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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INTEREST AND DIVIDEND INCOME:        
Interest and fees on loans $ 19,137 $ 14,895 $ 36,874 $ 26,268
Securities available-for-sale 2,949 2,011 5,792 3,308
FHLB and FRB dividends 161 38 268 97
Other interest income 25 108 46 147
Total interest and dividend income 22,272 17,052 42,980 29,820
INTEREST EXPENSE:        
Deposits 4,155 422 6,615 734
FHLB advances and other borrowings 2,179 15 3,321 21
Other long-term debt 674 648 1,352 1,253
Total interest expense 7,008 1,085 11,288 2,008
NET INTEREST INCOME 15,264 15,967 31,692 27,812
Provision for credit losses (1) [1] 319 858 598 1,137
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 14,945 15,109 31,094 26,675
NONINTEREST INCOME:        
Appreciation in cash surrender value of life insurance 503 250 783 457
Net gain (loss) on sale of available-for-sale securities 2 (6) (222) (6)
Net gain on sale/disposal of premises and equipment 70 0 83 0
Other noninterest income 597 592 1,233 1,649
Total noninterest income 6,204 7,342 10,875 15,635
NONINTEREST EXPENSE:        
Salaries and employee benefits 11,084 11,431 20,777 21,812
Occupancy and equipment expense 2,071 1,817 4,144 3,495
Data processing 1,572 1,413 2,784 2,664
Advertising 309 303 590 588
Amortization 397 440 815 562
Loan costs 464 587 909 1,133
Federal Deposit Insurance Corporation ("FDIC") insurance premiums 393 144 561 237
Professional and examination fees 592 356 1,076 678
Acquisition costs 0 1,876 0 2,193
Other noninterest expense 1,908 1,679 3,667 3,632
Total noninterest expense 18,790 20,046 35,323 36,994
INCOME BEFORE PROVISION FOR INCOME TAXES 2,359 2,405 6,646 5,316
Provision for income taxes 344 634 1,389 1,329
NET INCOME $ 2,015 $ 1,771 $ 5,257 $ 3,987
BASIC EARNINGS PER COMMON SHARE (in dollars per share) $ 0.26 $ 0.24 $ 0.67 $ 0.57
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) $ 0.26 $ 0.24 $ 0.67 $ 0.57
Deposit Account [Member]        
NONINTEREST INCOME:        
Noninterest income revenue $ 527 $ 394 $ 866 $ 725
Bank Servicing [Member]        
NONINTEREST INCOME:        
Noninterest income revenue 3,864 5,491 6,914 11,736
Debit Card [Member]        
NONINTEREST INCOME:        
Noninterest income revenue $ 641 $ 621 $ 1,218 $ 1,074
[1] Provision for credit losses for the three and six months ended June 30, 2023; provision for loan losses for the three and six months ended June 30, 2022.