures”).

CEO Commentary

Mark Chambers, Chief Executive Officer and President of Southern States said, “The top highlight of our third quarter was the completion of the CBB Bancorp acquisition on August 1 as planned. I want to welcome our new colleagues who contributed to a seamless integration between two organizations that share a common culture. Our combination with Century Bank has strengthened our platform to drive loan and deposit growth across growing and attractive Georgia markets.”
“Net interest income for the third quarter increased more than 12.4% to $24.2 million for the quarter largely reflecting the contribution from Century Bank. Net interest margin also increased 9 basis points to 3.65% from 3.56% quarter-over-quarter, which further reflects Century Bank’s contribution.”
“Finally, we were pleased to be recognized in Piper Sandler’s Sm-All Stars: Class of 2024 for the third year in a row. The Sm-All Stars’ objective is to identify the top performing U.S. small-cap banks and thrifts based on growth, profitability, credit quality, and capital strength. Our objective is to run a highly efficient bank, consistently deliver the highest level of customer satisfaction and increase value for our shareholders.”

Net Interest Income and Net Interest Margin
	Three Months Ended									% Change September 30, 2024 vs.
	September 30, 2024			June 30, 2024			September 30, 2023			June 30, 2024		September 30, 2023
	(Dollars in thousands)

Average interest-earning assets	$	2,645,388		$	2,440,425		$	2,175,103		8.4	%	21.6	%
Net interest income	$	24,246		$	21,579		$	20,731		12.4	%	17.0	%
Net interest margin		3.65	%		3.56	%		3.78	%	9 bps		(13) bps

Net interest income for the third quarter of 2024 was $24.2 million, an increase of 12.4% from $21.6 million in the second quarter of 2024. The increase was substantially due to the acquisition of Century Bank.

Relative to the third quarter of 2023, net interest income increased $3.5 million, or 17.0%. The increase was mainly driven by significant growth, partially as a result of the acquisition of Century Bank, which offset the decline in net interest margin.

Net interest margin for the third quarter of 2024 was 3.65%, compared to 3.56% for the second quarter of 2024. The increase was primarily due to a slight increase in the yield on interest-earning assets, coupled with a decrease in the cost of interest-bearing deposits. The acquisition of Century Bank had a positive impact and helped lift the margin for third quarter of 2024.

Relative to the third quarter of 2023, net interest margin decreased from 3.78%. The decrease was primarily the result of the increase in interest rates, which accelerated the cost of interest-bearing liabilities at a greater pace than the yield received on interest-earning assets. The acquisition of Century Bank resulted in a positive impact to the net interest margin, effectively helping to reduce the cost of interest-bearing liabilities.

Noninterest Income
	Three Months Ended								% Change September 30, 2024 vs.
	September 30, 2024			June 30, 2024		September 30, 2023			June 30, 2024		September 30, 2023
	(Dollars in thousands)

Service charges on deposit accounts	$	532		$	462	$	442		15.2	%	20.4	%
Swap (expense) fees		(9	)		4		453		325.0	%	102.0	%
SBA/USDA fees		179			58		74		208.6	%	141.9	%
Mortgage origination fees		112			92		158		21.7	%	(29.1	)%
Net gain (loss) on securities		75			20		(12	)	275.0	%	725.0	%
Employee retention credit and related revenue (“ERC”)		—			—		(5,100	)	N/A		N/A
Other operating income		868			732		1,091		18.6	%	(20.4	)%
Total noninterest income	$	1,757		$	1,368	$	(2,894	)	28.4	%	160.7	%

Noninterest income for the third quarter of 2024 was $1.8 million, an increase of 28.4% from $1.4 million in the second quarter of 2024. The acquisition of Century Bank on July 31, 2024 resulted in additional noninterest income during the third quarter of 2024. Apart from the acquisition, the increase was also due to increased SBA/USDA fees primarily resulting from the sales of loans during the third quarter of 2024, along with a larger realized net gain on securities during the third quarter of 2024 compared to the second quarter of 2023.

Relative to the third quarter of 2023, noninterest income increased 160.7% from a noninterest net expense of $2.9 million. The third quarter of 2023 included a $5.1 million payment to the Internal Revenue Service (“IRS”) for the return of the ERC, which was received during the second quarter of 2023. The IRS revised eligibility guidelines during the third quarter of 2023, and the Company applied for the Voluntary Disclosure Program and removed this from income and recorded a payable. The acquisition of Century Bank on July 31, 2024 resulted in additional noninterest income during the third quarter of 2024. The increase was partially offset by a decline in swap fees during the third quarter of 2024, substantially as a result of the Company not participating in any swap transactions.

Noninterest Expense
	Three Months Ended							% Change September 30, 2024 vs.
	September 30, 2024		June 30, 2024		September 30, 2023			June 30, 2024		September 30, 2023
	(Dollars in thousands)

Salaries and employee benefits	$	6,876	$	6,112	$	5,752		12.5	%	19.5	%
Equipment and occupancy expenses		814		667		718		22.0	%	13.4	%
Data processing fees		781		686		650		13.8	%	20.2	%
Regulatory assessments		414		375		322		10.4	%	28.6	%
Professional fees related to ERC		—		—		(1,243	)	N/A		N/A
Merger-related expenses		1,511		—		—		N/A		N/A
Other operating expenses		3,291		3,571		2,370		(7.8	)%	38.9	%
Total noninterest expenses	$	13,687	$	11,411	$	8,569		19.9	%	59.7	%

Noninterest expense for the third quarter of 2024 was $13.7 million, an increase of 19.9% from $11.4 million in the second quarter of 2024. The acquisition of Century Bank on July 31, 2024 resulted in merger-related expenses of $1.5 million, of which $961,000 was not deductible for taxes. Also there were additional noninterest expenses related to Century Bank during the third quarter of 2024, primarily in salaries and employee benefits. The acquisition also gave rise to a $106,000 increase in amortization expense associated with the core deposit intangible. Also included in the third quarter of 2024 was approximately $250,000 in expenses associated with calling brokered deposits and collection expenses related to a problem loan.

