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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest and dividend income:        
Interest and fees on loans $ 30,523 $ 26,181 $ 81,637 $ 80,320
Interest and dividends on taxable securities 1,417 968 4,082 2,846
Interest and dividends on tax exempt securities 101 115 311 352
Interest and dividends on other earning assets 555 537 1,409 1,222
Total interest and dividend income 32,596 27,801 87,439 84,740
Interest expense:        
Interest on deposits 3,287 3,160 7,971 10,365
Interest on borrowings 1,859 1,434 4,558 4,413
Total interest expense 5,146 4,594 12,529 14,778
Net interest income 27,450 23,207 74,910 69,962
Provision for (recovery of) credit losses 2,890 1,085 3,411 (4,502)
Net interest income after provision for (recovery of) credit losses 24,560 22,122 71,499 74,464
Noninterest income:        
Account maintenance and deposit service fees 1,525 1,509 4,318 4,759
Income from bank-owned life insurance 394 387 1,147 1,152
Mortgage banking income 2,197   2,790  
Other noninterest income 1,504 455 2,085 1,207
Total noninterest income 5,620 2,351 10,340 7,118
Noninterest expenses:        
Salaries and benefits 12,594 9,032 32,792 27,214
Occupancy expenses 1,402 1,552 4,277 4,538
Furniture and equipment expenses 1,455 971 3,683 2,651
Amortization of intangible assets 326 341 1,008 1,023
Virginia franchise tax expense 813 732 2,440 2,166
Data processing expense 1,528 1,003 4,311 2,818
Telephone and communication expense 342 415 1,090 1,351
Net (gain) loss on other real estate owned     (59) 17
Loss on bank premises and equipment 64   684  
Professional fees 1,261 874 3,182 3,099
Other operating expenses 3,976 1,640 9,770 6,901
Total noninterest expenses 23,761 16,560 63,178 51,778
Income from continuing operations before income taxes 6,419 7,913 18,661 29,804
Income tax expense 1,365 1,702 4,005 6,438
Income from continuing operations 5,054 6,211 14,656 23,366
Income (loss) from discontinued operation before income taxes   (2,899)   294
Income tax expense (benefit)   (627)   63
Income (loss) from discontinued operation   (2,272)   231
Net income 5,054 3,939 14,656 23,597
Other comprehensive income (loss):        
Unrealized loss on available-for-sale securities (12,068) (104) (36,167) (602)
Accretion of amounts previously recorded upon transfer to held to maturity from available for sale       189
Net unrealized gain (loss) (12,068) (104) (36,167) (413)
Tax (benefit) expense (2,534) (22) (7,595) (87)
Other comprehensive income (loss) (9,534) (82) (28,572) (326)
Comprehensive income (loss) $ (4,480) $ 3,857 $ (13,916) $ 23,271
Earnings per share from continuing operations, basic (in dollars per share) $ 0.21 $ 0.25 $ 0.60 $ 0.96
Earnings per share from discontinued operation, basic (in dollars per share) 0.00 (0.09) 0.00 0.01
Earnings per share from continuing operations, diluted (in dollars per share) 0.20 0.25 0.59 0.95
Earnings per share from discontinued operation, diluted (in dollars per share) $ 0.00 $ (0.09) $ 0.00 $ 0.01