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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income        
Loans $ 43,542 $ 29,752 $ 121,380 $ 80,294
Investment securities 1,470 506 2,788 1,428
Federal funds sold and interest-bearing deposits with banks 2,435 676 4,295 915
Total interest income 47,447 30,934 128,463 82,637
Interest expense        
Deposits 25,130 5,021 64,245 7,773
Borrowings 2,972 459 5,623 1,362
Total interest expense 28,102 5,480 69,868 9,135
Net interest income 19,345 25,454 58,595 73,502
Provision for credit losses (500) 950 2,235 3,830
Net interest income after provision for credit losses 19,845 24,504 56,360 69,672
Noninterest income        
Mortgage banking income 1,208 1,230 3,167 3,907
Service fees on deposit accounts 356 318 1,011 949
ATM and debit card income 588 542 1,680 1,604
Income from bank owned life insurance 349 315 1,018 945
Loss on disposal of fixed assets (394)
Gain on sale of securities 12
Other income 249 275 653 850
Total noninterest income 2,750 2,680 7,529 7,873
Noninterest expenses        
Compensation and benefits 10,231 9,843 30,874 29,214
Occupancy 2,562 2,442 7,537 6,439
Outside service and data processing costs 1,744 1,529 5,078 4,591
Insurance 1,243 507 2,829 1,134
Professional fees 504 555 1,914 1,848
Marketing 293 338 994 934
Other 725 832 2,573 2,360
Total noninterest expenses 17,302 16,046 51,799 46,520
Income before income tax expense 5,293 11,138 12,090 31,025
Income tax expense 1,195 2,725 2,831 7,402
Net income $ 4,098 $ 8,413 $ 9,259 $ 23,623
Earnings per common share        
Basic $ 0.51 $ 1.06 $ 1.15 $ 2.97
Diluted $ 0.51 $ 1.04 $ 1.15 $ 2.93
Weighted average common shares outstanding        
Basic 8,052,926 7,972,146 8,043,410 7,954,025
Diluted 8,072,408 8,065,087 8,077,830 8,071,988