XML 13 R4.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Mar. 31, 2021
Interest income      
Interest and fees on loans $ 23,677 $ 25,495 $ 20,661
Interest on investment securities 6,693 5,625 3,129
Interest on federal funds sold and due from banks 106 125 42
Total interest income 30,476 31,245 23,832
Interest expense      
Interest on interest-bearing transaction accounts 56 53 39
Interest on savings accounts 29 28 19
Interest on money market accounts 478 505 286
Interest on time accounts 14 25 96
Interest on borrowings and other obligations 1 1 0
Interest on subordinated debenture 0 0 1,361
Total interest expense 578 612 1,801
Net interest income 29,898 30,633 22,031
(Reversal of) provision for credit losses on loans (485) 600 (2,929)
(Reversal of) provision for credit losses on unfunded loan commitments (318) 210 (590)
Net interest income after (reversal of) provision for credit losses 30,701 29,823 25,550
Non-interest income      
Earnings on bank-owned life insurance, net 413 302 257
Dividends on Federal Home Loan Bank stock 259 255 149
Losses on sale of investment securities, net 0 (17) 0
Other income 462 322 228
Total non-interest income 2,867 2,719 1,826
Non-interest expense      
Salaries and related benefits 11,548 10,716 9,208
Occupancy and equipment 1,909 1,929 1,751
Data processing 1,277 1,887 819
Professional services 913 653 863
Information technology 478 445 313
Depreciation and amortization 452 461 459
Amortization of core deposit intangible 380 393 204
Directors' expense 311 297 175
Federal Deposit Insurance Corporation insurance 290 292 179
Charitable contributions 45 90 31
Other expense 1,772 1,821 1,410
Total non-interest expense 19,375 18,984 15,412
Income before provision for income taxes 14,193 13,558 11,964
Provision for income taxes 3,728 3,844 3,017
Net income $ 10,465 $ 9,714 $ 8,947
Net income per common share:      
Basic (in dollars per share) $ 0.66 $ 0.61 $ 0.67
Diluted (in dollars per share) $ 0.66 $ 0.61 $ 0.66
Weighted average shares:      
Basic (in shares) 15,876 15,948 13,363
Diluted (in shares) 15,946 16,027 13,469
Comprehensive income (loss):      
Net income $ 10,465 $ 9,714 $ 8,947
Other comprehensive income (loss):      
Change in net unrealized (losses) gains on available-for-sale securities (38,228) (12,723) (9,082)
Reclassification adjustment for losses on available-for-sale securities included in net income 0 17 0
Net unrealized losses on securities transferred from available-for-sale to held-to-maturity (14,847) 0 0
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity 144 108 143
Other comprehensive loss, before tax (52,931) (12,598) (8,939)
Deferred tax benefit (15,648) (3,726) (2,644)
Other comprehensive loss, net of tax (37,283) (8,872) (6,295)
Total comprehensive (loss) income (26,818) 842 2,652
Wealth Management and Trust Services      
Non-interest income      
Service charges on deposit accounts, wealth management and trust services, debit card interchange fees net, and merchant interchange fees net 600 607 488
Debit card interchange fees, net      
Non-interest income      
Service charges on deposit accounts, wealth management and trust services, debit card interchange fees net, and merchant interchange fees net 505 544 366
Service charges on deposit accounts      
Non-interest income      
Service charges on deposit accounts, wealth management and trust services, debit card interchange fees net, and merchant interchange fees net 488 531 281
Merchant interchange fees, net      
Non-interest income      
Service charges on deposit accounts, wealth management and trust services, debit card interchange fees net, and merchant interchange fees net $ 140 $ 175 $ 57