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Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income        
Loans $ 19,084 $ 14,870 $ 50,268 $ 44,157
Federal funds sold 867 199 1,283 371
Investment securities 1,217 470 3,247 1,222
Total interest income 21,168 15,539 54,798 45,750
Interest expense        
Deposits 1,672 1,152 3,274 3,481
Borrowings and subordinated debt 1,133 546 2,412 1,506
Total interest expense 2,805 1,698 5,686 4,987
Net interest income 18,363 13,841 49,112 40,763
Provision for credit losses 800 300 2,675 (500)
Net interest income after provision for credit losses 17,563 13,541 46,437 41,263
Non-interest income        
Service charges and other fees 1,237 905 3,260 2,184
Gain on the sale of loans 0 0 1,393 0
Other 247 397 759 995
Total non-interest income 1,484 1,302 5,412 3,179
Non-interest expense        
Salaries and benefits 7,415 6,920 21,654 19,661
Premises and equipment 1,275 1,372 3,844 3,778
Professional fees 524 334 1,662 1,450
Data processing 744 540 1,951 1,604
Other 1,259 1,347 3,841 3,935
Total non-interest expense 11,217 10,513 32,952 30,428
Income before provision for income taxes 7,830 4,330 18,897 14,014
Provision for income taxes 2,308 1,114 5,458 3,827
Net income $ 5,522 $ 3,216 $ 13,439 $ 10,187
Earnings per common share        
Basic $ 0.66 $ 0.39 $ 1.62 $ 1.24
Diluted $ 0.66 $ 0.39 $ 1.6 $ 1.23
Average common shares outstanding 8,322,529 8,244,154 8,298,269 8,211,907
Average common and equivalent shares outstanding 8,405,669 8,310,799 8,394,439 8,283,683