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Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income        
Loans, including fees $ 16,266 $ 14,099 $ 32,281 $ 27,672
Investment securities 4,803 1,893 8,974 3,591
Federal funds sold, interest bearing deposits in banks and short term investments 103 44 159 98
Total interest income 21,172 16,036 41,414 31,361
Interest expense        
Deposits 626 569 1,225 1,223
Federal funds purchased 27 0 27 0
Federal Home Loan Bank Advances 943 115 1,192 230
Paycheck Protection Program Liquidity Facility 0 25 0 93
Other borrowings 409 258 611 515
Total interest expense 2,005 967 3,055 2,061
Net interest income 19,167 15,069 38,359 29,300
Provision for loan losses 1,100 0 1,150 500
Net interest income after provision for loan losses 18,067 15,069 37,209 28,800
Noninterest income        
Gain on sales of SBA loans 1,863 1,263 3,589 2,735
Gain on sales of securities 0 141 24 137
BOLI Income 353 222 665 430
Other 1,052 189 1,400 367
Total noninterest income 10,058 7,751 19,205 16,352
Noninterest expense        
Salaries and employee benefits 15,072 10,126 28,344 20,081
Occupancy and equipment 1,608 1,245 3,227 2,571
Acquisition related expenses 1 699 125 699
Information technology expenses 2,549 1,856 4,903 3,448
Professional fees 1,073 690 1,946 1,177
Advertising and public relations 695 566 1,464 1,146
Communications 417 308 854 527
Other 3,061 1,975 5,419 3,570
Total noninterest expense 24,476 17,465 46,282 33,219
Income before income taxes 3,649 5,355 10,132 11,933
Income taxes 234 1,358 1,395 3,016
Net income $ 3,415 $ 3,997 $ 8,737 $ 8,917
Earnings per common share:        
Basic (in dollars per share) $ 0.19 $ 0.42 $ 0.52 $ 0.94
Diluted (in dollars per share) 0.19 0.42 0.52 0.94
Dividends declared per share (in dollars per share) $ 0.1075 $ 0.1025 $ 0.2150 $ 0.2050
Weighted average common shares outstanding:        
Basic (in shares) 17,586,276 9,498,783 16,731,986 9,498,783
Diluted (in shares) 17,586,276 9,498,783 16,731,986 9,498,783
Service charges on deposits        
Noninterest income        
Noninterest income $ 1,895 $ 1,264 $ 3,720 $ 2,486
Mortgage fee income        
Noninterest income        
Noninterest income 2,736 3,005 5,648 7,000
Interchange fees        
Noninterest income        
Noninterest income $ 2,159 $ 1,667 $ 4,159 $ 3,197