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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Interest and fees on loans $ 15,175 $ 13,502 $ 42,521 $ 39,549
Taxable securities 631 389 1,630 1,015
Tax-exempt securities 69 69 207 209
Interest-earning deposits 654 27 911 69
Other 19 23 48 88
Total interest income 16,548 14,010 45,317 40,930
Interest expense:        
Deposits 1,361 756 2,806 2,552
Federal Home Loan Bank advances 5 36 15 107
Junior subordinated notes 477 431 1,360 1,296
Total interest expense 1,843 1,223 4,181 3,955
Net interest income 14,705 12,787 41,136 36,975
Provision for loan losses 1,060 494 1,487 1,045
Net interest income after provision for loan losses 13,645 12,293 39,649 35,930
Noninterest income:        
Service charges on deposit accounts 380 320 1,082 910
Investment securities loss (27) (27)
Bank owned life insurance 80 84 236 261
Net gain on sale of premises and equipment 30 6 66 90
Other 207 248 576 740
Total noninterest income 670 658 1,933 2,001
Noninterest expenses:        
Compensation and employee benefits 5,771 5,367 16,987 15,428
Net occupancy 574 584 1,730 1,732
Federal deposit insurance 128 157 345 482
Professional and advisory 174 314 686 888
Merger expenses 143 1,039
Data processing 579 509 1,593 1,536
Marketing and advertising 45 49 157 128
Net cost of operation of real estate owned 1 11 38 140
Other 1,060 916 2,912 2,643
Total noninterest expenses 8,475 7,907 25,487 22,977
Income before taxes 5,840 5,044 16,095 14,954
Income tax expense 1,421 1,210 3,875 3,563
Net income 4,419 3,834 12,220 11,391
Preferred stock dividends (39) (30) (116) (90)
Net income applicable to common shareholders $ 4,380 $ 3,804 $ 12,104 $ 11,301
Earnings per common share:        
Basic $ 0.80 $ 0.71 $ 2.22 $ 2.09
Diluted $ 0.77 $ 0.68 $ 2.14 $ 2.04
Weighted average common shares outstanding:        
Basic 5,219,863 5,141,214 5,201,524 5,158,816
Diluted 5,454,164 5,292,142 5,409,966 5,270,138