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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 income        
Loans $ 41,089 $ 26,610 $ 77,837 $ 50,541
Investment securities 706 448 1,318 922
Federal funds sold and interest-bearing deposits with banks 891 180 1,860 239
Total interest income 42,686 27,238 81,015 51,702
Interest expense        
Deposits 21,937 1,844 39,115 2,752
Borrowings 1,924 510 2,651 902
Total interest expense 23,861 2,354 41,766 3,654
Net interest income 18,825 24,884 39,249 48,048
Provision for credit losses 910 1,775 2,735 2,880
Net interest income after provision for credit losses 17,915 23,109 36,514 45,168
Noninterest income        
Mortgage banking income 1,337 1,184 1,959 2,678
Service fees on deposit accounts 331 327 656 631
ATM and debit card income 536 548 1,091 1,062
Income from bank owned life insurance 338 315 670 630
Loss on disposal of fixed assets (394) (394)
Other income 194 285 404 587
Total noninterest income 2,736 2,265 4,780 5,194
Noninterest expenses        
Compensation and benefits 10,287 9,915 20,643 19,371
Occupancy 2,518 2,219 4,975 3,997
Outside service and data processing costs 1,705 1,528 3,334 3,062
Insurance 897 367 1,586 628
Professional fees 751 693 1,410 1,292
Marketing 335 329 701 596
Other 900 737 1,848 1,528
Total noninterest expenses 17,393 15,788 34,497 30,474
Income before income tax expense 3,258 9,586 6,797 19,888
Income tax expense 800 2,346 1,636 4,678
Net income $ 2,458 $ 7,240 $ 5,161 $ 15,210
Earnings per common share        
Basic $ 0.31 $ 0.91 $ 0.64 $ 1.91
Diluted $ 0.31 $ 0.90 $ 0.64 $ 1.88
Weighted average common shares outstanding        
Basic 8,051,131 7,957,631 8,038,642 7,944,814
Diluted 8,069,028 8,054,910 8,080,521 8,075,496