v3.26.1
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Interest income    
Interest and fees on loans $ 35,429 $ 31,885
Taxable debt securities 2,437 1,718
Tax-exempt debt securities 30 31
Federal Home Loan Bank dividends 426 185
Other interest income 716 706
Total interest income 39,038 34,525
Interest expense    
Interest on deposits 11,899 12,827
Interest on short-term borrowings 240 1,911
Interest on subordinated debentures 399 435
Total interest expense 12,538 15,173
Net interest income 26,500 19,352
Provision for credit losses 1,445 0
Net interest income after provision for credit losses 25,055 19,352
Non-interest income    
Service charges and fees 821 762
Foreign exchange income 363 220
Bank-owned life insurance income [1] 106 90
Warrant and success fee income [1] 3 0
Other investment income [1] (22) 47
Other income [2] 196 52
Total non-interest income 1,467 1,171
Non-interest expense    
Salaries and employee benefits 9,555 9,097
Legal and professional fees 1,188 511
Data processing 799 615
Occupancy and equipment 790 996
Regulatory assessments 566 544
Other operating expenses 1,184 1,079
Total non-interest expense 14,082 12,842
Income before provision for income taxes 12,440 7,681
Provision for income taxes 3,419 2,245
Net income $ 9,021 $ 5,436
Basic earnings per common share (in dollars per share) $ 0.85 $ 0.73
Diluted earnings per common share (in dollars per share) $ 0.84 $ 0.71
Weighted average shares - basic (in shares) 10,600,902 7,488,051
Weighted average shares - diluted (in shares) 10,773,884 7,682,884
[1] Not within the scope of ASC 606.
[2] The Other income category includes $101 thousand and $46 thousand of revenue within the scope of ASC 606 for the three months ended March 31, 2026 and 2025, respectively.