Quarterly report [Sections 13 or 15(d)]

Consolidated Statements of Income

v3.25.2
Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest income:        
Loans receivable $ 19,940 $ 19,174 $ 39,595 $ 38,053
Securities 2,108 2,143 4,241 4,386
Other interest earning assets 622 810 1,175 1,672
Total interest income 22,670 22,127 45,011 44,111
Interest expense:        
Deposits 7,780 8,610 15,825 17,404
Repurchase agreements 370 399 718 769
Borrowed funds 575 1,064 1,210 2,104
Total interest expense 8,725 10,073 17,753 20,277
Net interest income 13,945 12,054 27,258 23,834
Provision for (benefit from) credit losses (274) 76 180 76
Net interest income after provision for credit losses 14,219 11,978 27,078 23,758
Non-interest income:        
Fees and service charges 1,330 1,257 2,439 2,410
Wealth management operations 696 763 1,315 1,396
Gain on tax credit investment 0 0 67 0
Gain on sale of loans held-for-sale, net 378 320 608 472
Loss on sale of securities, net 0 0 0 (531)
Increase in cash value of bank owned life insurance 220 212 418 405
Gain on sale of real estate 0 15 0 11,873
Other 59 6 65 24
Total non-interest income 2,683 2,573 4,912 16,049
Non-interest expense:        
Compensation and benefits 7,313 7,037 14,685 14,146
Occupancy and equipment 1,935 2,116 4,046 4,024
Data processing 1,341 1,135 2,380 2,305
Marketing 214 212 300 370
Federal deposit insurance premiums 471 397 904 898
Professional and outside services 1,115 1,257 2,375 2,814
Technology 545 507 999 1,132
Other 1,852 1,756 3,569 3,732
Total non-interest expense 14,786 14,417 29,258 29,421
Income before income tax expense 2,116 134 2,732 10,386
Income tax expense (benefit) (35) (9) 126 963
Net income $ 2,151 $ 143 $ 2,606 $ 9,423
Earnings per common share:        
Basic (in dollars per share) $ 0.50 $ 0.03 $ 0.61 $ 2.21
Diluted (in dollars per share) 0.50 0.03 0.61 2.21
Dividends declared per common share (in dollars per share) $ 0.12 $ 0.12 $ 0.12 $ 0.24