Relative to the third quarter of 2023, noninterest expense increased 59.7% from $8.6 million. The acquisition of Century Bank on July 31, 2024 resulted in merger-related expenses of $1.5 million, along with additional noninterest expense during the third quarter of 2024. Salaries and employee benefits increased as a result of the acquisition and from a legacy standpoint. The third quarter of 2023 included a $1.2 million refund of professional fees related to the aforementioned return of ERC.

Loans and Credit Quality
	Three Months Ended									% Change September 30, 2024 vs.
	September 30, 2024			June 30, 2024			September 30, 2023			June 30, 2024		September 30, 2023
	(Dollars in thousands)

Gross loans	$	2,205,747		$	2,021,877		$	1,779,846		9.1	%	23.9	%
Unearned income		(6,536	)		(6,443	)		(5,698	)	1.4	%	14.7	%
Loans, net of unearned income (“Loans”)		2,199,211			2,015,434			1,774,148		9.1	%	24.0	%
Average loans, net of unearned (“Average loans”)	$	2,134,318		$	1,987,533		$	1,740,582		7.4	%	22.6	%

Nonperforming loans (“NPL”)	$	7,868		$	3,784		$	1,082		107.9	%	627.2	%
Provision for credit losses	$	2,583		$	1,067		$	773		142.1	%	234.2	%
Allowance for credit losses (“ACL”)	$	28,061		$	25,828		$	22,181		8.6	%	26.5	%
Net charge-offs (recoveries)	$	350		$	383		$	(23	)	(8.6	)%	1621.7	%
NPL to gross loans		0.36	%		0.19	%		0.06	%
Net charge-offs (recoveries) to average loans⁽¹⁾		0.07	%		0.08	%	(0.01		)%
ACL to loans		1.28	%		1.28	%		1.25	%

(1) Ratio is annualized.

Loans, net of unearned income, were $2.2 billion at September 30, 2024, up $183.8 million from June 30, 2024 and up $425.1 million from September 30, 2023. The acquisition of Century Bank resulted in additional loans of $131.7 million at September 30, 2024. Apart from the acquired loans, the linked-quarter increase in loans was primarily attributable to new business growth across our footprint.

Nonperforming loans totaled $7.9 million, or 0.36% of gross loans, at September 30, 2024, compared with $3.8 million, or 0.19% of gross loans, at June 30, 2024, and $1.1 million, or 0.06% of gross loans, at September 30, 2023. The $4.1 million net increase in nonperforming loans in the third quarter of 2024 was primarily attributable to a significant commercial and industrial loan that was added to nonaccrual status and partially offset by a commercial and industrial loan that was charged-off. The $6.8 million net increase in nonperforming loans from September 30, 2023, was primarily attributable to one significant commercial and industrial loan, another less significant commercial and industrial loan and one commercial real estate loan that were added to nonaccrual status. Significant collection efforts have been made on the large commercial and industrial loan and no loss is anticipated.

The Company recorded a provision for credit losses of $2.6 million for the third quarter of 2024, compared to $1.1 million for the second quarter of 2024. Provision in the third quarter of 2024 included a “Day 2” $1.7 million provision as a result of the acquisition as well as additional provisions based on growth.

Net charge-offs for the third quarter of 2024 were $350,000, or 0.07% of average loans on an annualized basis, compared to net charge-offs of $383,000, or 0.08% of average loans on an annualized basis, for the second quarter of 2024, and net recoveries of $23,000, or (0.01)% of average loans on an annualized basis, for the third quarter of 2023. The charge-offs recorded during the second and third quarters of 2024 were substantially related to a purchased pool of consumer loans for which the borrower filed for bankruptcy. The loan was fully charged-off as of September 30, 2024.

The Company’s allowance for credit losses was 1.28% of total loans and 356.65% of nonperforming loans at September 30, 2024, compared with 1.28% of total loans and 682.56% of nonperforming loans at June 30, 2024. Allowance for credit losses on unfunded commitments was $1.4 million at September 30, 2024.

Deposits
	Three Months Ended									% Change September 30, 2024 vs.
	September 30, 2024			June 30, 2024			September 30, 2023			June 30, 2024		September 30, 2023
	(Dollars in thousands)

Noninterest-bearing deposits	$	546,282		$	416,068		$	418,125		31.3	%	30.7	%
Interest-bearing deposits		1,874,264			1,759,610			1,498,276		6.5	%	25.1	%
Total deposits	$	2,420,546		$	2,175,678		$	1,916,401		11.3	%	26.3	%

Uninsured deposits	$	964,528		$	645,283		$	568,323		49.5	%	69.7	%
Uninsured deposits to total deposits		39.85	%		29.66	%		29.66	%
Noninterest deposits to total deposits		22.57	%		19.12	%		21.82	%

Total deposits were $2.4 billion at September 30, 2024, up from $2.2 billion at June 30, 2024 and $1.9 billion at September 30, 2023. The $244.9 million increase in total deposits in the third quarter was due to an increase of $130.2 million in noninterest-bearing deposits and a $114.7 million increase in interest-bearing deposits. The acquisition of Century Bank resulted in additional deposits of $304.4 million at September 30, 2024, or $183.4 million in interest-bearing deposits, none of which were brokered deposits, and $121.0 million in noninterest-bearing deposits. Total brokered deposits were $194.2 million at September 30, 2024, compared to $288.3 million at June 30, 2024. The Company used cash from the acquisition of Century Bank to call $52.3 million of brokered deposits, while another $41.9 million matured and were repaid.

