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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 income        
Loans $ 23,476 $ 16,298 $ 45,948 $ 31,184
Federal funds sold 2,238 280 3,998 416
Investment securities 1,458 1,128 2,765 2,030
Total interest income 27,172 17,706 52,711 33,630
Interest expense        
Deposits 7,493 796 13,515 1,602
Borrowings and subordinated debt 1,033 687 1,793 1,279
Total interest expense 8,526 1,483 15,308 2,881
Net interest income 18,646 16,223 37,403 30,749
Provision for credit losses 444 925 802 1,875
Net interest income after provision for credit losses 18,202 15,298 36,601 28,874
Non-interest income        
Service charges and other fees 867 1,134 1,730 2,023
Gain on the sale of loans 0 0 0 1,393
Other 268 260 512 512
Total non-interest income 1,135 1,394 2,242 3,928
Non-interest expense        
Salaries and benefits 7,831 7,146 15,707 14,239
Premises and equipment 1,168 1,267 2,348 2,569
Professional fees 470 547 920 1,139
Data processing 701 599 1,309 1,207
Other 1,433 1,260 3,162 2,581
Total non-interest expense 11,603 10,819 23,446 21,735
Income before provision for income taxes 7,734 5,873 15,397 11,067
Provision for income taxes 2,294 1,629 4,506 3,150
Net income $ 5,440 $ 4,244 $ 10,891 $ 7,917
Earnings per common share        
Basic $ 0.65 $ 0.51 $ 1.3 $ 0.96
Diluted $ 0.65 $ 0.51 $ 1.29 $ 0.94
Average common shares outstanding 8,369,907 8,295,014 8,354,564 8,285,950
Average common and equivalent shares outstanding 8,414,213 8,395,701 8,442,607 8,393,776