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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 income        
Loans $ 23,804 $ 19,084 $ 69,752 $ 50,268
Federal funds sold 2,814 867 6,811 1,283
Investment securities 1,476 1,217 4,241 3,247
Total interest income 28,094 21,168 80,804 54,798
Interest expense        
Deposits 8,961 1,672 22,476 3,274
Borrowings and subordinated debt 555 1,133 2,348 2,412
Total interest expense 9,516 2,805 24,824 5,686
Net interest income 18,578 18,363 55,980 49,112
Provision for credit losses 314 800 1,116 2,675
Net interest income after provision for credit losses 18,264 17,563 54,864 46,437
Non-interest income        
Service charges and other fees 1,003 1,237 2,733 3,260
Gain on the sale of loans 0 0 0 1,393
Other 291 247 803 759
Total non-interest income 1,294 1,484 3,536 5,412
Non-interest expense        
Salaries and benefits 8,238 7,415 23,945 21,654
Premises and equipment 1,155 1,275 3,503 3,844
Professional fees 411 524 1,332 1,662
Data processing 633 744 1,942 1,951
Other 1,414 1,259 4,575 3,841
Total non-interest expense 11,851 11,217 35,297 32,952
Income before provision for income taxes 7,707 7,830 23,103 18,897
Provision for income taxes 2,306 2,308 6,812 5,458
Net income $ 5,401 $ 5,522 $ 16,291 $ 13,439
Earnings per common share        
Basic $ 0.64 $ 0.66 $ 1.95 $ 1.62
Diluted $ 0.64 $ 0.66 $ 1.93 $ 1.6
Average common shares outstanding 8,390,138 8,322,529 8,366,584 8,298,269
Average common and equivalent shares outstanding 8,455,917 8,405,669 8,438,444 8,394,439