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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income        
Loans $ 29,752 $ 23,063 $ 80,294 $ 67,938
Investment securities 506 355 1,428 926
Federal funds sold and interest-bearing deposits with banks 676 68 915 167
Total interest income 30,934 23,486 82,637 69,031
Interest expense        
Deposits 5,021 934 7,773 3,009
Borrowings 459 380 1,362 1,147
Total interest expense 5,480 1,314 9,135 4,156
Net interest income 25,454 22,172 73,502 64,875
Provision for (reversal of) credit losses 950 (6,000) 3,830 (8,200)
Net interest income after provision for credit losses 24,504 28,172 69,672 73,075
Noninterest income        
Mortgage banking income 1,230 2,829 3,907 9,445
Service fees on deposit accounts 194 199 594 557
ATM and debit card income 559 542 1,651 1,532
Income from bank owned life insurance 315 321 945 919
Net lender and referral fees on PPP loans   268
Loss on disposal of fixed assets   (394)  
Other income 382 348 1,170 1,043
Total noninterest income 2,680 4,239 7,873 13,764
Noninterest expenses        
Compensation and benefits 9,843 9,064 29,214 26,897
Occupancy 2,442 1,685 6,439 4,875
Other real estate owned (income) expenses (3) 385
Outside service and data processing costs 1,529 1,368 4,591 4,072
Insurance 507 244 1,134 807
Professional fees 555 694 1,848 1,905
Marketing 338 247 934 645
Other 832 740 2,360 2,109
Total noninterest expenses 16,046 14,039 46,520 41,695
Income before income tax expense 11,138 18,372 31,025 45,144
Income tax expense 2,725 4,355 7,402 10,438
Net income $ 8,413 $ 14,017 $ 23,623 $ 34,706
Earnings per common share        
Basic (in Dollars per share) $ 1.06 $ 1.78 $ 2.97 $ 4.43
Diluted (in Dollars per share) $ 1.04 $ 1.75 $ 2.93 $ 4.36
Weighted average common shares outstanding        
Basic (in Shares) 7,972,146 7,873,868 7,954,025 7,832,330
Diluted (in Shares) 8,065,087 8,001,028 8,071,988 7,966,065