v3.25.2
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
INTEREST INCOME        
Loans $ 29,785 $ 31,124 $ 59,769 $ 60,861
Taxable securities 1,433 1,534 2,619 2,991
Other interest income 831 762 2,498 2,000
Total interest income 32,049 33,420 64,886 65,852
INTEREST EXPENSE        
Savings, NOW and money market deposits 10,649 12,667 22,104 25,600
Time deposits 5,058 4,910 10,378 9,872
Borrowings 1,547 2,596 2,980 4,198
Total interest expense 17,254 20,173 35,462 39,670
Net interest income 14,795 13,247 29,424 26,182
Provision for credit losses 2,357 4,040 2,957 4,340
Net interest income after provision for credit losses 12,438 9,207 26,467 21,842
NON-INTEREST INCOME        
Total non-interest income 3,561 3,622 7,293 7,198
NON-INTEREST EXPENSE        
Salaries and employee benefits 7,003 6,499 14,235 12,061
Conversion expenses     3,180  
Occupancy and equipment 1,910 1,843 3,746 3,613
Data processing 508 495 1,101 1,013
Professional fees 878 717 1,665 1,535
Federal deposit insurance premiums 365 365 702 683
Other expenses 1,952 1,751 3,983 3,569
Total non-interest expense 12,616 11,670 28,612 22,474
Income before income tax expense 3,383 1,159 5,148 6,566
Income tax expense 940 315 1,184 1,661
NET INCOME $ 2,443 $ 844 $ 3,964 $ 4,905
Earnings per share:        
BASIC (in dollars per share) $ 0.33 $ 0.11 $ 0.53 $ 0.67
DILUTED (in dollars per share) $ 0.33 $ 0.11 $ 0.53 $ 0.66
Loan servicing and fee income        
NON-INTEREST INCOME        
Revenue from contracts with customers, not included within the scope of ASC 606 $ 1,083 $ 836 $ 2,164 $ 1,749
Service charges on deposit accounts        
NON-INTEREST INCOME        
Revenue from contracts with customers, not included within the scope of ASC 606 162 114 279 210
Gain on sale of loans held-for-sale        
NON-INTEREST INCOME        
Revenue from contracts with customers, not included within the scope of ASC 606 2,298 2,586 4,650 5,092
Gain on sale of securities available-for-sale        
NON-INTEREST INCOME        
Revenue from contracts with customers, not included within the scope of ASC 606   4   4
Other income        
NON-INTEREST INCOME        
Revenue from contracts with customers, not included within the scope of ASC 606 $ 18 $ 82 $ 200 $ 143