v3.24.1.1.u2
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest income:    
Loans receivable $ 18,879 $ 17,626
Securities 2,243 2,303
Other interest earning assets 862 207
Total interest income 21,984 20,136
Interest expense:    
Deposits 8,794 4,087
Repurchase agreements 370 121
Borrowed funds 1,040 1,260
Total interest expense 10,204 5,468
Net interest income 11,780 14,668
Provision for credit losses 0 488
Net interest income after provision for credit losses 11,780 14,180
Noninterest income:    
Fees and service charges 1,153 1,311
Wealth management operations 633 614
Gain on sale of loans held-for-sale, net 152 263
Loss on sale of securities, net (531) 0
Increase in cash value of bank owned life insurance 193 179
Gain on sale of real estate 11,858 0
Other 17 241
Total noninterest income 13,475 2,608
Noninterest expense:    
Compensation and benefits 7,109 7,538
Occupancy and equipment 1,915 1,690
Data processing 1,170 973
Marketing 158 255
Federal deposit insurance premiums 501 465
Other 4,151 3,306
Total noninterest expense 15,004 14,227
Income before income tax expenses 10,251 2,561
Income tax expenses 972 321
Net income $ 9,279 $ 2,240
Earnings per common share:    
Basic (in dollars per share) $ 2.18 $ 0.52
Diluted (in dollars per share) 2.17 0.51
Dividends declared per common share (in dollars per share) $ 0.12 $ 0.31

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