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Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and dividend income:        
Interest and fees on loans $ 14,849 $ 12,313 $ 42,468 $ 35,362
Interest and dividends on securities 803 723 2,346 1,950
Interest on short term investments 1,503 1,130 4,420 2,567
Total interest and dividend income 17,155 14,166 49,234 39,879
Interest expense:        
Interest on deposits 8,795 5,843 24,479 14,815
Interest on Federal Home Loan Bank advances 2,069 2,237 6,550 6,213
Total interest expense 10,864 8,080 31,029 21,028
Net interest and dividend income 6,291 6,086 18,205 18,851
Provision (benefit) for credit losses 46 (184) 485 696
Net interest and dividend income after provision (benefit) for credit losses 6,245 6,270 17,720 18,155
Noninterest income:        
Customer service fees 142 123 426 375
Income from bank-owned life insurance 119 175 353 372
Net gain on sales of loans 27 9 80 13
Other income 16 15 39 31
Total noninterest income 304 322 898 791
Noninterest expense:        
Salaries and employee benefits 3,202 2,914 9,643 8,623
Director compensation 209 139 626 379
Occupancy and equipment 250 243 788 695
Data processing 288 275 883 810
Computer software and licensing 109 111 318 282
Advertising and promotions 159 201 396 576
Professional fees 240 304 831 962
Federal Deposit Insurance Corporation deposit insurance 189 206 561 613
Other expense 365 418 1,140 1,076
Total noninterest expense 5,011 4,811 15,186 14,016
Income before income tax expense 1,538 1,781 3,432 4,930
Income tax expense 405 440 887 1,263
Net income $ 1,133 $ 1,341 $ 2,545 $ 3,667
Share data:        
Weighted average shares outstanding, basic 8,240,602 8,486,577 8,268,550 8,485,936
Weighted average shares outstanding, diluted 8,343,736 8,486,577 8,354,170 8,485,936
Basic earnings per share $ 0.14 $ 0.16 $ 0.31 $ 0.43
Diluted earnings per share $ 0.14 $ 0.16 $ 0.3 $ 0.43