Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.22.2.2
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Loans receivable $ 16,122 $ 10,270 $ 44,629 $ 31,291
Securities 2,292 2,378 7,358 6,483
Other interest earning assets 125 18 186 54
Total interest income 18,539 12,666 52,173 37,828
Interest expense:        
Deposits 871 452 1,597 1,652
Repurchase agreements 51 13 93 35
Borrowed funds 110 1 143 23
Total interest expense 1,032 466 1,833 1,710
Net interest income 17,507 12,200 50,340 36,118
Provision for loan losses 0 139 0 1,293
Net interest income after provision for loan losses 17,507 12,061 50,340 34,825
Noninterest income:        
Fees and service charges 1,570 1,473 4,434 4,010
Wealth management operations 407 604 1,590 1,787
Gain on sale of loans held-for-sale, net 344 1,229 1,242 4,394
Gain on sale of securities, net 23 590 662 1,276
Increase in cash value of bank owned life insurance 183 180 628 537
Gain on sale of foreclosed real estate 0 0 0 27
Other 103 70 114 108
Total noninterest income 2,630 4,146 8,670 12,139
Noninterest expense:        
Compensation and benefits 7,498 6,042 22,403 17,624
Data processing 1,212 872 5,512 1,997
Occupancy and equipment 1,804 1,380 5,033 4,076
Marketing 587 334 1,623 728
Federal deposit insurance premiums 350 236 949 620
Net loss recognized on sale of premises and equipment 254 0 254 0
Other 3,305 3,537 10,681 8,859
Total noninterest expense 15,010 12,401 46,455 33,904
Income before income tax expenses 5,127 3,806 12,555 13,060
Income tax expenses 571 268 1,433 1,408
Net income $ 4,556 $ 3,538 $ 11,122 $ 11,652
Earnings per common share:        
Basic (in dollars per share) $ 1.07 $ 1.02 $ 2.68 $ 3.35
Diluted (in dollars per share) 1.07 1.02 2.67 3.35
Dividends declared per common share (in dollars per share) $ 0.31 $ 0.31 $ 0.93 $ 0.93