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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Interest and fees on loans $ 30,161 $ 27,294 $ 86,976 $ 77,602
Interest and dividends on investments 265 308 761 745
Interest on deposits with banks 1,696 1,512 4,050 4,059
Total interest income 32,122 29,114 91,787 82,406
Interest expense:        
Interest on deposits 14,983 11,385 42,123 28,046
Interest on borrowings 2,416 2,046 6,575 5,661
Total interest expense 17,399 13,431 48,698 33,707
Net interest income 14,723 15,683 43,089 48,699
Provision for (recovery of) credit losses (141) 300 546 (1,600)
Net interest income after provision for (recovery of) credit losses 14,864 15,383 42,543 50,299
Non-interest income        
Service fees on deposit accounts 321 1,003 1,059 3,149
Gain (loss) on sale of SBA loans (3) 0 23 0
Other loan fees 217 192 619 611
Bank owned life insurance income 166 153 488 443
Net gain on sale and valuation adjustment of OREO     0 38
Other 200 449 975 972
Total non-interest income 901 1,835 3,164 5,213
Non-interest expense        
Compensation and benefits 3,178 2,834 9,466 9,414
Professional services 645 659 1,641 1,746
Occupancy and equipment 630 649 1,943 1,938
Data processing 348 368 978 1,037
FDIC insurance and other assessments 319 388 973 960
OREO expense 187 240 776 610
Other operating expense 1,058 10,711 3,358 13,276
Total non-interest expense 6,365 15,849 19,135 28,981
Income before income tax expense 9,400 1,369 26,572 26,531
Income tax expense 1,892 340 6,458 6,242
Net income attributable to Company 7,508 1,029 20,114 20,289
Less: Preferred stock dividend (5) (7) (16) (20)
Net income available to common shareholders $ 7,503 $ 1,022 $ 20,098 $ 20,269
Earnings per common share        
Basic (in dollars per share) $ 0.63 $ 0.09 $ 1.68 $ 1.70
Diluted (in dollars per share) $ 0.62 $ 0.08 $ 1.66 $ 1.67
Weighted average common shares outstanding        
Basic (in shares) 11,959,546 11,945,844 11,960,173 11,945,144
Diluted (in shares) 12,153,393 12,131,825 12,134,828 12,137,208