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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
INTEREST INCOME    
Interest-bearing deposits $ 420 $ 333
FHLB stock 280 331
Securities:    
Taxable 1,849 1,739
Tax-exempt 18 19
Total securities 1,867 1,758
Loans:    
SBA loans 1,333 1,404
SBA PPP loans 8 77
Commercial loans 20,830 17,401
Residential mortgage loans 9,219 8,109
Consumer loans 1,402 1,354
Residential construction loans 2,578 2,586
Total loans 35,370 30,931
Total interest income 37,937 33,353 CloseClose
INTEREST EXPENSE    
Interest-bearing demand deposits 1,710 965
Savings deposits 3,144 1,554
Brokered deposits 2,295 1,562
Time deposits 4,699 1,563
Borrowed funds and subordinated debentures 2,248 3,799
Total interest expense 14,096 9,443 Close
Net interest income 23,841 23,910 Close
Provision for credit losses, loans 641 108 CloseCloseCloseClose
Provision for credit losses, off-balance sheet 2   CloseCloseCloseClose
Net interest income after provision for credit losses 23,198 23,802 CloseCloseCloseClose
NONINTEREST INCOME     CloseCloseCloseClose
Gain on sale of SBA loans held for sale, net 238 309 CloseCloseCloseClose
Gain on sale of mortgage loans, net 320 244 CloseCloseCloseClose
BOLI income 65 80 CloseCloseCloseClose
Net security gains (losses) 54 (322) CloseCloseCloseClose
Other income 341 368 CloseCloseCloseClose
Total noninterest income 1,718 1,417 CloseCloseCloseCloseClose
NONINTEREST EXPENSE     CloseCloseCloseClose
Compensation and benefits 7,357 7,090 CloseCloseCloseClose
Processing and communications 906 804 CloseCloseCloseClose
Occupancy 798 770 CloseCloseCloseClose
Furniture and equipment 684 689 CloseCloseCloseClose
Professional services 436 427 CloseCloseCloseClose
Advertising 400 260 CloseCloseCloseClose
Loan related expenses 384 175 CloseCloseCloseClose
Deposit insurance 339 348 CloseCloseCloseClose
Director fees 247 217 CloseCloseCloseClose
Other expenses 581 648 CloseCloseCloseClose
Total noninterest expense 12,132 11,428 CloseCloseCloseCloseCloseCloseClose
Total Other Income Expenses 49559.0 49290.0 0.0 0.0 0.0 Close Close
Total Other Income Expenses 50837.0 49506.0 0.0 0.0 0.0 Close CloseClose
Total Other Income Expenses 49555.0 49290.0 0.0 0.0 0.0 Close CloseClose
Total Other Income Expenses 50841.0 49506.0 0.0 0.0 0 Close Close
Income before provision for income taxes 12,784 13,791 CloseCloseClose
Total NonInterest Income Expenses -10414.0 -10011.0 0.0 0 0 Close
Provision for income taxes 3,198 3,504 Close
Net income $ 9,586 $ 10,287 Close
Net income per common share - Basic $ 0.95 $ 0.98
Net income per common share - Diluted $ 0.93 $ 0.96
Weighted average common shares outstanding - Basic 10,127 10,538
Weighted average common shares outstanding - Diluted 10,276 10,686
Branch fee income    
NONINTEREST INCOME    
Noninterest income $ 243 $ 235
Service and loan fee income    
NONINTEREST INCOME    
Noninterest income $ 457 $ 503