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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income        
Loans $ 46,545 $ 41,089 $ 92,150 $ 77,837
Investment securities 1,418 706 2,896 1,318
Federal funds sold and interest-bearing deposits with banks 2,583 891 3,863 1,860
Total interest income 50,546 42,686 98,909 81,015
Interest expense        
Deposits 28,216 21,937 55,148 39,115
Borrowings 2,802 1,924 5,588 2,651
Total interest expense 31,018 23,861 60,736 41,766
Net interest income 19,528 18,825 38,173 39,249
Provision for credit losses 500 910 325 2,735
Net interest income after provision for credit losses 19,028 17,915 37,848 36,514
Noninterest income        
Mortgage banking income 1,923 1,337 3,087 1,959
Service fees on deposit accounts 416 331 810 656
ATM and debit card income 587 536 1,131 1,091
Income from bank owned life insurance 384 338 762 670
Other income 213 194 397 404
Total noninterest income 3,523 2,736 6,187 4,780
Noninterest expenses        
Compensation and benefits 11,290 10,287 22,147 20,643
Occupancy 2,552 2,518 5,109 4,975
Outside service and data processing costs 1,962 1,705 3,808 3,334
Insurance 965 897 1,920 1,586
Professional fees 582 751 1,200 1,410
Marketing 389 335 758 701
Other 903 900 1,801 1,848
Total noninterest expenses 18,643 17,393 36,743 34,497
Income before income tax expense 3,908 3,258 7,292 6,797
Income tax expense 909 800 1,771 1,636
Net income $ 2,999 $ 2,458 $ 5,521 $ 5,161
Earnings per common share        
Basic $ 0.37 $ 0.31 $ 0.68 $ 0.64
Diluted $ 0.37 $ 0.31 $ 0.68 $ 0.64
Weighted average common shares outstanding        
Basic 8,125,869 8,051,131 8,118,059 8,038,642
Diluted 8,140,822 8,069,028 8,141,371 8,080,521