v3.24.2.u1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income:        
Loans receivable $ 19,174 $ 18,694 $ 38,053 $ 36,320
Securities 2,143 2,303 4,386 4,606
Other interest earning assets 810 616 1,672 823
Total interest income 22,127 21,613 44,111 41,749
Interest expense:        
Deposits 8,610 6,105 17,404 10,192
Repurchase agreements 399 330 769 451
Borrowed funds 1,064 1,139 2,104 2,399
Total interest expense 10,073 7,574 20,277 13,042
Net interest income 12,054 14,039 23,834 28,707
Provision for credit losses 76 514 76 1,002
Net interest income after provision for credit losses 11,978 13,525 23,758 27,705
Noninterest income:        
Fees and service charges 1,257 1,832 2,410 3,143
Wealth management operations 763 626 1,396 1,240
Gain on sale of loans held-for-sale, net 320 274 472 537
Loss on sale of securities, net 0 (48) (531) (48)
Increase in cash value of bank owned life insurance 212 201 405 380
Gain (loss) on sale of real estate 15 (15) 11,873 (15)
Other 6 136 24 377
Total noninterest income 2,573 3,006 16,049 5,614
Noninterest expense:        
Compensation and benefits 7,037 7,098 14,146 14,636
Occupancy and equipment 2,120 1,636 4,035 3,326
Data processing 1,135 1,407 2,305 2,380
Marketing 212 159 370 414
Federal deposit insurance premiums 397 572 898 1,037
Other 3,516 3,123 7,667 6,429
Total noninterest expense 14,417 13,995 29,421 28,222
Income before income tax expense 134 2,536 10,386 5,097
Income tax expense (benefit) (9) 98 963 419
Net income $ 143 $ 2,438 $ 9,423 $ 4,678
Earnings per common share:        
Basic (in dollars per share) $ 0.03 $ 0.57 $ 2.21 $ 1.1
Diluted (in dollars per share) 0.03 0.57 2.21 1.1
Dividends declared per common share (in dollars per share) $ 0.12 $ 0.31 $ 0.24 $ 0.62

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