XML 13 R4.htm IDEA: XBRL DOCUMENT v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF 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 $ 27,229 $ 24,010 $ 80,151 $ 69,921
Investment securities 1,704 1,555 5,037 4,483
Fed funds sold and interest-bearing balances in banks 3,521 1,286 7,910 2,303
FHLB dividends 232 160 616 467
FRB dividends 144 126 432 387
Total interest and dividend income 32,830 27,137 94,146 77,561
Interest expense:        
Deposits 6,908 1,387 16,489 4,310
Subordinated debt 896 896 2,687 2,687
Junior subordinated deferrable interest debentures 217 129 623 319
Total interest expense 8,021 2,412 19,799 7,316
Net interest income 24,809 24,725 74,347 70,245
Provision for (reversal of) credit losses 674 1,194 (311) 3,824
Net interest income after provision for (reversal of) credit losses 24,135 23,531 74,658 66,421
Noninterest income:        
Gain on sale of loans 28 1,278 508 2,714
Loss on equity securities (274) (362) (2,087) (3,971)
Loan servicing and other loan fees 431 488 1,434 1,670
Income on investment in Small Business Investment Company ("SBIC") fund 225 (63) 939 155
Bargain purchase gain       1,665
Other income and fees 271 224 769 796
Total noninterest income 1,654 2,382 4,303 5,194
Noninterest expense:        
Salaries and employee benefits 10,284 10,164 32,065 29,751
Occupancy and equipment 2,133 2,043 6,134 6,388
Data processing 1,774 1,562 4,855 5,502
Other expense 2,328 2,327 6,551 7,986
Total noninterest expense 16,519 16,096 49,605 49,627
Income before provision for income taxes 9,270 9,817 29,356 21,988
Provision for income taxes 2,640 2,847 8,327 5,882
Net income $ 6,630 $ 6,970 $ 21,029 $ 16,106
Earnings per common share:        
Basic earnings per common share (in dollars per share) $ 0.56 $ 0.52 $ 1.72 $ 1.22
Weighted average common shares outstanding (in shares) 11,812,583 13,307,555 12,243,506 13,179,263
Diluted earnings per common share (in dollars per share) $ 0.56 $ 0.52 $ 1.72 $ 1.22
Weighted average common shares outstanding (in shares) 11,812,583 13,307,555 12,243,506 13,179,263
Service charges and other fees        
Noninterest income:        
Service charges and other fees $ 973 $ 817 $ 2,740 $ 2,165