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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
INTEREST INCOME        
Loans receivable, including fees $ 25,275 $ 22,484 $ 48,322 $ 44,018
Interest and dividends on investment securities, cash and cash equivalents, and certificates of deposit at other financial institutions 1,670 1,313 3,249 2,563
Total interest and dividend income 26,945 23,797 51,571 46,581
INTEREST EXPENSE        
Deposits 1,557 1,870 2,842 3,852
Borrowings 174 222 307 668
Subordinated notes 485 485 971 741
Total interest expense 2,216 2,577 4,120 5,261
NET INTEREST INCOME 24,729 21,220 47,451 41,320
PROVISION FOR CREDIT LOSSES 1,871 0 2,914 1,500
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 22,858 21,220 44,537 39,820
NONINTEREST INCOME        
Service charges and fee income 1,762 1,188 2,775 1,953
Gain on sale of loans 2,066 6,392 5,923 18,077
Earnings on cash surrender value of BOLI 216 215 433 429
Other noninterest income 311 391 1,100 761
Total noninterest income 4,355 8,186 10,231 21,220
NONINTEREST EXPENSE        
Salaries and benefits 11,736 11,932 23,708 23,541
Operations 2,365 2,709 4,844 5,132
Occupancy 1,258 1,226 2,481 2,365
Data processing 1,455 1,203 2,815 2,510
Loss on sale of OREO     0 9
Loan costs 751 647 1,274 1,171
Professional and board fees 763 786 1,756 1,608
Federal Deposit Insurance Corporation ("FDIC") insurance 185 123 342 371
Marketing and advertising 244 155 432 252
Amortization of core deposit intangible 172 177 345 354
Impairment (recovery) of servicing rights   4 (1) (2,046)
Total noninterest expense 18,929 18,962 37,996 35,267
INCOME BEFORE PROVISION FOR INCOME TAXES 8,284 10,444 16,772 25,773
PROVISION FOR INCOME TAXES 1,585 1,895 3,203 5,341
NET INCOME $ 6,699 $ 8,549 $ 13,569 $ 20,432
Basic earnings per share (in dollars per share) $ 0.84 $ 1.02 $ 1.68 $ 2.42
Diluted earnings per share (in dollars per share) $ 0.83 $ 0.98 $ 1.66 $ 2.35