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Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest income    
Loans, including fees $ 22,153 $ 16,010
Investment securities 5,860 4,171
Federal funds sold, interest bearing deposits in banks and short term investments 357 56
Total interest income 28,370 20,237
Interest expense    
Deposits 4,999 599
Federal funds purchased 88 0
Federal Home Loan Bank Advances 1,626 249
Other borrowings 1,089 201
Total interest expense 7,802 1,049
Net interest income 20,568 19,188
Provision for credit losses [1] 900 50
Net interest income after provision for credit losses 19,668 19,138
Noninterest income    
Gain on sales of SBA loans 1,057 1,726
Gain on sales of securities 0 24
BOLI Income 331 312
Other 1,106 353
Total noninterest income 7,659 9,152
Noninterest expense    
Salaries and employee benefits 12,609 13,272
Occupancy and equipment 1,622 1,619
Information technology expenses 2,180 2,354
Professional fees 715 869
Advertising and public relations 993 766
Communications 294 437
Other 2,752 2,488
Total noninterest expense 21,165 21,805
Income before income taxes 6,162 6,485
Income taxes 1,119 1,161
Net income $ 5,043 $ 5,324
Earnings per common share:    
Basic (in dollars per share) $ 0.29 $ 0.34
Diluted (in dollars per share) 0.29 0.34
Dividends declared per share (in dollars per share) $ 0.11 $ 0.1075
Weighted average common shares outstanding:    
Basic (in shares) 17,595,688 15,877,695
Diluted (in shares) 17,595,688 15,877,695
Service charges on deposits    
Noninterest income    
Noninterest income $ 1,914 $ 1,825
Mortgage fee income    
Noninterest income    
Noninterest income 1,183 2,912
Interchange fees    
Noninterest income    
Noninterest income $ 2,068 $ 2,000
[1] (1) Beginning January 1, 2023, provision calculation is based on current expected loss methodology. Prior to January 1, 2023, calculation was based on incurred loss methodology.