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Unaudited Condensed Consolidated Statements of Comprehensive 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, including fees $ 15,754 $ 14,357 $ 30,131 $ 27,450
Interest-bearing time deposits in other banks 13 38 29 106
Debt securities, taxable 571 0 935 0
Debt securities, tax-exempt 85 0 183 0
Other interest and dividend income 249 42 319 68
Total interest income 16,672 14,437 31,597 27,624
Interest Expense        
Deposits 878 772 1,595 1,647
Total interest expense 878 772 1,595 1,647
Net Interest Income 15,794 13,665 30,002 25,977
Provision for Loan Losses 219 1,300 495 2,575
Net Interest Income After Provision for Loan Losses 15,575 12,365 29,507 23,402
Noninterest Income        
Secondary market income 95 78 261 92
Gain (Loss) on sales, maturities, prepayments and calls of available-for-sale debt securities 10 0 (117) 0
Service charges on deposit accounts 219 119 468 239
Other 368 382 755 585
Total noninterest income 692 579 1,367 916
Noninterest Expense        
Salaries and employee benefits 4,126 2,949 8,152 5,739
Furniture and equipment 386 231 744 433
Occupancy 571 458 1,122 930
Data and item processing 559 286 946 565
Accounting, marketing and legal fees 209 149 442 297
Regulatory assessments 226 161 422 302
Advertising and public relations 121 71 231 105
Travel, lodging and entertainment 74 118 122 207
Other 691 452 1,202 841
Total noninterest expense 6,963 4,875 13,383 9,419
Income Before Taxes 9,304 8,069 17,491 14,899
Income tax expense 2,280 1,964 4,283 3,690
Net Income $ 7,024 $ 6,105 $ 13,208 $ 11,209
Earnings per common share - basic (in dollars per share) $ 0.77 $ 0.67 $ 1.45 $ 1.24
Earnings per common share - diluted (in dollars per share) $ 0.76 $ 0.67 $ 1.44 $ 1.24
Weighted average common shares outstanding - basic (in shares) 9,097,280 9,050,606 9,093,150 9,050,295
Weighted average common shares outstanding - diluted (in shares) 9,194,923 9,074,408 9,187,637 9,066,797
Other Comprehensive Income        
Unrealized losses on securities, net of tax benefit of $1.5 million $ (3,778) $ 0 $ (8,017) $ 0
Reclassification adjustment for realized (gain)loss included in net income, net of tax of $0 and $0 for the three months ended June 30, 2022 and 2021, respectively; $17 and $0 for the six months ended June 30, 2022 and 2021, respectively (10) 0 90 0
Other comprehensive loss, net of tax benefit of $1.5 million (3,788) 0 (7,927) 0
Comprehensive Income $ 3,236 $ 6,105 $ 5,281 $ 11,209