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Unaudited Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and fees on loans $ 31,615 $ 29,822 $ 93,852 $ 85,530
Interest and dividends on investments securities        
Mortgage-backed securities 85 108 281 308
Other 248 287 789 884
Interest on federal funds sold and interest-bearing deposits 1,285 1,217 3,550 3,528
Total Interest Income [1] 33,591 31,766 99,496 91,239
Interest Expense        
Interest on interest bearing DDA deposits 2,117 216 6,049 761
Interest on savings and NOW deposits 206 145 553 400
Interest on money market deposits 5,277 4,068 15,911 8,091
Interest on time deposits 9,543 7,516 27,361 18,719
Interest on federal funds purchased 277 35 575 274
Interest on Federal Home Loan Bank advances 0 186 46 1,105
Interest on subordinated debt 828 828 2,468 2,460
Total Interest Expense 18,248 12,994 52,963 31,810
Net Interest Income 15,343 18,772 46,533 59,429
Provision For (Recovery of) Credit Losses - Loans 3,125 (98) 4,220 934
Recovery of off-balance sheet credit losses, net (212) 353 (864) 242
Net Interest Income After Provision For (Recovery of) Credit Losses 12,430 18,517 43,177 58,253
Non-Interest Income        
Deposit account service charges 557 514 1,516 1,639
Bank owned life insurance income 302 272 885 786
Net loss on securities called 0 0 (48) 0
Other fee income 27 105 93 158
Total Non-Interest Income 886 891 2,446 2,583
Non-Interest Expense        
Salaries and employee benefits 7,250 6,924 22,222 21,139
Furniture and equipment expenses 931 713 2,806 1,983
Advertising and marketing 579 577 1,599 2,072
Occupancy expenses 407 375 1,257 1,287
Outside services 845 697 2,458 1,691
Administrative expenses 215 277 686 703
Other operating expenses 2,992 1,988 7,508 5,404
Total Non-Interest Expense 13,219 11,551 38,536 34,279
Income Before Income Taxes (Benefit) 97 7,857 7,087 26,557
Income Tax Expense (Benefit) [2] (168) 1,516 900 5,119
Net Income 265 6,341 6,187 21,438
Preferred Stock Dividends 539 539 1,617 1,617
Net Income (Loss) Available to Common Shareholders $ (274) $ 5,802 $ 4,570 $ 19,821
Earnings (loss) per common share:        
Basic (in dollars per share) $ (0.04) $ 0.77 $ 0.6 $ 2.64
Diluted (in dollars per share) $ (0.04) $ 0.77 $ 0.6 $ 2.64
US States and Political Subdivisions Debt Securities [Member]        
Interest and dividends on investments securities        
Tax-exempt securities $ 294 $ 268 $ 832 $ 797
Taxable securities $ 64 $ 64 $ 192 $ 192
[1] Includes transfer pricing on average deposits outstanding for the period
[2] Taxes allocated based on the federal statutory rate of 21%