v3.25.2
Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
INTEREST INCOME        
Interest-bearing deposits $ 487 $ 435 $ 819 $ 855
FHLB stock 130 180 312 460
Securities:        
Taxable 1,735 1,749 3,521 3,598
Tax-exempt 17 17 35 35
Total securities 1,752 1,766 3,556 3,633
Loans:        
SBA loans 856 1,287 1,790 2,628
Commercial loans 25,736 21,160 49,996 41,990
Residential mortgage loans 10,390 9,316 20,337 18,535
Consumer loans 1,491 1,390 2,837 2,792
Residential construction loans 1,758 2,453 3,754 5,031
Total loans 40,231 35,606 78,714 70,976
Total interest income 42,600 37,987 83,401 75,924
INTEREST EXPENSE        
Interest-bearing demand deposits 1,898 2,010 3,520 3,720
Savings deposits 2,718 3,349 5,311 6,493
Brokered deposits 1,786 2,181 3,573 4,476
Time deposits 6,560 5,832 12,975 10,531
Borrowed funds and subordinated debentures 1,081 1,191 2,214 3,439
Total interest expense 14,043 14,563 27,593 28,659
Net interest income 28,557 23,424 55,808 47,265
Provision for credit losses, loans 1,725 266 3,083 907
Provision for credit losses, off-balance sheet 136 13 95 15
(Release) Provision for credit losses, securities (2,036) 646 (2,036) 646
Net interest income after provision for credit losses 28,732 22,499 54,666 45,697
NONINTEREST INCOME        
Gain on sale of SBA loans held for sale, net 163 305 302 543
Gain on sale of mortgage loans, net 435 266 603 586
BOLI income 183 189 334 254
Net security gains 3,600 20 3,551 74
Other income 433 520 814 861
Total noninterest income 5,815 2,033 7,916 3,751
NONINTEREST EXPENSE        
Compensation and benefits 8,160 7,121 16,062 14,478
Processing and communications 980 840 1,966 1,746
Occupancy 809 815 1,689 1,613
Furniture and equipment 787 819 1,533 1,503
Professional services 350 405 714 841
Advertising 456 397 847 797
Loan related expenses 265 351 311 735
Deposit insurance 313 321 554 660
Director fees 265 231 760 478
Other expenses 634 680 1,194 1,261
Total noninterest expense 13,019 11,980 25,630 24,112
Income before provision for income taxes 21,528 12,552 36,952 25,336
Provision for income taxes 5,037 3,098 8,863 6,296
Net income $ 16,491 $ 9,454 $ 28,089 $ 19,040
Net income per common share - Basic $ 1.64 $ 0.94 $ 2.79 $ 1.89
Net income per common share - Diluted $ 1.61 $ 0.93 $ 2.74 $ 1.86
Weighted average common shares outstanding - Basic 10,033 10,016 10,043 10,072
Weighted average common shares outstanding - Diluted 10,212 10,149 10,229 10,212
Branch fee income        
NONINTEREST INCOME        
Noninterest income $ 465 $ 266 $ 912 $ 509
Service and loan fee income        
NONINTEREST INCOME        
Noninterest income $ 536 $ 467 $ 1,400 $ 924