Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Income

v3.25.3
Condensed Consolidated Statements of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Interest income:        
Loans receivable $ 20,246 $ 19,660 $ 59,841 $ 57,713
Securities 2,091 2,138 6,332 6,524
Other interest earning assets 1,003 674 2,178 2,346
Total interest income 23,340 22,472 68,351 66,583
Interest expense:        
Deposits 7,996 8,946 23,821 26,350
Repurchase agreements 392 435 1,110 1,204
Borrowed funds 509 1,085 1,719 3,189
Total interest expense 8,897 10,466 26,650 30,743
Net interest income 14,443 12,006 41,701 35,840
Provision for (benefit from) credit losses (301) 0 (121) 76
Net interest income after provision for credit losses 14,744 12,006 41,822 35,764
Non-interest income:        
Fees and service charges 1,463 1,463 3,902 3,873
Wealth management operations 759 731 2,074 2,127
Gain (loss) on tax credit investment 23 0 90 0
Gain (loss) on sale of loans held-for-sale, net 265 338 873 810
Gain (loss) on sale of securities, net 0 0 0 (531)
Increase (decrease) in cash value of bank owned life insurance 210 205 628 610
Gain (loss) on sale of real estate (56) 0 (56) 11,873
Other 249 130 314 154
Total non-interest income 2,913 2,867 7,825 18,916
Non-interest expense:        
Compensation and benefits 7,330 6,963 22,015 21,109
Occupancy and equipment 2,004 2,181 6,050 6,205
Data processing 1,116 1,165 3,496 3,470
Marketing 257 209 557 579
Federal deposit insurance premiums 399 435 1,303 1,333
Professional and outside services 945 1,251 3,320 4,064
Technology 549 602 1,548 1,734
Other 1,497 1,668 5,066 5,401
Total non-interest expense 14,097 14,474 43,355 43,895
Income before income tax expense 3,560 399 6,292 10,785
Income tax expense (benefit) 63 (207) 189 756
Net income $ 3,497 $ 606 $ 6,103 $ 10,029
Earnings per common share:        
Basic (in dollars per share) $ 0.82 $ 0.14 $ 1.43 $ 2.35
Diluted (in dollars per share) 0.81 0.14 1.42 2.35
Dividends declared per common share (in dollars per share) $ 0.12 $ 0.12 $ 0.24 $ 0.36