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Consolidated Income Statements - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income        
Loans, including fees $ 16,918 $ 13,618 $ 49,796 $ 37,893
Investment securities 2,118 1,609 6,331 3,595
Interest-earning deposits with banks 525 125 1,381 181
Dividends on FHLB stock 113 83 364 228
Total interest income 19,674 15,435 57,872 41,897
Interest expense        
Deposits 9,205 2,326 24,127 4,982
FHLB advances and other borrowings 766 392 2,476 1,006
Total interest expense 9,971 2,718 26,603 5,988
Net interest income 9,703 12,717 31,269 35,909
Recapture of provision for credit losses (300) (400) (208) (900)
Net interest income after recapture of provision for credit losses 10,003 13,117 31,477 36,809
Noninterest income        
BOLI income 244 243 826 782
Wealth management revenue, net 53 89 193 276
Deposit related fees 247 245 722 705
Loan related fees 79 195 215 748
Other income, net 54 6 184 17
Total noninterest income 677 778 2,140 2,528
Noninterest expense        
Salaries and employee benefits 5,018 5,417 15,543 16,156
Occupancy and equipment 1,193 1,188 3,517 3,621
Professional fees 553 549 1,857 1,732
Data processing 742 675 2,139 2,044
Regulatory assessments 200 105 568 295
Insurance and bond premiums 111 112 356 354
Marketing 97 92 273 226
Other general and administrative 856 876 2,975 2,497
Total noninterest expense 8,770 9,014 27,228 26,925
Income before federal income tax provision 1,910 4,881 6,389 12,412
Federal income tax provision 409 935 1,278 2,398
Net income $ 1,501 $ 3,946 $ 5,111 $ 10,014
Earnings per common share        
Basic earnings per share (in dollars per share) $ 0.16 $ 0.44 $ 0.56 $ 1.11
Diluted earnings per share (in dollars per share) $ 0.16 $ 0.43 $ 0.56 $ 1.10
Weighted average number of common shares outstanding        
Basic shares outstanding (in shares) 9,127,568 8,981,037 9,117,554 8,983,806
Diluted shares outstanding (in shares) 9,150,059 9,068,541 9,146,709 9,088,206