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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest income:    
Loans, including fees $ 53,911,000 $ 26,682,000
Investment securities available-for-sale 1,548,000 276,000
Federal funds sold and deposits in other banks 1,920,000 226,000
Total interest income 57,379,000 27,184,000
Interest expense:    
Deposit accounts 22,092,000 1,844,000
FHLB advances and notes payable 2,457,000 130,000
Total interest expense 24,549,000 1,974,000
Net interest income 32,830,000 25,210,000
Provision for Credit losses 1,200,000 4,000,000
Net interest income after credit loss expense 31,630,000 21,210,000
Noninterest income:    
Service charges and fees 779,000 619,000
Gain on sale of investment securities available-for-sale 97,000  
Earnings on bank-owned life insurance 475,000 143,000
Derivative fees (1,000) 706,000
Other 552,000 198,000
Total noninterest income 1,902,000 1,666,000
Noninterest expense:    
Salaries and employee benefits 13,712,000 13,324,000
Data processing and network expense 1,203,000 922,000
Occupancy and equipment expense 2,633,000 1,873,000
Legal and professional 1,930,000 1,746,000
Loan operations (35,000) 278,000
Advertising and marketing 686,000 427,000
Telephone and communications 139,000 100,000
Software purchases and maintenance 352,000 198,000
Regulatory assessments 666,000 645,000
Other 758,000 668,000
Total noninterest expense 22,044,000 20,181,000
Net income before income tax expense 11,488,000 2,695,000
Income tax expense 2,245,000 608,000
Net income 9,243,000 2,087,000
Preferred stock dividends declared 1,171,000  
Net income available to common shareholders $ 8,072,000 $ 2,087,000
Earnings per common share:    
Basic earnings per share $ 0.60 $ 0.16
Diluted earnings per share $ 0.55 $ 0.15