Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest income:    
Loans receivable $ 13,286 $ 10,746
Securities 2,597 1,961
Other interest earning assets 11 20
Total interest income 15,894 12,727
Interest expense:    
Deposits 337 651
Repurchase agreements 16 10
Borrowed funds 6 20
Total interest expense 359 681
Net interest income 15,535 12,046
Provision for loan losses 0 578
Net interest income after provision for loan losses 15,535 11,468
Noninterest income:    
Fees and service charges 1,304 1,066
Gain on sale of loans held-for-sale, net 607 2,049
Wealth management operations 595 607
Gain on sale of securities, net 381 417
Increase in cash value of bank owned life insurance 252 169
Gain (loss) on sale of foreclosed real estate 0 (9)
Other 5 14
Total noninterest income 3,144 4,313
Noninterest expense:    
Compensation and benefits 7,367 5,685
Data processing 3,054 674
Occupancy and equipment 1,500 1,372
Marketing 651 199
Federal deposit insurance premiums 219 180
Other 3,478 2,383
Total noninterest expense 16,269 10,493
Income before income tax expenses 2,410 5,288
Income tax expenses 275 745
Net income $ 2,135 $ 4,543
Earnings per common share:    
Basic (in dollars per share) $ 0.53 $ 1.31
Diluted (in dollars per share) 0.53 1.31
Dividends declared per common share (in dollars per share) $ 0.31 $ 0.31