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Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest Income        
Loans, including fees $ 26,885 $ 15,754 $ 52,237 $ 30,131
Interest-bearing time deposits in other banks 62 13 111 29
Debt securities, taxable 701 571 1,407 935
Debt securities, tax-exempt 85 85 172 183
Other interest and dividend income 2,309 249 3,495 319
Total interest income 30,042 16,672 57,422 31,597
Interest Expense        
Deposits 9,544 878 16,918 1,595
Total interest expense 9,544 878 16,918 1,595
Net Interest Income 20,498 15,794 40,504 30,002
Provision for Credit Losses 1,011 219 1,485 495
Net Interest Income After Provision for Credit Losses 19,487 15,575 39,019 29,507
Noninterest Income        
Mortgage lending income 112 95 166 261
Gain (Loss) on sales, prepayments, and calls of available-for-sale debt securities (7) 10 (8) (117)
Service charges on deposit accounts 199 219 434 468
Other 490 368 874 755
Total noninterest income 794 692 1,466 1,367
Noninterest Expense        
Salaries and employee benefits 4,709 4,126 9,389 8,152
Furniture and equipment 251 386 500 744
Occupancy 599 571 1,318 1,122
Data and item processing 469 559 856 946
Accounting, marketing and legal fees 179 209 478 442
Regulatory assessments 339 226 734 422
Advertising and public relations 52 121 200 231
Travel, lodging and entertainment 110 74 171 122
Other 669 691 1,381 1,202
Total noninterest expense 7,377 6,963 15,027 13,383
Income Before Taxes 12,904 9,304 25,458 17,491
Income tax expense 3,158 2,280 6,105 4,283
Net Income $ 9,746 $ 7,024 $ 19,353 $ 13,208
Earnings per common share - basic (in dollars per share) $ 1.06 $ 0.77 $ 2.12 $ 1.45
Earnings per common share - diluted (in dollars per share) $ 1.05 $ 0.76 $ 2.09 $ 1.44
Weighted average common shares outstanding - basic (in shares) 9,153,077 9,097,280 9,150,022 9,093,150
Weighted average common shares outstanding - diluted (in shares) 9,247,101 9,194,923 9,256,450 9,187,637
Other Comprehensive Income (Loss)        
Unrealized gains(losses) on securities, net of tax benefit of $0 and $1.5 million for the three months ended June 30, 2023 and 2022, respectively; $554 and $1.5 million for the six months ended June 30, 2023 and 2022, respectively $ (1,169) $ (3,778) $ 586 $ (8,017)
Reclassification adjustment for realized (gain)loss included in net income net of tax of $2 and $0 for the three months ended June 30, 2023 and 2022, respectively; $2 and $17 for the six months ended June 30, 2023 and 2022, respectively 5 (10) 6 90
Other comprehensive income(loss) (1,164) (3,788) 592 (7,927)
Comprehensive Income $ 8,582 $ 3,236 $ 19,945 $ 5,281