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Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Loans, including fees $ 14,345,000 $ 11,683,000 $ 28,738,000 $ 22,496,000
Securities 841,000 432,000 1,955,000 731,000
Other 992,000 769,000 1,645,000 1,075,000
Total interest income 16,178,000 12,884,000 32,338,000 24,302,000
Interest expense        
Deposits 2,761,000 555,000 5,061,000 1,000,000
Borrowings and Subordinated notes 474,000 199,000 834,000 397,000
Total interest expense 3,235,000 754,000 5,895,000 1,397,000
Net interest income 12,943,000 12,130,000 26,443,000 22,905,000
(Recovery of) provision for credit losses - loans (180,000) 459,000 (95,000) 735,000
Recovery of credit losses - unfunded commitments (8,000) 0 (45,000) 0
(Recovery of) provision for credit losses (188,000) 459,000 (140,000) 735,000
Net interest income after (recovery of) provision for credit losses 13,131,000 11,671,000 26,583,000 22,170,000
Noninterest income        
Revenue from contract with customer 830,000 826,000 1,646,000 1,607,000
Loan servicing fees [1] 141,000 190,000 270,000 291,000
Trust and insurance commissions and annuities income 276,000 262,000 643,000 600,000
Losses on sales of securities (1) [1] 0 0 (454,000) 0
Gain on sale of premises and equipment 13,000 0 9,000 0
Valuation adjustment on bank premises held-for-sale (1) [1] (32,000) 0 (585,000) 0
(Loss) earnings on bank-owned life insurance (1) [1] (87,000) 11,000 (171,000) 39,000
Bank-owned life insurance death benefit (1) 0 446,000 0 446,000
Other [1] 98,000 104,000 194,000 300,000
Total noninterest income 1,239,000 1,839,000 1,552,000 3,283,000
Noninterest expense        
Compensation and benefits 5,629,000 5,489,000 11,184,000 10,969,000
Office occupancy and equipment 2,031,000 1,933,000 4,069,000 4,067,000
Advertising and public relations 269,000 208,000 459,000 350,000
Information technology 965,000 895,000 1,814,000 1,746,000
Professional fees 348,000 412,000 665,000 785,000
Supplies, telephone, and postage 295,000 362,000 654,000 709,000
FDIC insurance premiums 282,000 106,000 436,000 222,000
Other 1,401,000 794,000 2,231,000 1,640,000
Total noninterest expense 11,220,000 10,199,000 21,512,000 20,488,000
Income before income taxes 3,150,000 3,311,000 6,623,000 4,965,000
Income tax expense 838,000 744,000 1,678,000 1,130,000
Net income $ 2,312,000 $ 2,567,000 $ 4,945,000 $ 3,835,000
Basic and diluted earnings per common share (in dollars per share) $ 0.18 $ 0.19 $ 0.39 $ 0.29
Basic and diluted weighted average common shares outstanding (in shares) 12,667,129 13,165,023 12,694,334 13,184,424
[1] Not within the scope of ASC 606