Capital
	September 30, 2024				June 30, 2024				September 30, 2023
	Company		Bank		Company		Bank		Company		Bank

Tier 1 capital ratio to average assets	8.64	%	11.48	%	8.72	%	11.52	%	8.70	%	11.71	%
Risk-based capital ratios:
Common equity tier 1 (“CET1”) capital ratio	9.36	%	12.43	%	9.54	%	12.61	%	9.32	%	12.55	%
Tier 1 capital ratio	9.36	%	12.43	%	9.54	%	12.61	%	9.32	%	12.55	%
Total capital ratio	14.18	%	13.59	%	14.50	%	13.77	%	14.60	%	13.67	%

As of September 30, 2024, total stockholders’ equity was $271.4 million, up from $230.6 million at June 30, 2024. The increase of $40.8 million was substantially due to the issuance of $31.5 million in common stock for the acquisition of Century Bank.

About Southern States Bancshares, Inc.

Headquartered in Anniston, Alabama, Southern States Bancshares, Inc. is a bank holding company that operates primarily through its wholly-owned subsidiary, Southern States Bank. The Bank is a full service community banking institution, which offers an array of deposit, loan and other banking-related products and services to businesses and individuals in its communities. The Bank operates 15 branches in Alabama and Georgia and two loan production offices in Atlanta.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, which reflect our current expectations and beliefs with respect to, among other things, future events and our financial performance. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. This may be especially true given recent events and trends in the banking industry. Although we believe that the expectations reflected in such forward-looking statements are reasonable as of the dates made, we cannot give any assurance that such expectations will prove correct and actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 under the section entitled “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors”. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict.

These statements are often, but not always, made through the use of words or phrases such as “may,” “can,” “should,” “could,” “to be,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “likely,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “target,” “project,” “would” and “outlook,” or the negative version of those words or other similar words or phrases of a future or forward-looking nature. Forward-looking statements appear in a number of places in this press release and may include statements about our acquisition of Century Bank of Georgia, business strategy and prospects for growth, operations, ability to pay dividends, competition, regulation and general economic conditions.

Contact Information

Lynn Joyce				Margaret Boyce
(205) 820-8065				(310) 622-8247
ljoyce@ssbank.bank				ssbankir@finprofiles.com

SELECT FINANCIAL DATA
(Dollars in thousands, except share and per share amounts)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023

Results of Operations
Interest income	$	45,068		$	41,007		$	35,204		$	124,811		$	96,088
Interest expense		20,822			19,428			14,473			58,147			36,379
Net interest income		24,246			21,579			20,731			66,664			59,709
Provision for credit losses		2,583			1,067			773			4,885			3,511
Net interest income after provision		21,663			20,512			19,958			61,779			56,198
Noninterest income		1,757			1,368			(2,894	)		4,393			5,755
Noninterest expense		13,687			11,411			8,569			35,473			32,159
Income tax expense		2,380			2,271			1,866			7,029			6,738
Net income	$	7,353		$	8,198		$	6,629		$	23,670		$	23,056
Core net income⁽¹⁾	$	8,675		$	9,058		$	9,563		$	25,862		$	23,901

Share and Per Share Data
Shares issued and outstanding		9,882,350			8,908,130			8,834,168			9,882,350			8,834,168
Weighted average shares outstanding:
Basic		9,608,868			8,957,608			8,846,018			9,161,622			8,791,007
Diluted		9,725,884			9,070,568			9,040,687			9,297,778			9,016,603
Earnings per share:
Basic	$	0.76		$	0.91		$	0.75		$	2.58		$	2.62
Diluted		0.76			0.90			0.73			2.54			2.56
Core - diluted⁽¹⁾		0.89			1.00			1.06			2.78			2.65
Book value per share		27.46			25.88			22.86			27.46			22.86
Tangible book value per share⁽¹⁾		23.38			23.91			20.84			23.38			20.84
Cash dividends per common share		0.09			0.09			0.09			0.27			0.27

Performance and Financial Ratios
ROAA		1.05	%		1.29	%		1.15	%		1.22	%		1.41	%
ROAE		11.89	%		14.55	%		12.96	%		13.70	%		15.85	%
Core ROAA⁽¹⁾		1.24	%		1.43	%		1.66	%		1.33	%		1.47	%
ROATCE⁽¹⁾		13.35	%		15.79	%		14.21	%		15.05	%		17.47	%
Core ROATCE⁽¹⁾		15.74	%		17.44	%		20.50	%		16.45	%		18.11	%
NIM		3.65	%		3.56	%		3.78	%		3.60	%		3.85	%
NIM - FTE⁽¹⁾		3.66	%		3.57	%		3.79	%		3.61	%		3.87	%
Net interest spread		2.66	%		2.59	%		2.84	%		2.63	%		3.00	%
Yield on loans		7.21	%		7.17	%		6.86	%		7.15	%		6.62	%
Yield on interest-earning assets		6.78	%		6.76	%		6.42	%		6.74	%		6.20	%
Cost of interest-bearing liabilities		4.12	%		4.17	%		3.58	%		4.11	%		3.20	%
Cost of funds⁽²⁾		3.31	%		3.41	%		2.80	%		3.33	%		2.48	%
Cost of interest-bearing deposits		4.03	%		4.07	%		3.43	%		4.01	%		3.02	%
Cost of total deposits		3.19	%		3.27	%		2.63	%		3.20	%		2.29	%
Noninterest deposits to total deposits		22.57	%		19.12	%		21.82	%		22.57	%		21.82	%
Core deposits to total deposits		86.30	%		81.78	%		86.58	%		86.30	%		86.58	%
Uninsured deposits to total deposits		39.85	%		29.66	%		29.66	%		39.85	%		29.66	%
Total loans to total deposits		90.86	%		92.63	%		92.58	%		90.86	%		92.58	%
Efficiency ratio		52.79	%		49.78	%		48.01	%		49.98	%		49.47	%
Core efficiency ratio⁽¹⁾		46.96	%		44.75	%		42.79	%		46.23	%		47.06	%

