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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest income    
Interest and fees on loans $ 13,156 $ 8,790
Interest on securities 39 6
Other interest income 28 10
Total interest income 13,223 8,806
Interest expense    
Interest on deposits 261 297
Interest on PPP Liquidity Facility 1 75
Total interest expense 262 372
Net interest income 12,961 8,434
Provision for loan losses 2,947 633
Net interest income after provision for loan losses 10,014 7,801
Non-interest income    
Strategic Program fees 6,623 2,953
Gain on sale of loans, net 5,052 2,603
SBA loan servicing fees 387 152
Change in fair value on investment in BFG (398) 360
Other miscellaneous income 18 11
Total non-interest income 11,682 6,079
Non-interest expense    
Salaries and employee benefits 7,092 4,895
Occupancy and equipment expenses 302 194
Recovery of SBA servicing asset (59) 0
Other operating expenses 1,713 1,574
Total non-interest expense 9,048 6,663
Income before income tax expense 12,648 7,217
Provision for income taxes 3,214 1,926
Net income $ 9,434 $ 5,291
Earnings per share, basic (in dollars per share) $ 0.74 $ 0.61
Earnings per share, diluted (in dollars per share) $ 0.70 $ 0.59
Weighted average shares outstanding, basic (in shares) 12,777,237 8,091,186
Weighted average shares outstanding, diluted (in shares) 13,567,311 8,335,772