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Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income        
Loans, including fees $ 26,022 $ 18,183 $ 72,241 $ 50,478
Investment securities 5,770 5,266 17,619 14,240
Federal funds sold, interest bearing deposits in banks and short term investments 787 278 1,853 437
Total interest income 32,579 23,727 91,713 65,155
Interest expense        
Deposits 10,338 1,449 23,893 2,674
Federal funds purchased 11 3 146 22
Federal Home Loan Bank Advances 1,568 555 5,140 1,746
Other borrowings 1,041 822 3,164 1,441
Total interest expense 12,958 2,829 32,343 5,883
Net interest income 19,621 20,898 59,370 59,272
Provision for credit losses [1] 1,000 1,320 2,100 2,470
Net interest income after provision for credit losses 18,621 19,578 57,270 56,802
Noninterest income        
Gain on sales of SBA loans 1,268 1,215 3,429 4,805
Loss on sales of securities 0 (96) 0 (72)
BOLI Income 335 312 1,024 977
Insurance commissions 509 466 1,410 1,328
Other 1,474 258 2,997 782
Total noninterest income 9,718 8,146 26,329 27,337
Noninterest expense        
Salaries and employee benefits 11,973 12,154 37,929 40,498
Occupancy and equipment 1,620 1,645 4,741 4,872
Information technology expenses 2,064 2,491 6,406 7,394
Professional fees 752 881 2,348 2,773
Advertising and public relations 766 876 2,432 2,406
Communications 224 471 710 1,325
Other 3,482 2,849 8,912 8,380
Total noninterest expense 20,881 21,367 63,478 67,648
Income before income taxes 7,458 6,357 20,121 16,491
Income taxes 1,654 1,105 3,972 2,500
Net income $ 5,804 $ 5,252 $ 16,149 $ 13,991
Earnings per common share:        
Basic (in dollars per share) $ 0.33 $ 0.30 $ 0.92 $ 0.82
Diluted (in dollars per share) 0.33 0.30 0.92 0.82
Dividends declared per share (in dollars per share) $ 0.11 $ 0.1075 $ 0.33 $ 0.3225
Weighted average common shares outstanding:        
Basic (in shares) 17,569,493 17,645,119 17,581,817 17,042,838
Diluted (in shares) 17,569,493 17,645,119 17,581,817 17,042,838
Service charges on deposits        
Noninterest income        
Noninterest income $ 2,200 $ 2,104 $ 6,141 $ 5,823
Mortgage fee income        
Noninterest income        
Noninterest income 1,730 1,708 4,928 7,356
Interchange fees        
Noninterest income        
Noninterest income $ 2,202 $ 2,179 $ 6,400 $ 6,338
[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.