Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.23.1
Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Interest income:    
Loans receivable $ 62,133 $ 41,573
Securities 9,576 9,021
Other interest earning assets 326 61
Total interest income 72,035 50,655
Interest expense:    
Deposits 3,604 2,002
Repurchase agreements 195 47
Borrowed funds 1,087 31
Total interest expense 4,886 2,080
Net interest income 67,149 48,575
Provision for loan losses 0 1,509
Net interest income after provision for loan losses 67,149 47,066
Noninterest income:    
Fees and service charges 6,257 5,388
Wealth management operations 2,113 2,375
Gain on sale of loans held-for-sale, net 1,368 5,296
Gain on sale of securities, net 662 1,987
Increase in cash value of bank owned life insurance 810 715
Gain on sale of foreclosed real estate 16 47
Other 283 139
Total noninterest income 11,509 15,947
Noninterest expense:    
Compensation and benefits 28,990 24,241
Occupancy and equipment 6,785 5,537
Data processing 6,750 3,648
Marketing 1,907 1,085
Impairment charge on assets held for sale 1,232 0
Federal deposit insurance premiums 1,228 861
Professional services 1,211 1,205
Net loss recognized on sale of premises and equipment 303 0
Other 13,694 10,059
Total noninterest expense 62,100 46,636
Income before income tax expenses 16,558 16,377
Income tax expenses 1,478 1,414
Net income $ 15,080 $ 14,963
Earnings per common share:    
Basic (in dollars per share) $ 3.61 $ 4.30
Diluted (in dollars per share) 3.60 4.30
Dividends declared per common share (in dollars per share) $ 1.24 $ 1.24