Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Interest income:    
Loans receivable $ 41,573 $ 44,867
Securities 9,021 6,512
Other interest earning assets 61 242
Total interest income 50,655 51,621
Interest expense:    
Deposits 2,002 5,321
Repurchase agreements 47 87
Borrowed funds 31 332
Total interest expense 2,080 5,740
Net interest income 48,575 45,881
Provision for loan losses 1,509 3,687
Net interest income after provision for loan losses 47,066 42,194
Noninterest income:    
Fees and service charges 5,388 5,161
Gain on sale of loans held-for-sale, net 5,296 7,588
Wealth management operations 2,375 2,138
Gain on sale of securities, net 1,987 2,348
Increase in cash value of bank owned life insurance 715 708
Gain on sale of foreclosed real estate 47 78
Other 139 127
Total noninterest income 15,947 18,148
Noninterest expense:    
Compensation and benefits 24,241 22,855
Occupancy and equipment 5,537 4,933
Data processing 3,648 2,267
Federal deposit insurance premiums 861 788
Professional services 1,205 640
Marketing 1,085 732
Other 10,059 9,421
Total noninterest expense 46,636 41,636
Income before income tax expenses 16,377 18,706
Income tax expenses 1,414 2,774
Net income $ 14,963 $ 15,932
Earnings per common share:    
Basic (in dollars per share) $ 4.30 $ 4.60
Diluted (in dollars per share) 4.30 4.60
Dividends declared per common share (in dollars per share) $ 1.24 $ 1.24