Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.23.2
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income:        
Loans receivable $ 18,694 $ 15,221 $ 36,320 $ 28,507
Securities 2,303 2,469 4,606 5,066
Other interest earning assets 616 50 823 61
Total interest income 21,613 17,740 41,749 33,634
Interest expense:        
Deposits 6,105 389 10,192 726
Repurchase agreements 330 26 451 42
Borrowed funds 1,139 27 2,399 33
Total interest expense 7,574 442 13,042 801
Net interest income 14,039 17,298 28,707 32,833
Provision for credit losses (1) [1] 514 0 1,002 0
Net interest income after provision for credit losses 13,525 17,298 27,705 32,833
Noninterest income:        
Fees and service charges 1,832 1,560 3,143 2,864
Wealth management operations 626 588 1,240 1,183
Gain on sale of loans held-for-sale, net 274 291 537 898
Increase in cash value of bank owned life insurance 201 193 380 445
(Loss) gain on sale of foreclosed real estate (15) 0 (15) 0
(Loss) gain on sale of securities, net (48) 258 (48) 639
Other 136 6 377 11
Total noninterest income 3,006 2,896 5,614 6,040
Noninterest expense:        
Compensation and benefits 7,098 7,538 14,636 14,905
Occupancy and equipment 1,636 1,729 3,326 3,229
Data processing 1,407 1,246 2,380 4,300
Federal deposit insurance premiums 572 380 1,037 599
Marketing 159 385 414 1,036
Other 3,123 3,898 6,429 7,376
Total noninterest expense 13,995 15,176 28,222 31,445
Income before income tax expenses 2,536 5,018 5,097 7,428
Income tax expenses 98 587 419 862
Net income $ 2,438 $ 4,431 $ 4,678 $ 6,566
Earnings per common share:        
Basic (in dollars per share) $ 0.57 $ 1.04 $ 1.10 $ 1.60
Diluted (in dollars per share) 0.57 1.04 1.10 1.59
Dividends declared per common share (in dollars per share) $ 0.31 $ 0.31 $ 0.62 $ 0.62
[1] See note 3 regarding adoption of ASC 326