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Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest Income        
Loans, including fees $ 28,880 $ 20,466 $ 81,117 $ 50,597
Interest-bearing time deposits in other banks 159 10 270 39
Debt securities, taxable 699 690 2,106 1,625
Debt securities, tax-exempt 81 90 253 273
Other interest and dividend income 1,903 435 5,398 754
Total interest income 31,722 21,691 89,144 53,288
Interest Expense        
Deposits 10,976 2,646 27,894 4,241
Total interest expense 10,976 2,646 27,894 4,241
Net Interest Income 20,746 19,045 61,250 49,047
Provision for Credit Losses 4,159 2,348 5,645 2,843
Net Interest Income After Provision for Credit Losses 16,587 16,697 55,605 46,204
Noninterest Income        
Mortgage lending income 6 134 172 395
Loss on sales, prepayments, and calls of available-for-sale debt securities (7) (10) (15) (127)
Service charges on deposit accounts 213 210 647 678
Other 795 506 1,668 1,261
Total noninterest income 1,007 840 2,472 2,207
Noninterest Expense        
Salaries and employee benefits 4,910 3,996 14,299 12,148
Furniture and equipment 254 390 755 1,134
Occupancy 662 614 1,980 1,736
Data and item processing 424 522 1,280 1,468
Accounting, marketing and legal fees 14 340 491 782
Regulatory assessments 279 551 1,013 973
Advertising and public relations 74 83 273 314
Travel, lodging and entertainment 85 94 255 216
Other 688 543 2,068 1,745
Total noninterest expense 7,390 7,133 22,414 20,516
Income Before Taxes 10,204 10,404 35,663 27,895
Income tax expense 2,351 2,363 8,457 6,646
Net Income $ 7,853 $ 8,041 $ 27,206 $ 21,249
Earnings per common share - basic (in dollars per share) $ 0.86 $ 0.88 $ 2.97 $ 2.34
Earnings per common share - diluted (in dollars per share) $ 0.85 $ 0.87 $ 2.94 $ 2.31
Weighted average common shares outstanding - basic (in shares) 9,158,027 9,100,789 9,152,788 9,095,724
Weighted average common shares outstanding - diluted (in shares) 9,273,595 9,209,754 9,262,003 9,194,928
Other Comprehensive Income (Loss)        
Unrealized gains(losses) on securities, net of (tax expense)tax benefit of $485 and $1.7 million for the three months ended September 30, 2023 and 2022, respectively; ($70) and $3.2 million for the nine months ended September 30, 2023 and 2022, respectively $ (372) $ (2,674) $ 214 $ (10,691)
Reclassification adjustment for realized loss included in net income net of tax of $2 and $2 for the three months ended September 30, 2023 and 2022, respectively; $4 and $29 for the nine months ended September 30, 2023 and 2022, respectively 5 8 11 98
Other comprehensive income(loss) (367) (2,666) 225 (10,593)
Comprehensive Income $ 7,486 $ 5,375 $ 27,431 $ 10,656