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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 $ 27,604 $ 24,067 $ 54,701 $ 46,220
Investment securities 5,048 5,989 10,569 11,849
Deposits with other banks and short term investments 684 708 1,376 1,065
Total interest income 33,336 30,764 66,646 59,134
Interest expense        
Deposits 12,106 8,556 24,198 13,555
Federal funds purchased 0 47 0 135
Federal Home Loan Bank advances 1,821 1,947 3,392 3,573
Other borrowings 1,000 1,033 1,993 2,122
Total interest expense 14,927 11,583 29,583 19,385
Net interest income 18,409 19,181 37,063 39,749
Provision for credit losses 650 200 1,650 1,100
Net interest income after provision for credit losses 17,759 18,981 35,413 38,649
Noninterest income        
Gain on sales of SBA loans 2,347 1,105 4,393 2,162
Loss on sales of securities (425) 0 (980) 0
BOLI Income 398 358 931 689
Insurance commissions 420 449 886 909
Other 949 868 2,296 1,514
Total noninterest income 9,497 8,952 18,984 16,611
Noninterest expense        
Salaries and employee benefits 12,277 13,348 24,296 25,957
Occupancy and equipment 1,475 1,499 2,982 3,121
Information technology expenses 2,227 2,001 4,338 4,342
Professional fees 704 881 1,537 1,596
Advertising and public relations 967 673 1,927 1,666
Communications 216 192 442 486
Other 2,464 2,838 5,205 5,429
Total noninterest expense 20,330 21,432 40,727 42,597
Income before income taxes 6,926 6,501 13,670 12,663
Income taxes 1,452 1,199 2,863 2,318
Net income $ 5,474 $ 5,302 $ 10,807 $ 10,345
Earnings per common share:        
Basic (in dollars per share) $ 0.31 $ 0.30 $ 0.62 $ 0.59
Diluted (in dollars per share) 0.31 0.30 0.62 0.59
Dividends declared per share (in dollars per share) $ 0.1125 $ 0.1100 $ 0.2250 $ 0.2200
Weighted average common shares outstanding:        
Basic (in shares) 17,551,007 17,580,557 17,555,609 17,588,081
Diluted (in shares) 17,551,007 17,580,557 17,555,609 17,588,081
Service charges on deposits        
Noninterest income        
Noninterest income $ 2,288 $ 2,027 $ 4,662 $ 3,941
Mortgage fee income        
Noninterest income        
Noninterest income 1,442 2,014 2,691 3,197
Interchange fees        
Noninterest income        
Noninterest income $ 2,078 $ 2,131 $ 4,105 $ 4,199