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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and Dividend Income        
Interest and fees on loans $ 13,313 $ 10,727 $ 26,708 $ 20,808
Interest and dividends on securities 1,228 968 2,246 1,842
Other income 398 44 587 63
Total interest and dividend income 14,939 11,739 29,541 22,713
Interest Expense        
Interest expense on deposits 4,264 766 8,234 1,511
Interest expense on borrowings 1,375 106 2,143 221
Total interest expense 5,639 872 10,377 1,732
Net interest income 9,300 10,867 19,164 20,981
Provision for (reversal of) credit losses   346   567
Provision for (reversal of) credit losses (452)   562  
Net interest income after provision for (reversal of) credit losses 9,752 10,521 18,602 20,414
Non-interest Income        
Service charges on deposit accounts 718 706 1,426 1,412
Net realized loss on sales and calls of securities   (162)   (162)
Net gain on sales of loans 52 293 62 693
Increase in cash surrender value of life insurance 164 161 324 318
Gain on disposal of premises and equipment 19   36  
Investment advisory income 234 363 543 703
Other 171 142 343 250
Total non-interest income 1,358 1,503 2,734 3,214
Non-interest Expense        
Salaries and employee benefits 4,952 5,517 10,192 11,036
Occupancy 1,087 1,199 2,166 2,297
Data processing 506 456 978 942
Professional fees 616 479 982 873
Marketing 143 201 247 318
FDIC deposit insurance and other insurance 354 194 636 376
Amortization of intangible assets 21 24 45 51
Other 1,610 1,415 3,246 2,697
Total non-interest expense 9,289 9,485 18,492 18,590
Income before income taxes 1,821 2,539 2,844 5,038
Provision for income taxes 390 510 615 956
Net income $ 1,431 $ 2,029 $ 2,229 $ 4,082
Earnings per common share:        
Basic $ 0.13 $ 0.19 $ 0.21 $ 0.38
Diluted $ 0.13 $ 0.18 $ 0.20 $ 0.37
Weighted average shares outstanding, basic 10,823,598 10,820,802 10,852,563 10,818,075
Weighted average shares outstanding, diluted 10,882,837 10,992,428 10,956,468 11,001,460