Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.24.1
Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Interest income:    
Loans receivable $ 74,762 $ 62,133
Securities 9,118 9,576
Other interest earning assets 1,903 326
Total interest income 85,783 72,035
Interest expense:    
Deposits 25,438 3,604
Repurchase agreements 1,294 195
Borrowed funds 4,496 1,087
Total interest expense 31,228 4,886
Net interest income 54,555 67,149
Provision for credit losses [1] 2,025 0
Net interest income after provision for credit losses 52,530 67,149
Noninterest income:    
Fees and service charges 6,024 6,257
Wealth management operations 2,484 2,113
Gain on sale of loans held-for-sale, net 1,081 1,368
Gain (loss) on sale of securities, net (48) 662
Increase in cash value of bank owned life insurance 766 810
Gain (loss) on sale of foreclosed real estate (13) 16
Other 452 283
Total noninterest income 10,746 11,509
Noninterest expense:    
Compensation and benefits 27,655 28,990
Occupancy and equipment 6,557 6,785
Data processing 4,734 6,750
Marketing 840 1,907
Impairment charge on assets held for sale 0 1,232
Federal deposit insurance premiums 2,003 1,228
Professional services 1,603 1,211
Net (gain) recognized on sale of premises and equipment (276) 303
Other 12,115 13,694
Total noninterest expense 55,231 62,100
Income before income tax expenses 8,045 16,558
Income tax expenses (benefits) (335) 1,478
Net income $ 8,380 $ 15,080
Earnings per common share:    
Basic (in dollars per share) $ 1.96 $ 3.61
Diluted (in dollars per share) 1.96 3.6
Dividends declared per common share (in dollars per share) $ 1.05 $ 1.24
[1] See note 3 regarding adoption of ASC 326