XML 20 R5.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Interest income    
Loans, including fees $ 70,717 $ 60,112
Investment securities 19,887 10,260
Deposits with other banks and short term investments 886 214
Total interest income 91,490 70,586
Interest expense    
Deposits 5,876 2,601
Federal funds purchased 54 0
Federal Home Loan Bank advances 2,564 691
Paycheck Protection Program Liquidity Facility 0 93
Other borrowings 2,371 1,012
Total interest expense 10,865 4,397
Net interest income 80,625 66,189
Provision for loan losses 3,370 700
Net interest income after provision for loan losses 77,255 65,489
Noninterest income    
Gain on sales of SBA loans 6,216 7,547
Loss on sales of securities (82) (87)
BOLI income 1,313 1,041
Other 2,819 1,434
Total noninterest income 35,072 36,290
Noninterest expenses    
Salaries and employee benefits 52,809 45,596
Occupancy and equipment 6,534 6,149
Acquisition related expenses 142 4,617
Information technology expense 9,947 7,673
Professional fees 3,432 2,750
Advertising and public relations 3,664 2,705
Communications 1,602 1,373
Writedown of building 0 90
Other 11,345 7,672
Total noninterest expense 89,475 78,625
Income before income taxes 22,852 23,154
Income taxes 3,310 4,495
Net income $ 19,542 $ 18,659
Net income per share of common stock    
Basic (in dollars per share) $ 1.14 $ 1.66
Diluted (in dollars per share) 1.14 1.66
Cash dividends declared per share of common stock (in dollars per share) $ 0.43 $ 0.41
Weighted average shares outstanding, basic (in shares) 17,191,079 11,254,130
Weighted average shares outstanding, diluted (in shares) 17,191,079 11,254,130
Service charges on deposits    
Noninterest income    
Non interest revenue from banking services $ 7,875 $ 6,213
Mortgage fee income    
Noninterest income    
Non interest revenue from banking services 8,550 13,213
Interchange fees    
Noninterest income    
Non interest revenue from banking services $ 8,381 $ 6,929