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        
Interest and fees on loans $ 18,485 $ 16,881 $ 35,640 $ 32,916
Interest on securities 390 97 780 198
Other interest income 867 1,444 1,858 2,953
Total interest income 19,742 18,422 38,278 36,067
Interest expense        
Interest on deposits 5,014 3,807 9,270 7,446
Total interest expense 5,014 3,807 9,270 7,446
Net interest income 14,728 14,615 29,008 28,621
Provision for credit losses 4,726 2,385 8,062 5,539
Net interest income after provision for credit losses 10,002 12,230 20,946 23,082
Non-interest income        
Strategic Program fees 5,404 4,035 10,366 8,000
Gain on sale of loans, net 1,483 356 2,329 771
SBA loan servicing fees, net (96) 204 82 870
Change in fair value on investment in BFG 300 (200) 700 (325)
Credit enhancement income 2,275 39 2,360 39
Other miscellaneous income 971 732 2,310 1,473
Total non-interest income 10,337 5,166 18,147 10,828
Non-interest expense        
Salaries and employee benefits 10,491 8,609 20,317 16,171
Professional services 949 1,282 1,856 2,849
Occupancy and equipment expenses 445 556 988 1,100
Credit enhancement expense 78 0 89 0
Other operating expenses 2,949 2,771 5,980 5,103
Total non-interest expense 14,912 13,218 29,230 25,223
Income before income taxes 5,427 4,178 9,863 8,687
Provision for income taxes 1,330 998 2,577 2,192
Net income $ 4,097 $ 3,180 $ 7,286 $ 6,495
Earnings per share, basic (in dollars per share) $ 0.31 $ 0.25 $ 0.55 $ 0.51
Earnings per share, diluted (in dollars per share) $ 0.29 $ 0.24 $ 0.52 $ 0.49
Weighted average shares outstanding, basic (in shares) 12,781,508 12,627,800 12,749,012 12,565,124
Weighted average shares outstanding, diluted (in shares) 13,472,394 13,109,708 13,486,153 13,060,783