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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 AND DIVIDEND INCOME        
Loans receivable, including fees $ 21,517 $ 16,768 $ 41,411 $ 33,260
Securities available-for-sale:        
Taxable 292 234 570 457
Tax-exempt 284 293 568 596
Securities held-to-maturity 2 3 5 6
Other interest and dividend income 919 158 1,072 215
TOTAL INTEREST AND DIVIDEND INCOME 23,014 17,456 43,626 34,534
INTEREST EXPENSE        
Deposits 7,321 1,169 11,186 2,393
Borrowings 32 0 118 0
TOTAL INTEREST EXPENSE 7,353 1,169 11,304 2,393
NET INTEREST INCOME 15,661 16,287 32,322 32,141
Provision for credit losses 2,463 0 2,728 0
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 13,198 16,287 29,594 32,141
NON-INTEREST INCOME        
Gain on call/sale of securities available-for-sale 0 2 0 2
Income from bank-owned life insurance 295 283 585 565
Fees and service charges 464 497 912 972
Loan fees, including preypayment penalties 1,030 303 1,381 398
Gain on bargain purchase 9,696 0 9,696 0
Other 80 27 365 221
TOTAL NON-INTEREST INCOME 11,565 1,112 12,939 2,158
NON-INTEREST EXPENSE        
Salaries and employee benefits 5,776 4,908 11,175 9,809
Occupancy and equipment 1,705 1,429 3,046 2,907
Professional fees 556 582 1,021 1,143
Data processing and communications 1,318 1,056 2,618 2,091
Federal deposit insurance 253 275 443 539
Advertising and promotion 126 120 236 239
Office expense 178 62 275 116
Other real estate expenses 1 2 1 11
Loss on sale of other real estate owned 0 101 0 101
Core deposit intangible 127 145 262 299
Acquisition-related expenses 7,026 0 7,026 0
Other 748 748 1,483 1,441
TOTAL NON-INTEREST EXPENSE 17,814 9,428 27,586 18,696
INCOME BEFORE INCOME TAX EXPENSE 6,949 7,971 14,947 15,603
INCOME TAX EXPENSE 161 1,644 2,062 3,255
NET INCOME $ 6,788 $ 6,327 $ 12,885 $ 12,348
Earnings per common share-basic $ 1.08 $ 1 $ 2.06 $ 1.93
Earnings per common share-diluted 1.07 0.98 2.02 1.89
Dividends declared per common share $ 0.3 $ 0.25 $ 0.6 $ 0.5