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CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income          
Interest and fees on loans $ 23,357 $ 23,334 $ 24,027 $ 70,368 $ 66,117
Interest on investment securities 9,674 8,273 4,084 24,640 10,717
Interest on federal funds sold and due from banks 546 180 178 832 274
Total interest income 33,577 31,787 28,289 95,840 77,108
Interest expense          
Interest on interest-bearing transaction accounts 121 53 41 230 119
Interest on savings accounts 32 32 26 93 66
Interest on money market accounts 268 438 417 1,184 1,015
Interest on time accounts 128 67 44 209 221
Interest on borrowings and other obligations 1 0 8 2 8
Interest on subordinated debenture 0 0 0 0 1,361
Total interest expense 550 590 536 1,718 2,790
Net interest income 33,027 31,197 27,753 94,122 74,318
Provision for (reversal of) credit losses on loans 422 0 1,800 (63) (2,049)
Reversal of credit losses on unfunded loan commitments 0 0 0 (318) (1,202)
Net interest income after provision for (reversal of) credit losses 32,605 31,197 25,953 94,503 77,569
Non-interest income          
Earnings on bank-owned life insurance, net 222 298 1,402 933 1,892
Dividends on Federal Home Loan Bank stock 251 249 179 759 505
(Losses) gains on sale of investment securities, net (63) 0 1 (63) 1
Other income 628 406 310 1,496 823
Total non-interest income 2,723 2,728 3,565 8,318 7,413
Non-interest expense          
Salaries and related benefits 10,557 10,341 13,127 32,446 31,223
Occupancy and equipment 1,941 1,891 1,871 5,739 5,373
Data processing 1,093 1,199 1,613 3,569 3,252
Professional services 736 665 2,472 2,314 4,321
Information technology 573 468 496 1,519 1,105
Depreciation and amortization 414 393 431 1,259 1,279
Amortization of core deposit intangible 370 374 334 1,124 742
Directors' expense 233 294 255 838 660
Federal Deposit Insurance Corporation insurance 300 296 236 886 597
Charitable contributions 49 511 4 605 497
Other real estate owned 350 3 0 355 0
Other expense 2,062 2,471 1,847 6,305 4,605
Total non-interest expense 18,678 18,906 22,686 56,959 53,654
Income before provision for income taxes 16,650 15,019 6,832 45,862 31,328
Provision for income taxes 4,476 3,953 1,550 12,157 7,814
Net income $ 12,174 $ 11,066 $ 5,282 $ 33,705 $ 23,514
Net income per common share:          
Basic (in dollars per share) $ 0.76 $ 0.70 $ 0.35 $ 2.12 $ 1.70
Diluted (in dollars per share) $ 0.76 $ 0.69 $ 0.35 $ 2.11 $ 1.69
Weighted average shares:          
Basic (in shares) 15,939 15,921 14,922 15,912 13,798
Diluted (in shares) 15,974 15,955 14,993 15,959 13,881
Comprehensive (loss) income:          
Net income $ 12,174 $ 11,066 $ 5,282 $ 33,705 $ 23,514
Other comprehensive (loss) income:          
Change in net unrealized (losses) gains on available-for-sale securities (31,816) (27,050) (2,274) (97,094) (8,558)
Reclassification adjustment for losses (gains) on available-for-sale securities included in net income 63 0 (1) 63 (1)
Net unrealized losses on securities transferred from available-for-sale to held-to-maturity 0 0 0 (14,847) 0
Amortization of net unrealized losses on securities transferred from available-for-sale to held-to-maturity 510 472 104 1,126 385
Other comprehensive loss, before tax (31,243) (26,578) (2,171) (110,752) (8,174)
Deferred tax benefit (9,236) (7,857) (641) (32,741) (2,421)
Other comprehensive loss, net of tax (22,007) (18,721) (1,530) (78,011) (5,753)
Total comprehensive (loss) income (9,833) (7,655) 3,752 (44,306) 17,761
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 507 630 597 1,737 1,615
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 502 531 483 1,538 1,268
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 535 465 464 1,488 1,062
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 $ 141 $ 149 $ 129 $ 430 $ 247