^{(1) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.}
^{(2) Includes total interest-bearing liabilities and noninterest deposits.}

SELECT FINANCIAL DATA
(Dollars in thousands)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023

Financial Condition (ending)
Total loans	$	2,199,211		$	2,015,434		$	1,774,148		$	2,199,211		$	1,774,148
Total securities		217,692			204,131			189,496			217,692			189,496
Total assets		2,841,440			2,572,011			2,296,527			2,841,440			2,296,527
Total noninterest-bearing deposits		546,282			416,068			418,125			546,282			418,125
Total core deposits⁽¹⁾		2,088,993			1,779,253			1,659,291			2,088,993			1,659,291
Total deposits		2,420,546			2,175,678			1,916,401			2,420,546			1,916,401
Total borrowings		121,083			136,873			146,573			121,083			146,573
Total liabilities		2,570,070			2,341,430			2,094,603			2,570,070			2,094,603
Total shareholders’ equity		271,370			230,581			201,924			271,370			201,924

Financial Condition (average)
Total loans	$	2,134,318		$	1,987,533		$	1,740,582		$	2,013,157		$	1,676,134
Total securities		223,750			210,678			201,830			214,494			197,005
Total other interest-earning assets		287,320			242,214			232,691			247,035			199,379
Total interest-earning assets		2,645,388			2,440,425			2,175,103			2,474,686			2,072,518
Total assets		2,777,215			2,553,010			2,282,217			2,593,175			2,180,851
Total noninterest-bearing deposits		490,450			420,885			448,616			442,667			442,149
Total interest-bearing deposits		1,874,861			1,729,682			1,472,024			1,746,420			1,395,529
Total deposits		2,365,311			2,150,567			1,920,640			2,189,087			1,837,678
Total borrowings		134,035			143,189			129,882			141,970			122,156
Total interest-bearing liabilities		2,008,896			1,872,871			1,601,906			1,888,390			1,517,685
Total shareholders’ equity		246,081			226,527			202,955			230,799			194,430

Asset Quality
Nonperforming loans	$	7,868		$	3,784		$	1,082		$	7,868		$	1,082
Other real estate owned (“OREO”)	$	33		$	33		$	2,903		$	33		$	2,903
Nonperforming assets (“NPA”)	$	7,901		$	3,817		$	3,985		$	7,901		$	3,985
Net charge-offs to average loans⁽²⁾		0.07	%		0.08	%	(0.01		)%		0.08	%		0.02	%
Provision for credit losses to average loans⁽²⁾		0.48	%		0.22	%		0.18	%		0.32	%		0.28	%
ACL to loans		1.28	%		1.28	%		1.25	%		1.28	%		1.25	%
ACL to gross loans		1.27	%		1.28	%		1.25	%		1.27	%		1.25	%
ACL to NPL		356.65	%		682.56	%		2050.00	%		356.65	%		2050.00	%
NPL to loans		0.36	%		0.19	%		0.06	%		0.36	%		0.06	%
NPL to gross loans		0.36	%		0.19	%		0.06	%		0.36	%		0.06	%
NPA to gross loans and OREO		0.36	%		0.19	%		0.22	%		0.36	%		0.22	%
NPA to total assets		0.28	%		0.15	%		0.17	%		0.28	%		0.17	%

Regulatory and Other Capital Ratios
Total shareholders’ equity to total assets		9.55	%		8.97	%		8.79	%		9.55	%		8.79	%
Tangible common equity to tangible assets⁽³⁾		8.25	%		8.34	%		8.08	%		8.25	%		8.08	%
Tier 1 capital ratio to average assets		8.64	%		8.72	%		8.70	%		8.64	%		8.70	%
Risk-based capital ratios:
CET1 capital ratio		9.36	%		9.54	%		9.32	%		9.36	%		9.32	%
Tier 1 capital ratio		9.36	%		9.54	%		9.32	%		9.36	%		9.32	%
Total capital ratio		14.18	%		14.50	%		14.60	%		14.18	%		14.60	%

^{(1) We define core deposits as total deposits excluding brokered deposits and time deposits greater than $250,000.}
^{(2) Ratio is annualized.}
^{(3) See "Reconciliation of Non-GAAP Financial Measures" below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.}

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands)

	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023
	(Unaudited)			(Unaudited)			(Audited)			(Unaudited)

Assets
Cash and due from banks	$	24,225		$	21,598		$	19,710		$	31,047
Interest-bearing deposits in banks		182,559			140,440			134,846			103,646
Federal funds sold		71,072			76,334			96,095			81,487
Total cash and cash equivalents		277,856			238,372			250,651			216,180

Securities available for sale, at fair value		198,076			184,510			179,000			169,859
Securities held to maturity, at amortized cost		19,616			19,621			19,632			19,637
Other equity securities, at fair value		3,733			3,658			3,649			3,654
Restricted equity securities, at cost		4,418			4,633			5,684			4,971
Loans held for sale		415			1,716			450			1,799

Loans, net of unearned income		2,199,211			2,015,434			1,884,508			1,774,148
Less allowance for credit losses		28,061			25,828			24,378			22,181
Loans, net		2,171,150			1,989,606			1,860,130			1,751,967

Premises and equipment, net		32,319			26,192			26,426			26,694
Accrued interest receivable		10,114			9,654			8,711			8,321
Bank owned life insurance		39,159			33,000			29,884			29,697
Annuities		16,843			15,918			15,036			15,266
Foreclosed assets		33			33			33			2,903
Goodwill		30,980			16,862			16,862			16,862
Core deposit intangible		9,338			735			899			981
Other assets		27,390			27,501			29,616			27,736

Total assets	$	2,841,440		$	2,572,011		$	2,446,663		$	2,296,527

Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Noninterest-bearing	$	546,282		$	416,068		$	437,959		$	418,125
Interest-bearing		1,874,264			1,759,610			1,580,230			1,498,276
Total deposits		2,420,546			2,175,678			2,018,189			1,916,401

