Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.22.2.2
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income:        
Loans receivable $ 15,221 $ 10,275 $ 28,507 $ 21,021
Securities 2,469 2,144 5,066 4,105
Other interest earning assets 50 16 61 36
Total interest income 17,740 12,435 33,634 25,162
Interest expense:        
Deposits 389 549 726 1,200
Repurchase agreements 26 12 42 22
Borrowed funds 27 2 33 22
Total interest expense 442 563 801 1,244
Net interest income 17,298 11,872 32,833 23,918
Provision for loan losses 0 576 0 1,154
Net interest income after provision for loan losses 17,298 11,296 32,833 22,764
Noninterest income:        
Fees and service charges 1,560 1,471 2,864 2,537
Wealth management operations 588 576 1,183 1,183
Gain on sale of loans held-for-sale, net 291 1,116 898 3,165
Gain on sale of securities, net 258 269 639 686
Increase in cash value of bank owned life insurance 193 188 445 357
Gain (loss) on sale of foreclosed real estate 0 36 0 27
Other 6 24 11 38
Total noninterest income 2,896 3,680 6,040 7,993
Noninterest expense:        
Compensation and benefits 7,538 5,897 14,905 11,582
Data processing 1,246 597 4,300 1,125
Occupancy and equipment 1,729 1,324 3,229 2,696
Marketing 385 195 1,036 394
Federal deposit insurance premiums 380 204 599 384
Other 3,898 2,793 7,376 5,322
Total noninterest expense 15,176 11,010 31,445 21,503
Income before income tax expenses 5,018 3,966 7,428 9,254
Income tax expenses 587 395 862 1,140
Net income $ 4,431 $ 3,571 $ 6,566 $ 8,114
Earnings per common share:        
Basic (in dollars per share) $ 1.04 $ 1.03 $ 1.60 $ 2.33
Diluted (in dollars per share) 1.04 1.03 1.59 2.33
Dividends declared per common share (in dollars per share) $ 0.31 $ 0.31 $ 0.62 $ 0.62