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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest and dividend income:        
Loans, including fees $ 10,610 $ 13,009 $ 21,379 $ 18,947
Federal funds sold 302 21 363 33
Other interest-bearing deposits 219   355 39
Investment securities:        
Taxable 1,662 757 2,674 1,264
Tax exempt 308 273 612 449
Dividends 64 32 126 66
Total interest and dividend income 13,165 14,131 25,509 20,798
Interest expense:        
Demand and savings deposits 498 548 1,174 925
Certificates and other time deposits 157 324 352 604
Borrowings 49 108 97 144
Total interest expense 704 980 1,623 1,673
Net interest income 12,461 13,151 23,886 19,125
Provision for (recovery of) loan losses (217) (141) (69) 210
Net interest income after provision for (recovery of) loan losses 12,678 13,292 23,955 18,915
Noninterest income:        
Wealth management fees 572 980 1,129 1,309
Advisory and brokerage income 210 359 426 550
Deposit account fees 458 426 923 586
Debit/credit card and ATM fees 779 599 1,486 753
Bank owned life insurance income 246 199 457 306
Resolution of commercial dispute     2,400  
Gains on sale of assets 1,113   1,113 27
Other 268 357 499 428
Total noninterest income 3,646 2,920 8,433 3,959
Noninterest expense:        
Salaries and employee benefits 4,086 4,741 8,817 7,143
Net occupancy 1,282 1,109 2,479 1,604
Equipment 254 340 537 456
Bank franchise tax 304 429 608 602
Computer software 357 216 620 383
Data processing 699 994 1,437 1,283
FDIC deposit insurance assessment 125 182 351 245
Marketing, advertising and promotion 259 232 526 369
Merger and merger-related expenses   5,874   6,152
Plastics expense 92 73 231 115
Professional fees 404 510 741 687
Core deposit intangible amortization 427 428 866 428
Other 1,153 865 2,324 1,307
Total noninterest expense 9,442 15,993 19,537 20,774
Income (loss) before income taxes 6,882 219 12,851 2,100
Provision for income taxes 1,197 72 2,242 448
Net income (loss) $ 5,685 $ 147 $ 10,609 $ 1,652
Net income per common share, basic $ 1.07 $ 0.03 $ 1.99 $ 0.41
Net income per common share, diluted $ 1.06 $ 0.03 $ 1.98 $ 0.41
Weighted average common shares outstanding, basic 5,326,271 5,305,277 5,319,166 4,019,700
Weighted average common shares outstanding, diluted 5,347,008 5,320,290 5,345,242 4,031,301