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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest income    
Interest and fees on loans and leases $ 14,565 $ 10,102
Interest and dividends on securities:    
Taxable 3,077 2,390
Tax-exempt 587 612
Dividends 273 78
Total interest and dividends on securities 3,937 3,080
Interest on interest-bearing deposits in other banks 177 7
Total interest income 18,679 13,189
Interest expense    
Interest on deposits 4,377 324
Interest on borrowed funds:    
Federal Home Loan Bank of Pittsburgh advances 2,551 31
Junior subordinated debentures 166 51
Total interest on borrowed funds 2,717 82
Total interest expense 7,094 406
Net interest income before provision for credit losses 11,585 12,783
Provision for credit losses 975 759
Net interest income after provision for credit losses 10,610 12,024
Non-interest income    
Deposit service charges 1,064 1,050
Net gain on the sale of available-for-sale debt securities 162 0
Net loss on equity securities (508) (125)
Net gain on the sale of mortgage loans held for sale 1 0
Loan-related fees 119 57
Income from bank-owned life insurance 197 145
Merchant services revenue 161 199
Wealth management services revenue 238 121
Other 237 343
Total non-interest income 1,671 1,790
Non-interest expense    
Salaries and employee benefits 5,395 4,658
Occupancy expense 521 548
Equipment expense 272 324
Advertising expense 209 132
Data processing expense 998 1,063
Regulatory assessments 213 225
Bank shares tax 149 341
Professional fees 302 327
(Credit) provision for unfunded commitments (269) 48
Other operating expenses 1,131 878
Total non-interest expense 8,921 8,544
Income before income tax expense 3,360 5,270
Income tax expense 697 917
Net income $ 2,663 $ 4,353
Earnings per share    
Basic (in dollars per share) $ 0.14 $ 0.22
Diluted (in dollars per share) 0.14 0.22
Cash dividends declared per common share (in dollars per share) $ 0.090 $ 0.075
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:    
Basic (in shares) 19,682,357 19,935,288
Diluted (in shares) 19,690,859 19,972,113