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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 $ 24,067 $ 16,279 $ 46,222 $ 32,295
Investment securities 5,989 4,803 11,849 8,974
Federal funds sold, interest bearing deposits in banks and short term investments 708 103 1,066 159
Total interest income 30,764 21,185 59,137 41,428
Interest expense        
Deposits 8,556 626 13,555 1,225
Federal funds purchased 47 19 135 19
Federal Home Loan Bank Advances 1,947 943 3,572 1,192
Other borrowings 1,033 417 2,123 619
Total interest expense 11,583 2,005 19,385 3,055
Net interest income 19,181 19,180 39,752 38,373
Provision for credit losses [1] 200 1,100 1,100 1,150
Net interest income after provision for credit losses 18,981 18,080 38,652 37,223
Noninterest income        
Gain on sales of SBA loans 1,105 1,863 2,162 3,589
Gain on sales of securities 0 0 0 24
BOLI Income 358 353 689 665
Other 1,317 1,039 2,420 1,386
Total noninterest income 8,952 10,045 16,608 19,191
Noninterest expense        
Salaries and employee benefits 13,348 15,072 25,956 28,344
Occupancy and equipment 1,499 1,608 3,121 3,227
Information technology expenses 2,001 2,549 4,342 4,903
Professional fees 881 1,073 1,596 1,946
Advertising and public relations 673 695 1,666 1,464
Communications 192 417 486 854
Other 2,838 3,062 5,430 5,544
Total noninterest expense 21,432 24,476 42,597 46,282
Income before income taxes 6,501 3,649 12,663 10,132
Income taxes 1,199 234 2,318 1,395
Net income $ 5,302 $ 3,415 $ 10,345 $ 8,737
Earnings per common share:        
Basic (in dollars per share) $ 0.30 $ 0.19 $ 0.59 $ 0.52
Diluted (in dollars per share) 0.30 0.19 0.59 0.52
Dividends declared per share (in dollars per share) $ 0.11 $ 0.1075 $ 0.22 $ 0.2150
Weighted average common shares outstanding:        
Basic (in shares) 17,580,557 17,586,276 17,588,081 16,731,986
Diluted (in shares) 17,580,557 17,586,276 17,588,081 16,731,986
Service charges on deposits        
Noninterest income        
Noninterest income $ 2,027 $ 1,895 $ 3,941 $ 3,720
Mortgage fee income        
Noninterest income        
Noninterest income 2,014 2,736 3,198 5,648
Interchange fees        
Noninterest income        
Noninterest income $ 2,131 $ 2,159 $ 4,198 $ 4,159
[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.