Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Income

v3.25.1
Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Interest income:    
Loans receivable $ 77,515 $ 74,762
Securities 8,658 9,118
Other interest earning assets 3,005 1,903
Total interest income 89,178 85,783
Interest expense:    
Deposits 35,162 25,438
Repurchase agreements 1,600 1,294
Borrowed funds 3,969 4,496
Total interest expense 40,731 31,228
Net interest income 48,447 54,555
Provision (benefit) for credit losses [1] (503) 2,025
Net interest income after provision (benefit) for credit losses 48,950 52,530
Noninterest income:    
Fees and service charges 5,312 6,024
Wealth management operations 2,855 2,484
Gain on tax credit investment 1,236 0
Gain on sale of loans held-for-sale, net 1,138 1,081
Loss on sale of securities, net (531) (48)
Increase in cash value of bank owned life insurance 812 766
Gain on real estate 11,661 276
Gain (Loss) on sale of foreclosed real estate 1 (13)
Other 163 176
Total noninterest income 22,647 10,746
Noninterest expense:    
Compensation and benefits 27,737 27,655
Occupancy and equipment 8,250 6,382
Data processing 4,672 4,734
Marketing 799 840
Federal deposit insurance premiums 1,790 2,003
Professional and outside services 5,405 4,279
Technology 2,243 1,654
Other 7,246 7,684
Total noninterest expense 58,142 55,231
Income before income tax expense 13,455 8,045
Income tax expense (benefit) 1,325 (335)
Net income $ 12,130 $ 8,380
Earnings per common share:    
Basic (in dollars per share) $ 2.85 $ 1.96
Diluted (in dollars per share) 2.84 1.96
Dividends declared per common share (in dollars per share) $ 0.48 $ 1.05
[1] See note 3 regarding adoption of ASC 326