Other borrowings		7,976			8,000			26,994			4,991
FHLB advances		22,000			42,000			70,000			55,000
Subordinated notes		91,107			86,873			86,679			86,582
Accrued interest payable		2,214			2,024			1,519			1,280
Other liabilities		26,227			26,855			28,318			30,349

Total liabilities		2,570,070			2,341,430			2,231,699			2,094,603

Stockholders' equity:
Common stock		49,684			44,813			44,479			44,307
Capital surplus		106,046			79,248			78,361			77,671
Retained earnings		123,783			117,233			102,523			94,429
Accumulated other comprehensive loss		(5,866	)		(8,333	)		(8,379	)		(13,126	)
Unvested restricted stock		(723	)		(826	)		(466	)		(580	)
Vested restricted stock units		(1,554	)		(1,554	)		(1,554	)		(777	)

Total stockholders' equity		271,370			230,581			214,964			201,924

Total liabilities and stockholders' equity	$	2,841,440		$	2,572,011		$	2,446,663		$	2,296,527

CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)

	Three Months Ended								Nine Months Ended
	September 30, 2024			June 30, 2024		September 30, 2023			September 30, 2024		September 30, 2023
	(Unaudited)			(Unaudited)		(Unaudited)			(Unaudited)		(Unaudited)
Interest income:
Loans, including fees	$	38,690		$	35,421	$	30,084		$	107,739	$	83,049
Taxable securities		2,205			2,039		1,796			6,225		4,819
Nontaxable securities		243			231		227			704		747
Other interest and dividends		3,930			3,316		3,097			10,143		7,473
Total interest income		45,068			41,007		35,204			124,811		96,088

Interest expense:
Deposits		18,990			17,511		12,732			52,407		31,498
Other borrowings		1,832			1,917		1,741			5,740		4,881
Total interest expense		20,822			19,428		14,473			58,147		36,379

Net interest income		24,246			21,579		20,731			66,664		59,709
Provision for credit losses		2,583			1,067		773			4,885		3,511
Net interest income after provision for credit losses		21,663			20,512		19,958			61,779		56,198

Noninterest income:
Service charges on deposit accounts		532			462		442			1,458		1,348
Swap (expenses) fees		(9	)		4		453			10		622
SBA/USDA fees		179			58		74			302		274
Mortgage origination fees		112			92		158			300		446
Net gain (loss) on securities		75			20		(12	)		83		457
Employee retention credit and related revenue		—			—		(5,100	)		—		—
Other operating income		868			732		1,091			2,240		2,608
Total noninterest income		1,757			1,368		(2,894	)		4,393		5,755

Noninterest expenses:
Salaries and employee benefits		6,876			6,112		5,752			19,219		19,926
Equipment and occupancy expenses		814			667		718			2,170		2,095
Data processing fees		781			686		650			2,110		1,889
Regulatory assessments		414			375		322			1,149		844
Professional fees related to ERC		—			—		(1,243	)		—		—
Merger-related expenses		1,511			—		—			1,511		—
Other operating expenses		3,291			3,571		2,370			9,314		7,405
Total noninterest expenses		13,687			11,411		8,569			35,473		32,159

Income before income taxes		9,733			10,469		8,495			30,699		29,794

Income tax expense		2,380			2,271		1,866			7,029		6,738

Net income	$	7,353		$	8,198	$	6,629		$	23,670	$	23,056

Basic earnings per share	$	0.76		$	0.91	$	0.75		$	2.58	$	2.62

Diluted earnings per share	$	0.76		$	0.90	$	0.73		$	2.54	$	2.56

AVERAGE BALANCE SHEET AND NET INTEREST MARGIN
(Dollars in thousands)

	Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
	Average Balance			Interest		Yield/Rate		Average Balance			Interest		Yield/Rate		Average Balance			Interest		Yield/Rate
Assets:
Interest-earning assets:
Loans, net of unearned income⁽¹⁾	$	2,134,318		$	38,690	7.21	%	$	1,987,533		$	35,421	7.17	%	$	1,740,582		$	30,084	6.86	%
Taxable securities		177,164			2,205	4.95	%		165,141			2,039	4.97	%		156,364			1,796	4.56	%
Nontaxable securities		46,586			243	2.08	%		45,537			231	2.04	%		45,466			227	1.98	%
Other interest-earnings assets		287,320			3,930	5.44	%		242,214			3,316	5.51	%		232,691			3,097	5.28	%
Total interest-earning assets	$	2,645,388		$	45,068	6.78	%	$	2,440,425		$	41,007	6.76	%	$	2,175,103		$	35,204	6.42	%
Allowance for credit losses		(27,253	)						(25,332	)						(21,606	)
Noninterest-earning assets		159,080							137,917							128,720
Total Assets	$	2,777,215						$	2,553,010						$	2,282,217

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing transaction accounts		95,040			30	0.13	%		85,976			21	0.10	%		88,668			20	0.09	%
Savings and money market accounts		1,042,661			10,264	3.92	%		929,930			9,229	3.99	%		867,066			7,767	3.55	%
Time deposits		737,160			8,696	4.69	%		713,776			8,261	4.65	%		516,290			4,945	3.80	%
FHLB advances		36,130			455	5.01	%		48,374			596	4.96	%		43,261			514	4.72	%
Other borrowings		97,905			1,377	5.59	%		94,815			1,321	5.60	%		86,621			1,227	5.62	%
Total interest-bearing liabilities	$	2,008,896		$	20,822	4.12	%	$	1,872,871		$	19,428	4.17	%	$	1,601,906		$	14,473	3.58	%

