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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income:        
Interest and fees on loans $ 28,732 $ 25,763 $ 56,815 $ 50,307
Interest and dividends on investments 248 227 497 437
Interest on deposits with banks 1,209 1,277 2,354 2,547
Total interest income 30,189 27,267 59,666 53,291
Interest expense:        
Interest on deposits 13,684 9,079 27,141 16,661
Interest on borrowings 2,193 2,321 4,159 3,615
Total interest expense 15,877 11,400 31,300 20,276
Net interest income 14,312 15,867 28,366 33,015
Provision for (recovery of) credit losses 483 500 687 (1,900)
Net interest income after provision for (recovery of) credit losses 13,829 15,367 27,679 34,915
Non-interest income        
Service fees on deposit accounts 359 931 738 2,146
Gain on sale of SBA loans 25 0 25 0
Other loan fees 163 241 402 419
Bank owned life insurance income 162 147 322 290
Other 492 277 776 523
Total non-interest income 1,201 1,596 2,263 3,378
Non-interest expense        
Compensation and benefits 3,070 2,940 6,289 6,581
Professional services 551 494 996 1,087
Occupancy and equipment 672 645 1,313 1,290
Data processing 264 367 629 668
FDIC insurance and other assessments 322 347 653 573
OREO expense 236 198 589 370
Other operating expense 1,120 1,381 2,301 2,562
Total non-interest expense 6,235 6,372 12,770 13,131
Income before income tax expense 8,795 10,591 17,172 25,162
Income tax expense 2,340 2,461 4,566 5,902
Net income attributable to Company 6,455 8,130 12,606 19,260
Less: Preferred stock dividend (5) (7) (11) (14)
Net income available to common shareholders $ 6,450 $ 8,123 $ 12,595 $ 19,246
Earnings per common share        
Basic (in dollars per share) $ 0.54 $ 0.68 $ 1.05 $ 1.61
Diluted (in dollars per share) $ 0.53 $ 0.67 $ 1.04 $ 1.59
Weighted average common shares outstanding        
Basic (in shares) 11,962,197 11,945,424 11,960,487 11,944,794
Diluted (in shares) 12,119,359 12,119,004 12,125,546 12,139,899