XML 13 R4.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Loans, including fees $ 14,276,000 $ 12,735,000 $ 43,014,000 $ 35,231,000
Securities 808,000 821,000 2,763,000 1,552,000
Other 1,810,000 1,374,000 3,455,000 2,449,000
Total interest income 16,894,000 14,930,000 49,232,000 39,232,000
Interest expense        
Deposits 3,470,000 809,000 8,531,000 1,809,000
Borrowings and Subordinated notes 470,000 199,000 1,304,000 596,000
Total interest expense 3,940,000 1,008,000 9,835,000 2,405,000
Net interest income 12,954,000 13,922,000 39,397,000 36,827,000
Provision for credit losses - loans 180,000 350,000 85,000 1,085,000
Recovery of credit losses - unfunded commitments (44,000) 0 (89,000) 0
(Recovery of) provision for credit losses 136,000 350,000 (4,000) 1,085,000
Net interest income after (recovery of) provision for credit losses 12,818,000 13,572,000 39,401,000 35,742,000
Noninterest income        
Deposit service charges and fees 836,000 829,000 2,482,000 2,436,000
Loan servicing fees [1] 98,000 59,000 368,000 350,000
Trust and insurance commissions and annuities income 290,000 287,000 933,000 887,000
Losses on sales of securities (1) [1] 0 0 (454,000) 0
Gain on sale of premises and equipment 0 0 9,000 0
Valuation adjustment on bank premises held-for-sale (1) [1] 0 0 (585,000) 0
(Loss) earnings on bank-owned life insurance (1) [1] (88,000) (14,000) (259,000) 25,000
Bank-owned life insurance death benefit (1) 0 0 0 446,000
Other [1] 104,000 126,000 298,000 426,000
Total noninterest income 1,240,000 1,287,000 2,792,000 4,570,000
Noninterest expense        
Compensation and benefits 5,369,000 5,241,000 16,553,000 16,210,000
Office occupancy and equipment 2,046,000 1,970,000 6,115,000 6,037,000
Advertising and public relations 171,000 138,000 623,000 488,000
Information technology 944,000 894,000 2,758,000 2,640,000
Professional fees 366,000 245,000 1,038,000 1,030,000
Supplies, telephone, and postage 311,000 342,000 965,000 1,051,000
FDIC insurance premiums 222,000 134,000 658,000 356,000
Other 1,361,000 1,637,000 3,592,000 3,277,000
Total noninterest expense 10,790,000 10,601,000 32,302,000 31,089,000
Income before income taxes 3,268,000 4,258,000 9,891,000 9,223,000
Income tax expense 899,000 1,037,000 2,577,000 2,167,000
Net income $ 2,369,000 $ 3,221,000 $ 7,314,000 $ 7,056,000
Basic and diluted earnings per common share (in dollars per share) $ 0.19 $ 0.25 $ 0.58 $ 0.54
Basic and diluted weighted average common shares outstanding (in shares) 12,578,494 13,060,266 12,655,305 13,142,584
[1] Not within the scope of ASC 606