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Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest and fees on loans:        
Taxable $ 22,009 $ 20,029 $ 42,862 $ 40,929
Tax-exempt 1,218 965 2,379 1,835
Interest and dividends on investment securities:        
Taxable 2,108 1,276 4,080 2,519
Tax-exempt 515 411 1,025 801
Dividends 2 25 2 48
Interest on interest-bearing deposits in other banks 18 2 20 4
Interest on federal funds sold 22 55 95 104
Total interest income 25,892 22,763 50,463 46,240
Interest expense:        
Interest on deposits 1,597 1,941 3,065 4,033
Interest on short-term borrowings 122 6 122 77
Interest on long-term debt 23 82 51 185
Interest on subordinated debt 443 444 887 887
Total interest expense 2,185 2,473 4,125 5,182
Net interest income 23,707 20,290 46,338 41,058
Provision (credit) for loan losses 950 100 1,250 (400)
Net interest income after provision for loan losses 22,757 20,190 45,088 41,458
Noninterest income:        
Mortgage banking income 128 208 272 520
Increase in cash surrender value of life insurance 244 225 462 444
Interest rate swap revenue 284 (132) 627 665
Net (loss) gain on equity investment securities (23) (17) (19) 4
Total noninterest income 3,881 3,387 7,302 6,904
Noninterest expense:        
Salaries and employee benefits expense 7,851 7,250 15,891 13,820
Net occupancy and equipment expense 3,950 3,047 7,775 6,314
Amortization of intangible assets 97 125 193 250
Net gain on sale of other real estate owned (20) (29) (478) (75)
Professional fees and outside services 766 569 1,236 1,016
FDIC insurance and assessments 319 271 645 531
Donations 331 379 665 718
Other expenses 2,199 1,846 3,855 3,513
Total noninterest expense 15,493 13,458 29,782 26,087
Income before income taxes 11,145 10,119 22,608 22,275
Income tax expense 1,792 1,588 3,625 4,266
Net income 9,353 8,531 18,983 18,009
Other comprehensive loss:        
Unrealized loss on investment securities available-for-sale (18,669) 2,470 (51,281) (5,279)
Change in derivative fair value (201) (135) (694) 106
Other comprehensive loss (18,870) 2,335 (51,975) (5,173)
Income tax benefit (3,963) 490 (10,915) (1,087)
Other comprehensive loss, net of income taxes (14,907) 1,845 (41,060) (4,086)
Comprehensive (loss) income $ (5,554) $ 10,376 $ (22,077) $ 13,923
Net income:        
Basic $ 1.30 $ 1.18 $ 2.65 $ 2.50
Diluted $ 1.30 $ 1.18 $ 2.63 $ 2.49
Average common shares outstanding:        
Basic 7,171,909 7,204,261 7,172,181 7,207,588
Diluted 7,215,365 7,239,325 7,215,890 7,242,652
Dividends declared $ 0.39 $ 0.37 $ 0.78 $ 0.74
Service charges, fees and commissions        
Noninterest income:        
Revenue from contracts with customers $ 1,761 $ 1,625 $ 3,453 $ 2,809
Merchant services income        
Noninterest income:        
Revenue from contracts with customers 562 508 676 601
Commission and fees on fiduciary activities        
Noninterest income:        
Revenue from contracts with customers 551 553 1,106 1,086
Wealth management income        
Noninterest income:        
Revenue from contracts with customers $ 374 $ 417 $ 725 $ 775