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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 (including fees) $ 40,290 $ 29,999 $ 78,439 $ 58,037
Deposits with other banks 1,071 261 1,822 363
Securities (including FHLB stock) 2,420 2,280 4,807 4,619
Total Interest Income 43,781 32,540 85,068 63,019
Interest Expense:        
Demand deposits 15,036 2,884 28,085 5,160
Savings deposits 838 101 1,417 162
Time deposits 5,224 2,540 8,800 5,295
Borrowings 1,770 705 3,552 1,109
Total Interest Expense 22,868 6,230 41,854 11,726
Net Interest Income 20,913 26,310 43,214 51,293
Less: Provision for credit losses 548 757 862 1,389
Net Interest Income after Provision for Credit Losses 20,365 25,553 42,352 49,904
Noninterest Income:        
Service charges, commissions and fees 818 773 1,603 1,550
ATM and debit card fees 828 904 1,653 1,727
Net gains (losses) on securities 0 0 0 (17)
Net gains (losses) on sale of loans 0 90 12 89
Other 1,166 760 2,248 1,140
Total Noninterest Income 2,812 2,527 5,516 4,489
Noninterest Expense:        
Salaries and employee benefits 9,932 9,085 19,936 18,065
Occupancy and equipment expense 2,219 2,252 4,421 4,453
Other 7,584 6,482 15,544 12,052
Total Noninterest Expense 19,735 17,819 39,901 34,570
Income Before Income Taxes 3,442 10,261 7,967 19,823
Less: Provision for income taxes 766 2,137 1,823 4,114
Net Income 2,676 8,124 6,144 15,709
Less: Preferred stock dividends 582 582 1,164 1,164
Net Income Available to Common Shareholders $ 2,094 $ 7,542 $ 4,980 $ 14,545
Per Common Share:        
Earnings (in dollars per share) $ 0.19 $ 0.70 $ 0.46 $ 1.36
Cash dividends paid (in dollars per share) $ 0.16 $ 0.16 $ 0.32 $ 0.32
Weighted Average Common Shares Outstanding (in shares) 10,913,029 10,716,796 10,815,454 10,716,796