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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest income:    
Interest and fees on loans $ 24,545 $ 19,199
Interest and dividends on investments 210 189
Interest on deposits with banks 1,269 248
Total interest income 26,024 19,636
Interest expense:    
Interest on deposits 7,582 1,840
Interest on borrowings 1,293 696
Total interest expense 8,875 2,536
Net interest income 17,149 17,100
Provision for (recovery of) credit losses (2,400) 0
Net interest income after provision for (recovery of) credit losses 19,549 17,100
Non-interest income    
Service fees on deposit accounts 1,215 1,316
Other loan fees 178 276
Bank owned life insurance income 143 138
Net gain on sale and valuation adjustment of OREO 0 47
Other 246 298
Total non-interest income 1,782 2,075
Non-interest expense    
Compensation and benefits 3,641 2,688
Professional services 593 551
Occupancy and equipment 644 645
Data processing 301 324
FDIC insurance and other assessments 225 287
OREO expense 172 34
Other operating expense 1,185 1,149
Total non-interest expense 6,761 5,678
Income before income tax expense 14,570 13,497
Income tax expense 3,440 3,406
Net income attributable to Company 11,130 10,091
Less: Preferred stock dividend (7) (7)
Net income available to common shareholders $ 11,123 $ 10,084
Earnings per common share    
Basic (in dollars per share) $ 0.93 $ 0.85
Diluted (in dollars per share) $ 0.92 $ 0.83
Weighted average common shares outstanding    
Basic (in shares) 11,944,163 11,905,330
Diluted (in shares) 12,160,793 12,180,320