Noninterest-bearing liabilities:
Noninterest-bearing deposits	$	490,450						$	420,885						$	448,616
Other liabilities		31,788							32,727							28,740
Total noninterest-bearing liabilities	$	522,238						$	453,612						$	477,356
Stockholders’ Equity		246,081							226,527							202,955
Total Liabilities and Stockholders’ Equity	$	2,777,215						$	2,553,010						$	2,282,217

Net interest income				$	24,246						$	21,579						$	20,731
Net interest spread⁽²⁾						2.66	%						2.59	%						2.84	%
Net interest margin⁽³⁾						3.65	%						3.56	%						3.78	%
Net interest margin - FTE⁽⁴⁾⁽⁵⁾						3.66	%						3.57	%						3.79	%
Cost of funds⁽⁶⁾						3.31	%						3.41	%						2.80	%
Cost of interest-bearing deposits						4.03	%						4.07	%						3.43	%
Cost of total deposits						3.19	%						3.27	%						2.63	%

^{(1) Includes nonaccrual loans.}
^{(2) Net interest spread is the difference between interest rates earned on interest-earning assets and interest rates paid on interest-bearing liabilities.}
^{(3) Net interest margin is a ratio of net interest income to average interest-earning assets for the same period.}
^{(4) Net interest margin - FTE is a ratio of fully-taxable equivalent net interest income to average interest-earning assets for the same period. It assumes a 24.0% tax rate.}
^{(5) Refer to “Reconciliation of Non-GAAP Financial Measures”.}
^{(6) Includes total interest-bearing liabilities and noninterest deposits.}

AVERAGE BALANCE SHEET AND NET INTEREST MARGIN
(Dollars in thousands)

	Nine Months Ended
	September 30, 2024							September 30, 2023
	Average Balance			Interest		Yield/Rate		Average Balance			Interest		Yield/Rate
Assets:
Interest-earning assets:
Loans, net of unearned income⁽¹⁾	$	2,013,157		$	107,739	7.15	%	$	1,676,134		$	83,049	6.62	%
Taxable securities		168,661			6,225	4.93	%		149,058			4,819	4.32	%
Nontaxable securities		45,833			704	2.05	%		47,947			747	2.08	%
Other interest-earnings assets		247,035			10,143	5.48	%		199,379			7,473	5.01	%
Total interest-earning assets	$	2,474,686		$	124,811	6.74	%	$	2,072,518		$	96,088	6.20	%
Allowance for credit losses		(25,638	)						(20,750	)
Noninterest-earning assets		144,127							129,083
Total Assets	$	2,593,175						$	2,180,851

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing transaction accounts		88,980			78	0.12	%		91,602			59	0.09	%
Savings and money market accounts		958,625			28,296	3.94	%		839,827			19,679	3.13	%
Time deposits		698,815			24,033	4.59	%		464,100			11,760	3.39	%
FHLB advances		45,840			1,706	4.97	%		35,703			1,202	4.50	%
Other borrowings		96,130			4,034	5.60	%		86,453			3,679	5.69	%
Total interest-bearing liabilities	$	1,888,390		$	58,147	4.11	%	$	1,517,685		$	36,379	3.20	%

Noninterest-bearing liabilities:
Noninterest-bearing deposits	$	442,667						$	442,149
Other liabilities		31,319							26,587
Total noninterest-bearing liabilities	$	473,986						$	468,736
Stockholders’ Equity		230,799							194,430
Total Liabilities and Stockholders’ Equity	$	2,593,175						$	2,180,851

Net interest income				$	66,664						$	59,709
Net interest spread⁽²⁾						2.63	%						3.00	%
Net interest margin⁽³⁾						3.60	%						3.85	%
Net interest margin - FTE⁽⁴⁾⁽⁵⁾						3.61	%						3.87	%
Cost of funds⁽⁶⁾						3.33	%						2.48	%
Cost of interest-bearing deposits						4.01	%						3.02	%
Cost of total deposits						3.20	%						2.29	%

LOAN COMPOSITION
(Dollars in thousands)

	September 30, 2024					June 30, 2024					December 31, 2023					September 30, 2023
	Amount			% of gross		Amount			% of gross		Amount			% of gross		Amount			% of gross

Real estate mortgages:
Construction and development	$	245,275		11.1	%	$	242,573		12.0	%	$	242,960		12.9	%	$	229,188		12.9	%
Residential		293,150		13.3	%		249,498		12.3	%		224,603		11.9	%		224,499		12.6	%
Commercial		1,344,554		61.0	%		1,222,739		60.5	%		1,144,867		60.5	%		1,049,545		59.0	%
Commercial and industrial		310,540		14.1	%		297,501		14.7	%		269,961		14.3	%		268,283		15.0	%
Consumer and other		12,228		0.5	%		9,566		0.5	%		8,286		0.4	%		8,331		0.5	%
Gross loans		2,205,747		100.0	%		2,021,877		100.0	%		1,890,677		100.0	%		1,779,846		100.0	%
Unearned income		(6,536	)				(6,443	)				(6,169	)				(5,698	)
Loans, net of unearned income		2,199,211					2,015,434					1,884,508					1,774,148
Allowance for credit losses		(28,061	)				(25,828	)				(24,378	)				(22,181	)
Loans, net	$	2,171,150				$	1,989,606				$	1,860,130				$	1,751,967

DEPOSIT COMPOSITION
(Dollars in thousands)

	September 30, 2024				June 30, 2024				December 31, 2023				September 30, 2023
	Amount		% of total		Amount		% of total		Amount		% of total		Amount		% of total


Noninterest-bearing transaction	$	546,282	22.5	%	$	416,068	19.1	%	$	437,959	21.7	%	$	418,125	21.8	%
Interest-bearing transaction		1,124,706	46.5	%		1,006,687	46.3	%		946,347	46.9	%		934,383	48.8	%
Savings		53,565	2.2	%		32,527	1.5	%		35,412	1.7	%		38,518	2.0	%
Time deposits, $250,000 and under		558,600	23.1	%		612,299	28.1	%		500,406	24.8	%		436,613	22.8	%
Time deposits, over $250,000		137,393	5.7	%		108,097	5.0	%		98,065	4.9	%		88,762	4.6	%
Total deposits	$	2,420,546	100.0	%	$	2,175,678	100.0	%	$	2,018,189	100.0	%	$	1,916,401	100.0	%

