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CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST INCOME        
Interest and fees on loans $ 30,605 $ 27,288 $ 60,747 $ 53,299
Interest on available-for-sale debt securities 1,590 1,562 3,050 3,128
Other interest income 2,162 1,252 3,473 2,269
Total interest income 34,357 30,102 67,270 58,696
Interest expense        
Interest on deposits 17,343 11,920 33,018 22,302
Interest on borrowings 820 930 2,079 1,250
Total interest expense 18,163 12,850 35,097 23,552
Net interest income 16,194 17,252 32,173 35,144
Provision for (reversal of) credit losses 617 0 762 (338)
Net interest income after provision for credit losses 15,577 17,252 31,411 35,482
NONINTEREST INCOME        
Service charges on deposits 793 573 1,405 991
Loan servicing fees, net of amortization 575 595 1,347 1,441
Gain on sale of loans 2,325 2,098 4,028 4,668
Other income 491 339 990 800
Total noninterest income 4,184 3,605 7,770 7,900
NONINTEREST EXPENSE        
Salaries and employee benefits 7,568 7,681 15,409 14,933
Occupancy and equipment 1,660 1,598 3,315 3,168
Data processing and communication 530 546 1,017 1,096
Professional fees 406 381 801 740
FDIC insurance and regulatory assessments 378 420 752 887
Promotion and advertising 151 159 300 321
Directors’ fees 178 210 335 371
Foundation donation and other contributions 539 594 1,079 1,347
Other expenses 779 711 1,338 1,345
Total noninterest expense 12,189 12,300 24,346 24,208
INCOME BEFORE INCOME TAX EXPENSE 7,572 8,557 14,835 19,174
Income tax expense 2,136 2,466 4,173 5,549
NET INCOME $ 5,436 $ 6,091 $ 10,662 $ 13,625
EARNINGS PER SHARE - BASIC (USD per share) $ 0.36 $ 0.39 $ 0.70 $ 0.88
EARNINGS PER SHARE - DILUTED (USD per share) $ 0.36 $ 0.39 $ 0.70 $ 0.88