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Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and dividend income        
Interest and fees on loans $ 3,445 $ 3,417 $ 10,115 $ 10,124
Interest and dividends on securities, taxable 3,573 2,741 9,312 8,360
Interest on securities, tax-exempt 284 304 863 918
Interest on interest-bearing deposits in banks 7,366 1,681 15,568 3,680
Total interest and dividend income 14,668 8,143 35,858 23,082
Interest expense        
Interest on deposits 813 861 2,437 2,822
Interest on short-term borrowings 209 96 409 284
Total interest expense 1,022 957 2,846 3,106
Net interest income 13,646 7,186 33,012 19,976
(Recapture of) provision for credit losses        
Provision for (recapture of) loan credit losses (131) 1 (113) (82)
Provision for (recapture of) securities credit losses 13 6 (297) 804
Total provision for (recapture of) credit losses (118) 7 (410) 722
Net interest income after provision for (recapture of) credit losses 13,764 7,179 33,422 19,254
Noninterest income        
Deposit placement services 2,464 859 5,617 1,106
Gain on sale of mortgage loans 13 0 25 0
Loss on sale of securities (65) (30) (65) (312)
Other income 49 16 104 89
Total noninterest income 3,080 1,221 7,358 1,941
Noninterest expenses        
Salaries and employee benefits 4,280 3,116 11,553 9,237
Professional services 1,206 207 2,154 623
Data processing and communication expenses 669 570 1,928 1,683
Virginia bank franchise tax 253 188 604 564
Occupancy and equipment expenses 236 232 748 695
FDIC and regulatory assessments 212 159 560 443
Directors fees 191 100 523 286
Insurance expenses 61 54 181 166
Marketing and business development costs 47 48 169 170
Other operating expenses 277 207 758 574
Total noninterest expenses 7,432 4,881 19,178 14,441
Net income before taxes 9,412 3,519 21,602 6,754
Income tax expense 1,925 676 4,393 1,237
Net income $ 7,487 $ 2,843 $ 17,209 $ 5,517
Earnings per common share, basic (in dollars per share) [1] $ 1.64 $ 0.62 $ 3.77 $ 1.21
Earnings per common share, diluted (in dollars per share) [1] $ 1.64 $ 0.62 $ 3.77 $ 1.21
Service charges on accounts        
Noninterest income        
Noninterest income $ 376 $ 227 $ 1,008 $ 651
Trust and wealth management        
Noninterest income        
Noninterest income $ 243 $ 149 $ 669 $ 407
[1] Share information for all periods presented gives effect to the Reclassification. All earnings are attributed to Class B shares because no Class A shares were outstanding during the periods presented. The number of basic and diluted shares are the same because there are no potentially dilutive instruments. See Note 2—Capital Structure and Note 9—Earnings Per Share in the Notes to Unaudited Consolidated Financial Statements contained within this Form 10-Q.