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CONDENSED 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 and dividend income:        
Loans, including fees $ 35,275 $ 33,583 $ 70,414 $ 65,663
Loans accounted for under the fair value option 168 351 377 778
Investment securities 651 627 1,254 1,256
Interest-bearing deposits in other financial institutions 1,855 1,666 4,207 3,069
Dividends, restricted stock 105 145 200 318
Total interest and dividend income 38,054 36,372 76,452 71,084
Interest expense:        
Deposits 20,848 15,864 41,470 28,956
Other borrowed funds 1,428 2,073 3,134 4,120
Total interest expense 22,276 17,937 44,604 33,076
Net interest income 15,778 18,435 31,848 38,008
Less: Provision for credit losses 2,334 1,843 2,406 1,533
Net interest income, after provision for credit losses 13,444 16,592 29,442 36,475
Non-interest income:        
Trust and investment management fees 4,875 4,602 9,805 9,237
Net gain on mortgage loans 1,820 774 3,084 1,793
Net gain (loss) on loans held for sale 0 0 117 (178)
Bank fees 327 591 1,218 1,183
Risk management and insurance fees 109 103 158 230
Income on company-owned life insurance 106 91 211 181
Net loss on loans accounted for under the fair value option (315) (1,124) (617) (1,667)
Unrealized loss recognized on equity securities (2) (11) (8) (1)
Other 52 (1,064) 281 (1,010)
Total non-interest income 6,972 3,962 14,249 9,768
Total income before non-interest expense 20,416 20,554 43,691 46,243
Non-interest expense:        
Salaries and employee benefits 11,097 11,148 22,364 24,246
Occupancy and equipment 2,080 1,939 4,056 3,853
Professional services 1,826 1,858 4,237 3,781
Technology and information systems 1,042 831 2,052 1,663
Data processing 1,101 1,052 2,049 2,191
Marketing 243 379 437 770
Amortization of other intangible assets 56 62 113 126
Other 1,556 1,250 3,389 2,417
Total non-interest expense 19,001 18,519 38,697 39,047
Income before income taxes 1,415 2,035 4,994 7,196
Income tax expense 339 529 1,403 1,870
Net income available to common shareholders $ 1,076 $ 1,506 $ 3,591 $ 5,326
Earnings per common share:        
Basic (in USD per share) $ 0.11 $ 0.16 $ 0.37 $ 0.56
Diluted (in USD per share) $ 0.11 $ 0.16 $ 0.37 $ 0.55