Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Income (Unaudited)

v3.25.1
Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Interest income:    
Loans receivable $ 19,655 $ 18,879
Securities 2,133 2,243
Other interest earning assets 553 862
Total interest income 22,341 21,984
Interest expense:    
Deposits 8,045 8,794
Repurchase agreements 348 370
Borrowed funds 635 1,040
Total interest expense 9,028 10,204
Net interest income 13,313 11,780
Provision for credit losses [1] 454 0
Net interest income after provision for credit losses 12,859 11,780
Noninterest income:    
Fees and service charges 1,109 1,153
Wealth management operations 619 633
Gain on tax credit investment 67 0
Gain on sale of loans held-for-sale, net 230 152
Loss on sale of securities, net 0 (531)
Increase in cash value of bank owned life insurance 198 193
Gain on sale of real estate 0 11,858
Other 6 17
Total noninterest income 2,229 13,475
Noninterest expense:    
Compensation and benefits 7,372 7,109
Occupancy and equipment 2,111 1,915
Data processing 1,039 1,170
Marketing 86 158
Federal deposit insurance premiums 433 501
Professional and outside services 1,260 1,557
Technology 454 625
Other 1,717 1,969
Total noninterest expense 14,472 15,004
Income before income tax expenses 616 10,251
Income tax expenses 161 972
Net income $ 455 $ 9,279
Earnings per common share:    
Basic (in dollars per share) $ 0.11 $ 2.18
Diluted (in dollars per share) 0.11 2.17
Dividends declared per common share (in dollars per share) $ 0 $ 0.12
[1] See note 3 regarding adoption of ASC 326