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Consolidated Statements of Income – (unaudited) - 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 $ 28,128 $ 19,795 $ 74,697 $ 56,961
Interest and dividends on securities 811 731 2,305 2,236
Interest on cash and cash equivalents 747 88 1,350 286
Total interest and dividend income 29,686 20,614 78,352 59,483
Interest expense        
Interest expense on deposits 4,092 2,387 8,281 8,245
Interest expense on borrowings 993 503 2,137 2,280
Total interest expense 5,085 2,890 10,418 10,525
Net interest income 24,601 17,724 67,934 48,958
Provision (credit) for loan losses 2,381 134 1,165 (182)
Net interest income after provision (credit) for loan losses 22,220 17,590 66,769 49,140
Noninterest income        
Bank-owned life insurance 271 271 796 753
Service charges and fees 240 199 729 615
(Losses) gains and fees from sales of loans (15) 924 1,224 2,251
Other (94) 43 (237) 1,213
Total noninterest income 402 1,437 2,512 4,832
Noninterest expense        
Salaries and employee benefits 5,876 4,782 16,249 13,511
Occupancy and equipment 2,035 2,615 6,378 8,271
Professional services 994 498 2,975 1,632
Data processing 626 632 1,969 1,977
Director fees 325 324 1,016 968
FDIC insurance 255 298 740 1,001
Marketing 102 186 254 317
Other 818 1,035 2,311 2,383
Total noninterest expense 11,031 10,370 31,892 30,060
Income before income tax expense 11,591 8,657 37,389 23,912
Income tax expense 2,417 1,802 7,981 5,140
Net income $ 9,174 $ 6,855 $ 29,408 $ 18,772
Earnings Per Common Share:        
Basic (in dollars per share) $ 1.19 $ 0.88 $ 3.80 $ 2.38
Diluted (in dollars per share) $ 1.18 $ 0.87 $ 3.75 $ 2.37
Weighted Average Common Shares Outstanding:        
Basic (in shares) 7,553,718 7,677,822 7,582,175 7,721,943
Diluted (in shares) 7,612,421 7,738,758 7,664,123 7,779,632
Dividends per common share (in dollars per share) $ 0.20 $ 0.18 $ 0.60 $ 0.46