Nonperforming Assets
(Dollars in thousands)

	September 30, 2024			June 30, 2024			December 31, 2023			September 30, 2023


Nonaccrual loans	$	7,803		$	3,784		$	1,017		$	1,082
Past due loans 90 days or more and still accruing interest		65			—			160			—
Total nonperforming loans		7,868			3,784			1,177			1,082
OREO		33			33			33			2,903
Total nonperforming assets	$	7,901		$	3,817		$	1,210		$	3,985

Financial difficulty modification loans – nonaccrual⁽¹⁾		622			647			907			970
Financial difficulty modification loans – accruing		1,071			1,093			1,095			1,052
Financial difficulty modification loans	$	1,693		$	1,740		$	2,002		$	2,022

Allowance for credit losses	$	28,061		$	25,828		$	24,378		$	22,181
Loans, net of unearned income at the end of the period	$	2,199,211		$	2,015,434		$	1,884,508		$	1,774,148
Gross loans outstanding at the end of period	$	2,205,747		$	2,021,877		$	1,890,677		$	1,779,846
Total assets	$	2,841,440		$	2,572,011		$	2,446,663		$	2,296,527
Allowance for credit losses to nonperforming loans		356.65	%		682.56	%		2071.20	%		2050.00	%
Nonperforming loans to loans, net of unearned income		0.36	%		0.19	%		0.06	%		0.06	%
Nonperforming loans to gross loans		0.36	%		0.19	%		0.06	%		0.06	%
Nonperforming assets to gross loans and OREO		0.36	%		0.19	%		0.06	%		0.22	%
Nonperforming assets to total assets		0.28	%		0.15	%		0.05	%		0.17	%

Nonaccrual loans by category:
Real estate mortgages:
Construction & Development	$	—		$	—		$	—		$	—
Residential Mortgages		522			393			252			289
Commercial Real Estate Mortgages		2,155			2,182			765			785
Commercial & Industrial		5,126			1,209			—			8
Consumer and other		—			—			—			—
Total	$	7,803		$	3,784		$	1,017		$	1,082

^{(1) Financial difficulty modifications loans are excluded from nonperforming loans unless they otherwise meet the definition of nonaccrual loans or are more than 90 days past due.}

Allowance for Credit Losses
(Dollars in thousands)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023

Average loans, net of unearned income	$	2,134,318		$	1,987,533		$	1,740,582		$	2,013,157		$	1,676,134
Loans, net of unearned income		2,199,211			2,015,434			1,774,148			2,199,211			1,774,148
Gross loans		2,205,747			2,021,877			1,779,846			2,205,747			1,779,846
Allowance for credit losses at beginning of the period		25,828			25,144			21,385			24,378			20,156
Impact of adoption of ASC 326		—			—			—			—			(1,285	)
Charge-offs:
Construction and development		—			—			3			—			3
Residential		—			—			—			11			—
Commercial		119			11			—			157			—
Commercial and industrial		384			384			—			1,210			262
Consumer and other		—			10			—			25			6
Total charge-offs		503			405			3			1,403			271
Recoveries:
Construction and development		—			—			—			—			—
Residential		13			6			10			27			38
Commercial		—			—			—			—			—
Commercial and industrial		139			15			—			171			14
Consumer and other		1			1			16			3			18
Total recoveries		153			22			26			201			70
Net charge-offs (recoveries)	$	350		$	383		$	(23	)	$	1,202		$	201

Provision for credit losses	$	2,583		$	1,067		$	773		$	4,885		$	3,511
Balance at end of the period	$	28,061		$	25,828		$	22,181		$	28,061		$	22,181

Allowance for credit losses on unfunded commitments at beginning of the period	$	1,206		$	1,288		$	1,495		$	1,239		$	—
Impact of adoption of ASC 326		—			—			—			—			1,285
Day 2 impact from acquisition		199			—			—			199			—
(Credit) provision for credit losses on unfunded commitments		—			(82	)		29			(33	)		239
Balance at the end of the period	$	1,405		$	1,206		$	1,524		$	1,405		$	1,524

Allowance to loans, net of unearned income		1.28	%		1.28	%		1.25	%		1.28	%		1.25	%
Allowance to gross loans		1.27	%		1.28	%		1.25	%		1.27	%		1.25	%
Net charge-offs (recoveries) to average loans, net of unearned income⁽¹⁾		0.07	%		0.08	%	(0.01) %				0.08	%		0.02	%
Provision for credit losses to average loans, net of unearned income⁽¹⁾		0.48	%		0.22	%		0.18	%		0.32	%		0.28	%

^{(1) Ratio is annualized.}

Reconciliation of Non-GAAP Financial Measures

In addition to reporting GAAP results, the Company reports non-GAAP financial measures in this earnings release and other disclosures. Our management believes that these non-GAAP financial measures and the information they provide are useful to investors since these measures permit investors to view our performance using the same tools that our management uses to evaluate our performance. While we believe that these non-GAAP financial measures are useful in evaluating our performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.

The following table provides a reconciliation of the non-GAAP financial measures to their most directly comparable financial measure presented in accordance with GAAP.

