v3.24.1.u1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest and dividend income:    
Loans, including fees $ 39,251 $ 31,229
Tax-exempt investment securities 28 34
Taxable investment securities 1,218 1,068
Other interest-earning assets 3,058 2,205
Total interest income 43,555 34,536
Interest expense:    
Deposits 21,967 11,913
Other borrowings 589 209
Total interest expense 22,556 12,122
Net interest income 20,999 22,414
Provision (reversal) for credit losses 1,090 (2,778)
Net interest income after provision (reversal) for credit losses 19,909 25,192
Noninterest income:    
Service charges and fees on deposits 378 344
Loan servicing income 919 860
Bank-owned life insurance income 228 180
Gain on sale of loans 1,078 1,309
Other income 342 328
Total noninterest income 2,945 3,021
Noninterest expense:    
Salaries and employee benefits 9,218 8,928
Occupancy and equipment 2,358 1,896
Professional fees 1,084 732
Marketing and business promotion 319 372
Data processing 402 412
Director fees and expenses 232 180
Regulatory assessments 298 155
Other expenses 2,441 1,079
Total noninterest expense 16,352 13,754
Income before income taxes 6,502 14,459
Income tax expense 1,817 4,162
Net income $ 4,685 $ 10,297
Earnings per common share, basic (in dollars per share) $ 0.33 $ 0.71
Earnings per common share, diluted (in dollars per share) $ 0.33 $ 0.70
Weighted-average common shares outstanding, basic (in shares) 14,235,419 14,419,155
Weighted-average common shares outstanding, diluted (in shares) 14,330,204 14,574,929