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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest and dividend income        
Loans, including fees $ 12,735 $ 11,389 $ 35,231 $ 33,510
Securities 821 46 1,552 152
Other 1,374 313 2,449 831
Total interest income 14,930 11,748 39,232 34,493
Interest expense        
Deposits 809 520 1,809 1,740
Subordinated notes 199 198 596 368
Total interest expense 1,008 718 2,405 2,108
Net interest income 13,922 11,030 36,827 32,385
Provision for (recovery of) loan losses 350 (6) 1,085 (1,019)
Net interest income after provision for (recovery of) loan losses 13,572 11,036 35,742 33,404
Noninterest income        
Deposit service charges and fees 829 814 2,436 2,352
Loan servicing fees [1] 59 140 350 336
Mortgage brokerage and banking fees [1] 12 16 29 33
Trust and insurance commissions and annuities income 287 263 887 880
(Loss) earnings on bank-owned life insurance [1] (14) 31 25 82
Bank-owned life insurance death benefit [1] 0 0 446 0
Other [1] 114 110 397 375
Total noninterest income 1,287 1,374 4,570 4,058
Noninterest expense        
Compensation and benefits 5,241 5,782 16,210 16,811
Office occupancy and equipment 1,970 1,882 6,037 5,971
Advertising and public relations 138 150 488 525
Information technology 894 710 2,640 2,021
Professional fees 245 311 1,030 1,024
Supplies, telephone, and postage 342 382 1,051 1,224
FDIC insurance premiums 134 125 356 345
Other 1,637 824 3,277 2,673
Total noninterest expense 10,601 10,166 31,089 30,594
Income before income taxes 4,258 2,244 9,223 6,868
Income tax expense 1,037 600 2,167 1,829
Net income $ 3,221 $ 1,644 $ 7,056 $ 5,039
Basic and diluted earnings per common share (in dollars per share) $ 0.25 $ 0.12 $ 0.54 $ 0.35
Basic and diluted weighted average common shares outstanding (in shares) 13,060,266 13,722,333 13,142,584 14,289,615
[1] Not within the scope of ASC 606