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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INTEREST INCOME        
Interest-bearing deposits $ 441 $ 152 $ 775 $ 248
FHLB stock 343 50 674 83
Securities:        
Taxable 1,798 1,115 3,537 1,768
Tax-exempt 19 10 38 16
Total securities 1,817 1,125 3,575 1,784
Loans:        
SBA loans 1,403 926 2,807 1,849
SBA PPP loans 27 492 104 1,269
Commercial loans 18,621 12,414 36,022 23,910
Residential mortgage loans 8,532 4,982 16,641 9,372
Consumer loans 1,471 919 2,825 1,840
Residential construction loans 2,737 2,011 5,323 3,835
Total loans 32,791 21,744 63,722 42,075
Total interest income 35,392 23,071 68,746 44,190
INTEREST EXPENSE        
Interest-bearing demand deposits 1,349 198 2,331 362
Savings deposits 2,501 412 4,454 757
Time deposits 3,895 419 6,604 899
Borrowed funds and subordinated debentures 4,125 285 7,924 511
Total interest expense 11,870 1,314 21,313 2,529
Net interest income 23,522 21,757 47,433 41,661
Provision for credit losses 777 1,188 885 1,009
Net interest income after provision for credit losses 22,745 20,569 46,548 40,652
NONINTEREST INCOME        
Gain on sale of SBA loans held for sale, net 586   896 852
Gain on sale of mortgage loans, net 463 431 707 952
BOLI income 84 161 164 324
Net security losses (164) (498) (487) (1,055)
Other income 427 1,686 796 2,088
Total noninterest income 2,115 2,749 3,532 4,989
NONINTEREST EXPENSE        
Compensation and benefits 7,271 6,811 14,361 13,319
Processing and communications 663 706 1,467 1,458
Occupancy 779 727 1,549 1,502
Furniture and equipment 690 618 1,379 1,194
Professional services 296 392 723 565
Advertising 443 340 703 130
Other loan expenses (income) 45 (5) 173 839
Deposit insurance 617 250 965 519
Director fees 203 225 420 459
Loan collection expenses 85 36 132 93
Other expenses 659 610 1,307 1,044
Total noninterest expense 11,751 10,710 23,179 21,122
Income before provision for income taxes 13,109 12,608 26,901 24,519
Provision for income taxes 3,409 3,157 6,914 5,960
Net income $ 9,700 $ 9,451 $ 19,987 $ 18,559
Net income per common share - Basic $ 0.96 $ 0.90 $ 1.94 $ 1.77
Net income per common share - Diluted $ 0.95 $ 0.88 $ 1.91 $ 1.74
Weighted average common shares outstanding - Basic 10,103 10,504 10,319 10,475
Weighted average common shares outstanding - Diluted 10,203 10,706 10,444 10,685
Branch fee income        
NONINTEREST INCOME        
Noninterest income $ 228 $ 281 $ 463 $ 556
Service and loan fee income        
NONINTEREST INCOME        
Noninterest income $ 491 $ 688 $ 993 $ 1,272