Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.23.1
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest income:    
Loans receivable $ 17,626 $ 13,286
Securities 2,303 2,597
Other interest earning assets 207 11
Total interest income 20,136 15,894
Interest expense:    
Deposits 4,087 337
Repurchase agreements 121 16
Borrowed funds 1,260 6
Total interest expense 5,468 359
Net interest income 14,668 15,535
Provision for credit losses (1) [1] 488 0
Net interest income after provision for credit losses 14,180 15,535
Noninterest income:    
Fees and service charges 1,311 1,304
Wealth management operations 614 607
Gain on sale of loans held-for-sale, net 263 595
Increase in cash value of bank owned life insurance 179 252
Gain on sale of securities, net 0 381
Other 241 5
Total noninterest income 2,608 3,144
Noninterest expense:    
Compensation and benefits 7,538 7,367
Occupancy and equipment 1,690 1,500
Data processing 973 3,054
Federal deposit insurance premiums 465 219
Marketing 255 651
Other 3,306 3,478
Total noninterest expense 14,227 16,269
Income before income tax expenses 2,561 2,410
Income tax expenses 321 275
Net income $ 2,240 $ 2,135
Earnings per common share:    
Basic (in dollars per share) $ 0.52 $ 0.53
Diluted (in dollars per share) 0.51 0.53
Dividends declared per common share (in dollars per share) $ 0.31 $ 0.31
[1] See note 3 regarding adoption of ASC 326