XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
INTEREST INCOME        
Interest-bearing deposits $ 168 $ 48 $ 416 $ 105
FHLB stock 93 41 176 157
Securities:        
Taxable 1,397 292 3,164 837
Tax-exempt 18 8 34 26
Total securities 1,415 300 3,198 863
Loans:        
SBA loans 1,083 864 2,933 2,423
SBA PPP loans 277 1,751 1,546 5,228
Commercial loans 14,017 11,280 37,928 32,490
Residential mortgage loans 5,912 4,606 15,284 14,640
Consumer loans 1,075 736 2,914 2,274
Residential construction loans 2,184 1,628 6,018 4,330
Total loans 24,548 20,865 66,623 61,385
Total interest income 26,224 21,254 70,413 62,510
INTEREST EXPENSE        
Interest-bearing demand deposits 320 247 682 863
Savings deposits 878 390 1,635 1,241
Time deposits 600 659 1,499 3,293
Borrowed funds and subordinated debentures 688 235 1,199 922
Total interest expense 2,486 1,531 5,015 6,319
Net interest income 23,738 19,723 65,398 56,191
Provision for loan losses 1,517   2,526 500
Net interest income after provision for loan losses 22,221 19,723 62,872 55,691
NONINTEREST INCOME        
Gain on sale of SBA loans held for sale, net     852 741
Gain on sale of mortgage loans, net 280 968 1,231 3,785
BOLI income 170 138 494 399
Net security (losses) gains (576) 202 (1,631) 535
Other income 357 403 2,446 1,175
Total noninterest income 1,110 2,809 6,099 9,430
NONINTEREST EXPENSE        
Compensation and benefits 6,471 5,720 19,790 18,116
Processing and communications 708 747 2,166 2,303
Occupancy 702 654 2,205 1,991
Furniture and equipment 617 627 1,811 1,935
Professional services 221 315 1,060 1,035
Advertising 307 261 873 932
Other loan expenses 109 452 238 759
Deposit insurance 233 198 752 637
Director fees 240 189 698 600
Loan collection expenses 45 62 138 67
Other expenses 411 635 1,454 1,748
Total noninterest expense 10,064 9,860 31,185 30,123
Income before provision for income taxes 13,267 12,672 37,786 34,998
Provision for income taxes 3,325 3,213 9,285 8,625
Net income $ 9,942 $ 9,459 $ 28,501 $ 26,373
Net income per common share - Basic $ 0.94 $ 0.91 $ 2.72 $ 2.53
Net income per common share - Diluted $ 0.93 $ 0.90 $ 2.67 $ 2.50
Weighted average common shares outstanding - Basic 10,522 10,372 10,491 10,412
Weighted average common shares outstanding - Diluted 10,714 10,507 10,694 10,546
Branch fee income        
NONINTEREST INCOME        
Noninterest income $ 336 $ 294 $ 892 $ 858
Service and loan fee income        
NONINTEREST INCOME        
Noninterest income $ 543 $ 804 $ 1,815 $ 1,937