Reconciliation of Non-GAAP Financial Measures
(Dollars in thousands, except share and per share amounts)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023

Net income	$	7,353		$	8,198		$	6,629		$	23,670		$	23,056
Add: One-time retirement related expenses		—			—			—			—			1,571
Add: Professional fees related to ERC		—			—			(1,243	)		—			—
Add: Wire fraud loss		—			1,155			—			1,155			—
Add: Merger-related expenses		1,511			—			—			1,511			—
Add: Net OREO gain		—			(3	)		(9	)		(3	)		(2	)
Less: Employee retention related revenue		—			—			(5,100	)		—			—
Less: Net gain (loss) on securities		75			20			(12	)		83			457
Less: Tax effect		114			272			926			388			267
*Core net income*	$	*8,675*		$	*9,058*		$	*9,563*		$	*25,862*		$	*23,901*
Average assets	$	2,777,215		$	2,553,010		$	2,282,217		$	2,593,175		$	2,180,851
*Core return on average assets*		*1.24*	%		*1.43*	%		*1.66*	%		*1.33*	%		*1.47*	%

Net income	$	7,353		$	8,198		$	6,629		$	23,670		$	23,056
Add: One-time retirement related expenses		—			—			—			—			1,571
Add: Professional fees related to ERC		—			—			(1,243	)		—			—
Add: Wire fraud loss		—			1,155			—			1,155			—
Add: Merger-related expenses		1,511			—			—			1,511			—
Add: Net OREO gain		—			(3	)		(9	)		(3	)		(2	)
Add: Provision		2,583			1,067			773			4,885			3,511
Less: Employee retention related revenue		—			—			(5,100	)		—			—
Less: Net gain (loss) on securities		75			20			(12	)		83			457
Add: Income taxes		2,380			2,271			1,866			7,029			6,738
*Pretax pre-provision core net income*	$	*13,752*		$	*12,668*		$	*13,128*		$	*38,164*		$	*34,417*
Average assets	$	2,777,215		$	2,553,010		$	2,282,217		$	2,593,175		$	2,180,851
*Pretax pre-provision core return on average assets*		*1.97*	%		*2.00*	%		*2.28*	%		*1.97*	%		*2.11*	%

Net interest income	$	24,246		$	21,579		$	20,731		$	66,664		$	59,709
Add: Fully-taxable equivalent adjustments⁽¹⁾		75			73			70			222			213
*Net interest income - FTE*	$	*24,321*		$	*21,652*		$	*20,801*		$	*66,886*		$	*59,922*

Net interest margin		3.65	%		3.56	%		3.78	%		3.60	%		3.85	%
Effect of fully-taxable equivalent adjustments⁽¹⁾		0.01	%		0.01	%		0.01	%		0.01	%		0.02	%
*Net interest margin - FTE*		*3.66*	%		*3.57*	%		*3.79*	%		*3.61*	%		*3.87*	%

Total stockholders' equity	$	271,370		$	230,581		$	201,924		$	271,370		$	201,924
Less: Intangible assets		40,318			17,597			17,843			40,318			17,843
*Tangible common equity*	$	*231,052*		$	*212,984*		$	*184,081*		$	*231,052*		$	*184,081*

(1) Assumes a 24.0% tax rate.

Reconciliation of Non-GAAP Financial Measures
(Dollars in thousands, except share and per share amounts)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023

Core net income	$	8,675		$	9,058		$	9,563		$	25,862		$	23,901
Diluted weighted average shares outstanding		9,725,884			9,070,568			9,040,687			9,297,778			9,016,603
*Diluted core earnings per share*	$	*0.89*		$	*1.00*		$	*1.06*		$	*2.78*		$	*2.65*

Common shares outstanding at year or period end		9,882,350			8,908,130			8,834,168			9,882,350			8,834,168
*Tangible book value per share*	$	*23.38*		$	*23.91*		$	*20.84*		$	*23.38*		$	*20.84*

Total assets at end of period	$	2,841,440		$	2,572,011		$	2,296,527		$	2,841,440		$	2,296,527
Less: Intangible assets		40,318			17,597			17,843			40,318			17,843
Adjusted assets at end of period	$	2,801,122		$	2,554,414		$	2,278,684		$	2,801,122		$	2,278,684
*Tangible common equity to tangible assets*		*8.25*	%		*8.34*	%		*8.08*	%		*8.25*	%		*8.08*	%

Total average shareholders equity	$	246,081		$	226,527		$	202,955		$	230,799		$	194,430
Less: Average intangible assets		26,884			17,646			17,893			20,776			17,973
Average tangible common equity	$	219,197		$	208,881		$	185,062		$	210,023		$	176,457
Net income to common shareholders	$	7,353		$	8,198		$	6,629		$	23,670		$	23,056
*Return on average tangible common equity*		*13.35*	%		*15.79*	%		*14.21*	%		*15.05*	%		*17.47*	%
Average tangible common equity	$	219,197		$	208,881		$	185,062		$	210,023		$	176,457
Core net income	$	8,675		$	9,058		$	9,563		$	25,862		$	23,901
*Core return on average tangible common equity*		*15.74*	%		*17.44*	%		*20.50*	%		*16.45*	%		*18.11*	%

Net interest income	$	24,246		$	21,579		$	20,731		$	66,664		$	59,709
Add: Noninterest income		1,757			1,368			(2,894	)		4,393			5,755
Less: Employee retention related revenue		—			—			(5,100	)		—			—
Less: Net gain (loss) on securities		75			20			(12	)		83			457
Operating revenue	$	25,928		$	22,927		$	22,949		$	70,974		$	65,007

Expenses:
Total noninterest expense	$	13,687		$	11,411		$	8,569		$	35,473		$	32,159
Less: One-time retirement related expenses		—			—			—			—			1,571
Less: Professional fees related to ERC		—			—			(1,243	)		—			—
Less: Wire fraud loss		—			1,155			—			1,155			—
Less: Merger-related expenses		1,511			—			—			1,511			—
Less: Net OREO gain		—			(3	)		(9	)		(3	)		(2	)
Adjusted noninterest expenses	$	12,176		$	10,259		$	9,821		$	32,810		$	30,590
*Core efficiency ratio*		*46.96*	%		*44.75*	%		*42.79*	%		*46.23*	%		*47.06*	%

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