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CONSOLIDATED CONDENSED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INTEREST INCOME:        
Interest and fees on loans $ 16,763 $ 14,548 $ 32,906 $ 28,334
With a readily determinable fair value 8 14 25 26
Without a readily determinable fair value 30 5 50 10
Taxable 1,323 1,254 2,666 2,349
Non-taxable 174 188 350 377
Other investments 405 199 624 234
TOTAL INTEREST INCOME 18,703 16,208 36,621 31,330
INTEREST EXPENSE:        
Interest on deposits 3,335 775 5,791 1,514
Interest on short-term borrowings 1,008 163 2,312 249
Interest on long-term debt 183 103 399 177
TOTAL INTEREST EXPENSE 4,526 1,041 8,502 1,940
NET INTEREST INCOME 14,177 15,167 28,119 29,390
Provision for (recovery of) credit losses 30 377 (27) 426
NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) CREDIT LOSSES 14,147 14,790 28,146 28,964
NON-INTEREST INCOME:        
Bank-owned life insurance income 277 269 548 534
Gains from sales of loans 3 64 9 188
Other operating income 134 6 216 66
TOTAL NON-INTEREST INCOME 3,646 3,528 7,227 7,078
NON-INTEREST EXPENSE:        
Salaries and employee benefits 7,061 7,014 14,410 14,229
Equipment expenses 417 428 778 836
Occupancy expense, net 599 735 1,562 1,510
State financial institutions tax 396 437 793 873
Marketing 320 368 512 630
Amortization of intangibles 112 112 223 252
FDIC insurance premiums, net 224 134 439 260
Contracted services 666 679 1,307 1,289
Profit (Loss) from Real Estate Operations 1 (879) 2 (879)
Other non-interest expense 1,867 2,441 4,137 4,719
TOTAL NON-INTEREST EXPENSE 12,078 11,469 24,603 23,719
INCOME BEFORE INCOME TAXES 5,715 6,849 10,770 12,323
PROVISION FOR INCOME TAXES 1,021 1,231 1,919 2,182
NET INCOME $ 4,694 $ 5,618 $ 8,851 $ 10,141
Dividends declared per common share (usd per share) $ 0.21 $ 0.20 $ 0.42 $ 0.40
Earnings per common share:        
Basic (usd per share) 0.42 0.49 0.79 0.87
Diluted (usd per share) $ 0.42 $ 0.49 $ 0.79 $ 0.87
Weighted average common shares outstanding:        
Basic (in shares) 11,056,308 11,337,805 11,122,371 11,576,873
Diluted (in shares) 11,056,308 11,337,805 11,122,371 11,576,873
Merger-related expenses $ 415 $ 0 $ 440 $ 0
Fiduciary and Trust        
NON-INTEREST INCOME:        
Revenue from Contract with Customer, Excluding Assessed Tax 1,787 1,643 3,527 3,338
Deposit Account        
NON-INTEREST INCOME:        
Revenue from Contract with Customer, Excluding Assessed Tax $ 1,445 $ 1,546 $ 2,927 $ 2,952