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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income:        
Loans, including fees $ 25,014 $ 26,667 $ 50,271 $ 52,922
Investment securities 2,181 1,693 4,137 3,333
Fed funds sold and interest-bearing balances in banks 4,819 2,560 8,934 4,389
FHLB dividends 247 196 519 384
FRB dividends 145 144 289 288
Total interest and dividend income 32,406 31,260 64,150 61,316
Interest expense:        
Deposits 9,002 5,881 17,229 9,581
Subordinated debt 891 895 1,784 1,791
Junior subordinated deferrable interest debentures 218 203 435 406
Total interest expense 10,111 6,979 19,448 11,778
Net interest income 22,295 24,281 44,702 49,538
Provision for (reversal of) credit losses 171 (1,260) 423 (985)
Net interest income after provision for (reversal of) credit losses 22,124 25,541 44,279 50,523
Noninterest income:        
Gain on sale of loans 287 68 287 480
(Loss) gain on equity securities (321) (917) 252 (1,813)
Loan servicing and other loan fees 441 593 833 1,003
Income on investment in Small Business Investment Company ("SBIC") fund 71 225 41 714
Other income and fees 271 235 559 496
Total noninterest income 1,483 1,086 3,545 2,647
Noninterest expense:        
Salaries and employee benefits 9,642 10,745 19,678 21,781
Occupancy and equipment 2,133 1,974 4,287 4,001
Data processing 1,650 1,616 3,403 3,081
Other expense 2,587 2,222 4,715 4,223
Total noninterest expense 16,012 16,557 32,083 33,086
Income before provision for income taxes 7,595 10,070 15,741 20,084
Provision for income taxes 1,995 2,864 4,264 5,687
Net income $ 5,600 $ 7,206 $ 11,477 $ 14,397
Earnings per common share:        
Basic earnings per common share (in dollars per share) $ 0.50 $ 0.59 $ 1.01 $ 1.16
Weighted average common shares outstanding (in shares) 11,254,233 12,228,206 11,389,992 12,462,539
Diluted earnings per common share (in dollars per share) $ 0.50 $ 0.59 $ 1.01 $ 1.16
Weighted average common shares outstanding (in shares) 11,254,233 12,228,206 11,389,992 12,462,539
Service charges and other fees        
Noninterest income:        
Service charges and other fees $ 734 $ 882 $ 1,573 $ 1,767