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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
INTEREST INCOME        
Interest-bearing deposits $ 695 $ 483 $ 1,549 $ 1,257
FHLB stock 164 364 624 1,037
Securities:        
Taxable 1,904 1,848 5,503 5,385
Tax-exempt 17 17 53 55
Total securities 1,921 1,865 5,556 5,440
Loans:        
SBA loans 1,153 1,379 3,762 4,186
SBA PPP loans 6 25 25 129
Commercial loans 22,283 20,299 64,273 56,320
Residential mortgage loans 9,657 8,462 28,192 25,103
Consumer loans 1,436 1,525 4,228 4,351
Residential construction loans 2,235 2,588 7,265 7,911
Total loans 36,770 34,278 107,745 98,000
Total interest income 39,550 36,990 115,474 105,734
INTEREST EXPENSE        
Interest-bearing demand deposits 1,802 1,409 5,523 3,705
Savings deposits 3,605 2,590 10,097 6,138
Brokered deposits 2,039 2,212 6,516 5,631
Time deposits 6,186 3,429 16,718 7,556
Borrowed funds and subordinated debentures 1,062 3,817 4,499 11,740
Total interest expense 14,694 13,457 43,353 34,770
Net interest income 24,856 23,533 72,121 70,964
Provision for credit losses, loans 1,029 534 1,937 1,419
Provision for (release of) credit losses, off-balance sheet 51 22 66 (62)
Provision for credit losses, AFS debt securities     646 0
Net interest income after provision for credit losses 23,776 22,977 69,472 69,607
NONINTEREST INCOME        
Gain on sale of SBA loans held for sale, net 70   613 896
Gain on sale of mortgage loans, net 549 488 1,134 1,195
BOLI income 135 679 389 843
Net security gains (losses) 499 (123) 573 (610)
Other income 377 336 1,238 1,131
Total noninterest income 2,803 2,043 6,553 5,575
NONINTEREST EXPENSE        
Compensation and benefits 7,274 7,440 21,751 21,801
Processing and communications 868 705 2,615 2,172
Occupancy 781 763 2,394 2,312
Furniture and equipment 803 645 2,306 2,024
Professional services 326 348 1,167 1,071
Advertising 465 405 1,263 1,108
Loan related expenses 223 215 959 520
Deposit insurance 245 397 905 1,362
Director fees 232 209 709 629
Other expenses 795 846 2,055 2,237
Total noninterest expense 12,012 11,973 36,124 35,236
Income before provision for income taxes 14,567 13,047 39,901 39,946
Provision for income taxes 3,662 3,097 9,956 10,009
Net income $ 10,905 $ 9,950 $ 29,945 $ 29,937
Net income per common share - Basic $ 1.09 $ 0.98 $ 2.98 $ 2.92
Net income per common share - Diluted $ 1.07 $ 0.97 $ 2.94 $ 2.88
Weighted average common shares outstanding - Basic 9,978 10,128 10,040 10,255
Weighted average common shares outstanding - Diluted 10,148 10,258 10,192 10,381
Branch fee income        
NONINTEREST INCOME        
Noninterest income $ 420 $ 278 $ 929 $ 741
Service and loan fee income        
NONINTEREST INCOME        
Noninterest income $ 753 $ 385 $ 1,677 $ 1,379