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Consolidated Income Statements - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income        
Loans, including fees $ 16,849 $ 12,273 $ 32,878 $ 24,274
Investment securities 2,108 1,156 4,212 1,987
Interest-earning deposits with banks 620 37 856 56
Dividends on FHLB stock 120 71 251 145
Total interest income 19,697 13,537 38,197 26,462
Interest expense        
Deposits 8,590 1,398 14,922 2,655
FHLB advances and other borrowings 798 315 1,710 615
Total interest expense 9,388 1,713 16,632 3,270
Net interest income 10,309 11,824 21,565 23,192
Provision (recapture of provision) for credit losses (247) 0 91 (500)
Net interest income after (recapture of provision) provision for credit losses 10,556 11,824 21,474 23,692
Noninterest income        
BOLI income 274 251 582 539
Wealth management revenue, net 95 104 140 187
Deposit related fees 252 246 475 460
Loan related fees 44 354 136 553
Other income, net 133 6 130 11
Total noninterest income 798 961 1,463 1,750
Noninterest expense        
Salaries and employee benefits 5,064 5,478 10,525 10,738
Occupancy and equipment 1,160 1,205 2,325 2,433
Professional fees 887 731 1,304 1,183
Data processing 711 692 1,397 1,369
Regulatory assessments 267 90 368 191
Insurance and bond premiums 115 113 245 242
Marketing 98 96 175 133
Other general and administrative 1,202 880 2,120 1,622
Total noninterest expense 9,504 9,285 18,459 17,911
Income before federal income tax provision 1,850 3,500 4,478 7,531
Federal income tax provision 362 692 868 1,463
Net income $ 1,488 $ 2,808 $ 3,610 $ 6,068
Earnings per common share        
Basic earnings per share (in dollars per share) $ 0.16 $ 0.31 $ 0.39 $ 0.67
Diluted earnings per share (in dollars per share) $ 0.16 $ 0.31 $ 0.39 $ 0.66
Weighted average number of common shares outstanding        
Basic shares outstanding (in shares) 9,120,468 8,982,969 9,112,464 8,985,213
Diluted shares outstanding (in shares) 9,124,227 9,085,913 9,147,721 9,100,079