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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INTEREST AND DIVIDEND INCOME        
Interest and fees on loans $ 22,851 $ 18,032 $ 44,616 $ 34,802
Interest on securities 3,665 3,677 7,231 6,639
Interest on federal funds sold 251 116 886 141
Interest on deposits in other banks 1,671 671 3,409 922
Dividends on stock 33 2 61 3
Total Interest and Dividend Income 28,471 22,498 56,203 42,507
INTEREST EXPENSE        
Interest on deposits 6,933 1,349 11,756 2,630
Interest on other borrowed funds 28 0 28 0
Total Interest Expense 6,961 1,349 11,784 2,630
Net Interest Income 21,510 21,149 44,419 39,877
Provision for credit losses 300 250 300 400
Net Interest Income After Provision for Credit Losses 21,210 20,899 44,119 39,477
NONINTEREST INCOME        
Service charges on deposit accounts 1,435 1,410 2,828 2,718
Debit card income, net 924 1,056 1,858 1,992
Mortgage loan income 645 892 920 2,018
Brokerage income 923 890 1,730 1,666
Loan and deposit income 517 410 995 781
Bank-owned life insurance income 188 180 366 352
Gain (Loss) on equity securities (64) (82) (32) (447)
Gain (Loss) on sale and call of securities 0 (114) 0 (75)
SBIC income 1,380 151 1,559 171
Other income (loss) 59 67 123 86
Total Noninterest Income 6,007 4,860 10,347 9,262
OPERATING EXPENSES        
Personnel expenses 9,547 8,574 18,547 17,026
Occupancy and equipment expenses 1,554 1,473 3,271 2,965
Technology expenses 642 695 1,390 1,466
Advertising 343 306 624 526
Other business development expenses 494 340 930 642
Data processing expense 638 564 1,038 880
Other taxes 693 647 1,378 1,283
Loan and deposit expenses 284 185 489 315
Legal and professional expenses 580 475 1,097 893
Regulatory assessment expenses 397 251 804 501
Other operating expenses 960 961 2,052 2,036
Total Operating Expenses 16,132 14,471 31,620 28,533
Income Before Income Tax Expense 11,085 11,288 22,846 20,206
Income tax expense 2,117 2,141 4,280 3,667
Net Income $ 8,968 $ 9,147 $ 18,566 $ 16,539
EARNINGS PER SHARE        
Basic (in dollars per share) $ 1.25 $ 1.27 $ 2.59 $ 2.30
Diluted (in dollars per share) $ 1.25 $ 1.27 $ 2.58 $ 2.30