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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Interest and fees on loans $ 27,294 $ 20,854 $ 77,602 $ 59,511
Interest and dividends on investments 308 194 745 565
Interest on deposits with banks 1,512 1,290 4,059 2,404
Total interest income 29,114 22,338 82,406 62,480
Interest expense:        
Interest on deposits 11,385 2,284 28,046 5,893
Interest on borrowings 2,046 758 5,661 2,176
Total interest expense 13,431 3,042 33,707 8,069
Net interest income 15,683 19,296 48,699 54,411
Provision for (recovery of) credit losses 300 600 (1,600) 950
Net interest income after provision for (recovery of) credit losses 15,383 18,696 50,299 53,461
Non-interest income        
Service fees on deposit accounts 1,003 1,133 3,149 3,762
Gain on sale of SBA loans 0 76 0 98
Other loan fees 192 422 611 1,138
Bank owned life insurance income 153 144 443 424
Net gain on sale and valuation adjustment of OREO 38 0 38 328
Other 449 253 972 827
Total non-interest income 1,835 2,028 5,213 6,577
Non-interest expense        
Compensation and benefits 2,834 2,819 9,414 7,964
Professional services 659 578 1,746 1,670
Occupancy and equipment 649 621 1,938 1,891
Data processing 368 348 1,037 985
FDIC insurance and other assessments 388 265 960 811
OREO expense 240 314 610 404
Other operating expense 10,711 1,347 13,276 3,957
Total non-interest expense 15,849 6,292 28,981 17,682
Income before income tax expense 1,369 14,432 26,531 42,356
Income tax expense 340 3,892 6,242 10,987
Net income attributable to Company 1,029 10,540 20,289 31,369
Less: Preferred stock dividend (7) (7) (20) (20)
Net income available to common shareholders $ 1,022 $ 10,533 $ 20,269 $ 31,349
Earnings per common share        
Basic (in dollars per share) $ 0.09 $ 0.88 $ 1.70 $ 2.63
Diluted (in dollars per share) $ 0.08 $ 0.87 $ 1.67 $ 2.58
Weighted average common shares outstanding        
Basic (in shares) 11,945,844 11,919,472 11,945,144 11,913,085
Diluted (in shares) 12,131,825 12,170,144 12,137,208 12,178,572