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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 (including fees) $ 32,386 $ 26,685 $ 90,423 $ 75,629
Deposits with other banks 561 69 924 210
Securities (including FHLB stock) 2,303 2,660 6,922 5,904
Total Interest Income 35,250 29,414 98,269 81,743
Interest Expense:        
Demand deposits 6,243 1,983 11,403 5,222
Savings deposits 267 50 429 152
Time deposits 2,533 3,079 7,828 9,930
Borrowings 758 470 1,867 1,558
Total Interest Expense 9,801 5,582 21,527 16,862
Net Interest Income 25,449 23,832 76,742 64,881
Provision for loan losses 1,509 304 2,898 1,812
Net Interest Income after Provision for Loan Losses 23,940 23,528 73,844 63,069
Noninterest Income:        
Service charges, commissions and fees 814 556 2,364 1,934
ATM and debit card fees 864 874 2,591 2,649
Net (losses) gains on securities 0 (184) (17) 876
Net gains on sale of loans 1,624 110 1,713 435
Other 716 706 1,856 2,092
Total Noninterest Income 4,018 2,062 8,507 7,986
Noninterest Expense:        
Salaries and employee benefits 9,181 8,131 27,246 23,678
Occupancy and equipment expense 2,295 2,227 6,748 6,746
Other 6,312 5,394 18,364 16,340
Total Noninterest Expense 17,788 15,752 52,358 46,764
Income Before Income Taxes 10,170 9,838 29,993 24,291
Less: Provision for income taxes 2,117 2,047 6,230 5,043
Net Income 8,053 7,791 23,763 19,248
Less: Preferred stock dividends 582 582 1,747 802
Net Income Available to Common Shareholders $ 7,471 $ 7,209 $ 22,016 $ 18,446
Per Common Share:        
Earnings (in dollars per share) [1] $ 0.70 $ 0.67 $ 2.05 $ 1.72
Cash dividends paid (in dollars per share) [1] $ 0.16 $ 0.15 $ 0.48 $ 0.44
Weighted Average Common Shares Outstanding (in shares) 10,716,796 10,716,796 10,716,796 10,716,796
[1] 1All share and per share amounts have been restated to reflect the ten percent stock dividend paid December 17, 2021 to shareholders of record as of December 15, 2021.