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Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income        
Loans, including fees $ 18,150 $ 16,013 $ 50,431 $ 43,684
Investment securities 5,266 2,954 14,240 6,546
Federal funds sold, interest bearing deposits in banks and short term investments 278 58 437 154
Total interest income 23,694 19,025 65,108 50,384
Interest expense        
Deposits 1,449 698 2,674 1,921
Federal funds purchased 3 0 22 0
Federal Home Loan Bank Advances 555 170 1,746 401
Paycheck Protection Program Liquidity Facility 0 0 0 93
Other borrowings 822 289 1,441 802
Total interest expense 2,829 1,157 5,883 3,217
Net interest income 20,865 17,868 59,225 47,167
Provision for loan losses 1,320 150 2,470 650
Net interest income after provision for loan losses 19,545 17,718 56,755 46,517
Noninterest income        
Gain on sales of SBA loans 1,215 1,813 4,805 4,548
Gain (loss) on sales of securities (96) 0 (72) 137
BOLI Income 312 280 977 710
Other 757 701 2,157 754
Total noninterest income 8,179 9,438 27,384 25,475
Noninterest expense        
Salaries and employee benefits 12,154 11,826 40,498 31,907
Occupancy and equipment 1,645 1,599 4,872 4,169
Acquisition related expenses 2 1,994 142 3,031
Information technology expenses 2,491 2,045 7,394 5,493
Professional fees 881 804 2,773 1,975
Advertising and public relations 876 674 2,406 1,817
Communications 471 310 1,325 837
Other 2,847 1,959 8,238 4,884
Total noninterest expense 21,367 21,211 67,648 54,113
Income before income taxes 6,357 5,945 16,491 17,879
Income taxes 1,105 362 2,500 3,379
Net income $ 5,252 $ 5,583 $ 13,991 $ 14,500
Earnings per common share:        
Basic (in dollars per share) $ 0.30 $ 0.45 $ 0.82 $ 1.39
Diluted (in dollars per share) 0.30 0.45 0.82 1.39
Dividends declared per share (in dollars per share) $ 0.1075 $ 0.1025 $ 0.3225 $ 0.3075
Weighted average common shares outstanding:        
Basic (in shares) 17,645,119 12,344,926 17,042,838 10,447,496
Diluted (in shares) 17,645,119 12,344,926 17,042,838 10,447,496
Service charges on deposits        
Noninterest income        
Noninterest income $ 2,104 $ 1,792 $ 5,823 $ 4,278
Mortgage fee income        
Noninterest income        
Noninterest income 1,708 3,107 7,356 10,107
Interchange fees        
Noninterest income        
Noninterest income $ 2,179 $ 1,745 $ 6,338 $ 4,941