Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Income

v3.26.1
Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Interest income:    
Loans receivable $ 19,871 $ 19,655
Securities 1,771 2,133
Other interest earning assets 1,079 553
Total interest income 22,721 22,341
Interest expense:    
Deposits 6,959 8,045
Federal funds purchased and repurchase agreements 272 348
Borrowed funds 419 635
Total interest expense 7,650 9,028
Net interest income 15,071 13,313
Provision for (benefit from) credit losses 55 454
Net interest income after provision for credit losses 15,016 12,859
Non-interest income:    
Fees and service charges 1,295 1,109
Wealth management operations 661 619
Gain (loss) on tax credit investment 0 67
Gain (loss) on sale of loans held-for-sale, net 257 230
Bank owned life insurance 201 198
Other 3 6
Total non-interest income 2,417 2,229
Non-interest expense:    
Compensation and benefits 7,591 7,372
Occupancy and equipment 1,991 2,111
Data processing 1,105 1,039
Marketing 587 86
Federal deposit insurance premiums 381 433
Professional and outside services 1,169 1,260
Technology 508 454
Other 1,436 1,717
Total non-interest expense 14,768 14,472
Income before income tax expense 2,665 616
Income tax expense (benefit) 423 161
Net income $ 2,242 $ 455
Earnings per common share:    
Basic (in dollars per share) $ 0.52 $ 0.11
Diluted (in dollars per share) 0.52 0.11
Dividends declared per common share (in dollars per share) $ 0.12 $ 0