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 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Interest income:        
Loans receivable $ 20,468 $ 19,940 $ 40,339 $ 39,595
Securities 1,757 1,979 3,528 3,977
Other interest earning assets 840 751 1,919 1,439
Total interest income 23,065 22,670 45,786 45,011
Interest expense:        
Deposits 7,159 7,780 14,118 15,825
Federal funds purchased and repurchase agreements 233 370 505 718
Borrowed funds 493 575 912 1,210
Total interest expense 7,885 8,725 15,535 17,753
Net interest income 15,180 13,945 30,251 27,258
Provision for (benefit from) credit losses 264 (274) 319 180
Net interest income after provision for credit losses 14,916 14,219 29,932 27,078
Non-interest income:        
Fees and service charges 1,331 1,330 2,626 2,439
Wealth management operations 748 696 1,409 1,315
Gain (loss) on tax credit investment 0 0 0 67
Gain (loss) on sale of loans held-for-sale, net 228 378 485 608
Bank owned life insurance 223 220 424 418
Gain (loss) on sale of property and equipment (180) 0 (180) 0
Other 48 59 51 65
Total non-interest income 2,398 2,683 4,815 4,912
Non-interest expense:        
Compensation and benefits 8,033 7,313 15,624 14,685
Occupancy and equipment 1,741 1,935 3,732 4,046
Data processing 1,176 1,341 2,281 2,380
Marketing 266 214 853 300
Federal deposit insurance premiums 347 471 728 904
Professional and outside services 1,221 1,115 2,390 2,375
Technology 516 545 1,024 999
Other 1,557 1,852 2,993 3,569
Total non-interest expense 14,857 14,786 29,625 29,258
Income before income tax expense 2,457 2,116 5,122 2,732
Income tax expense (benefit) 364 (35) 787 126
Net income $ 2,093 $ 2,151 $ 4,335 $ 2,606
Earnings per common share:        
Basic (in dollars per share) $ 0.49 $ 0.50 $ 1.01 $ 0.61
Diluted (in dollars per share) 0.48 0.50 1.00 0.61
Dividends declared per common share (in dollars per share) $ 0.12 $ 0.12 $ 0.24 $ 0.12