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CONSOLIDATED CONDENSED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
INTEREST INCOME:        
Interest and fees on loans $ 17,875 $ 15,026 $ 50,781 $ 43,360
With a readily determinable fair value 9 14 34 40
Without a readily determinable fair value 29 6 79 16
Taxable 1,296 1,323 3,962 3,672
Non-taxable 173 190 523 567
Other investments 286 145 910 379
TOTAL INTEREST INCOME 19,668 16,704 56,289 48,034
INTEREST EXPENSE:        
Interest on deposits 4,426 979 10,217 2,493
Interest on short-term borrowings 830 71 3,142 320
Interest on long-term debt 841 210 1,240 387
TOTAL INTEREST EXPENSE 6,097 1,260 14,599 3,200
NET INTEREST INCOME 13,571 15,444 41,690 44,834
Provision for (recovery of) credit losses (114) (157) (141) 269
NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) CREDIT LOSSES 13,685 15,601 41,831 44,565
NON-INTEREST INCOME:        
Bank-owned life insurance income 282 269 830 803
Gains from sales of loans 29 0 38 188
Other operating income 134 93 350 159
TOTAL NON-INTEREST INCOME 3,578 3,581 10,805 10,659
NON-INTEREST EXPENSE:        
Salaries and employee benefits 7,044 7,062 21,454 21,291
Equipment expenses 397 398 1,175 1,234
Occupancy expense, net 805 790 2,367 2,300
State financial institutions tax 396 439 1,189 1,312
Marketing 223 215 735 845
Amortization of intangibles 113 113 336 365
FDIC insurance premiums, net 224 137 663 397
Contracted services 671 613 1,978 1,902
Profit (Loss) from Real Estate Operations 1 5 3 (874)
Other non-interest expense 2,068 2,578 6,205 7,297
TOTAL NON-INTEREST EXPENSE 12,244 12,350 36,847 36,069
INCOME BEFORE INCOME TAXES 5,019 6,832 15,789 19,155
PROVISION FOR INCOME TAXES 949 1,253 2,868 3,435
NET INCOME $ 4,070 $ 5,579 $ 12,921 $ 15,720
Dividends declared per common share (usd per share) $ 0.21 $ 0.20 $ 0.63 $ 0.60
Earnings per common share:        
Basic (usd per share) 0.37 0.49 1.16 1.36
Diluted (usd per share) $ 0.37 $ 0.49 $ 1.16 $ 1.36
Weighted average common shares outstanding:        
Basic (in shares) 11,038,720 11,284,225 11,094,185 11,478,256
Diluted (in shares) 11,038,720 11,284,225 11,094,185 11,478,256
Merger-related expenses $ 302 $ 0 $ 742 $ 0
Fiduciary and Trust        
NON-INTEREST INCOME:        
Revenue from Contract with Customer, Excluding Assessed Tax 1,736 1,513 5,263 4,851
Deposit Account        
NON-INTEREST INCOME:        
Revenue from Contract with Customer, Excluding Assessed Tax $ 1,397 $ 1,706 $ 4,324 $ 4,658