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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and Dividend Income        
Interest and fees on loans $ 14,139 $ 11,404 $ 40,847 $ 32,212
Interest and dividends on securities 1,011 1,002 3,257 2,844
Other income 384 147 971 210
Total interest and dividend income 15,534 12,553 45,075 35,266
Interest Expense        
Interest expense on deposits 4,588 1,262 12,822 2,773
Interest expense on borrowings 1,288 194 3,431 415
Total interest expense 5,876 1,456 16,253 3,188
Net interest income 9,658 11,097 28,822 32,078
Provision for credit losses   545   1,112
Provision for credit losses 910   1,472  
Net interest income after provision for credit losses 8,748 10,552 27,350 30,966
Non-interest Income        
Service charges on deposit accounts 738 713 2,164 2,125
Net realized loss on sales and calls of securities   (8)   (170)
Net gain on sales of loans 30 147 92 840
Increase in cash surrender value of life insurance 170 163 494 481
Gain on disposal of premises and equipment     36  
Gain on life insurance 218   218  
Investment advisory income 321 229 864 932
Other 169 145 512 395
Total non-interest income 1,646 1,389 4,380 4,603
Non-interest Expense        
Salaries and employee benefits 4,673 5,357 14,865 16,393
Occupancy 1,049 1,097 3,215 3,394
Data processing 501 479 1,479 1,421
Professional fees 490 419 1,472 1,292
Marketing 131 140 378 458
FDIC deposit insurance and other insurance 288 226 924 602
Amortization of intangible assets 22 24 67 75
Other 1,661 1,497 4,907 4,194
Total non-interest expense 8,815 9,239 27,307 27,829
Income before income taxes 1,579 2,702 4,423 7,740
Provision for income taxes 343 595 958 1,551
Net income $ 1,236 $ 2,107 $ 3,465 $ 6,189
Earnings per common share:        
Basic (in dollars per share) $ 0.12 $ 0.19 $ 0.32 $ 0.57
Diluted (in dollars per share) $ 0.11 $ 0.19 $ 0.32 $ 0.56
Weighted average shares outstanding, basic (in shares) 10,710,607 10,844,240 10,804,699 10,826,862
Weighted average shares outstanding, diluted (in shares) 10,760,118 10,996,309 10,891,730 10,999,745