XML 15 R4.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
INTEREST INCOME    
Loans $ 29,737 $ 23,941
Taxable securities 1,457 198
Other interest income 1,238 921
Total interest income 32,432 25,060
INTEREST EXPENSE    
Savings, NOW and money market deposits 12,933 7,792
Time deposits 4,962 2,383
Borrowings 1,602 961
Total interest expense 19,497 11,136
Net interest income 12,935 13,924
Provision for credit losses [1] 300 932
Net interest income after provision for credit losses 12,635 12,992
NON-INTEREST INCOME    
Total non-interest income 3,576 1,756
NON-INTEREST EXPENSE    
Salaries and employee benefits 5,562 5,564
Occupancy and equipment 1,770 1,537
Data processing 518 441
Professional fees 818 881
Federal deposit insurance premiums 318 358
Other expenses 1,818 1,786
Total non-interest expense 10,804 10,567
Income before income tax expense 5,407 4,181
Income tax expense 1,346 972
NET INCOME $ 4,061 $ 3,209
Earnings per share:    
BASIC (in dollars per share) $ 0.55 $ 0.44
DILUTED (in dollars per share) $ 0.55 $ 0.43
Loan servicing and fee income    
NON-INTEREST INCOME    
Revenue from contracts with customers, not included within the scope of ASC 606 $ 913 $ 539
Service charges on deposit accounts    
NON-INTEREST INCOME    
Revenue from contracts with customers, not included within the scope of ASC 606 96 67
Gain on sale of loans held-for-sale    
NON-INTEREST INCOME    
Revenue from contracts with customers, not included within the scope of ASC 606 2,506 995
Other income    
NON-INTEREST INCOME    
Revenue from contracts with customers, not included within the scope of ASC 606 $ 61 $ 155
[1] Commencing on October 1, 2023 the allowance calculation is based on the current expected credit loss methodology. Prior to October 1, 2023 the calculation was based on the the incurred loss methodology. Refer to Note 1 for further discussion.