XML 15 R4.htm IDEA: XBRL DOCUMENT v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and dividend income:        
Loans, including fees $ 35,353 $ 34,141 $ 105,767 $ 99,804
Loans accounted for under the fair value option 141 300 518 1,078
Investment securities 708 607 1,962 1,863
Interest-bearing deposits in other financial institutions 1,754 1,292 5,961 4,361
Dividends, restricted stock 134 141 334 459
Total interest and dividend income 38,090 36,481 114,542 107,565
Interest expense:        
Deposits 21,150 17,467 62,620 46,423
Other borrowed funds 1,372 2,248 4,506 6,368
Total interest expense 22,522 19,715 67,126 52,791
Net interest income 15,568 16,766 47,416 54,774
Less: Provision for credit losses 501 329 2,907 1,862
Net interest income, after provision for credit losses 15,067 16,437 44,509 52,912
Non-interest income:        
Trust and investment management fees 4,728 4,846 14,533 14,083
Net gain on mortgage loans 1,451 654 4,535 2,447
Net gain (loss) on loans held for sale 0 0 117 (178)
Bank fees 392 427 1,610 1,610
Risk management and insurance fees 367 145 525 375
Income on company-owned life insurance 108 96 319 277
Net loss on loans accounted for under the fair value option (233) (252) (850) (1,919)
Unrealized gain (loss) recognized on equity securities 24 (19) 16 (20)
Other 135 202 416 (808)
Total non-interest income 6,972 6,099 21,221 15,867
Total income before non-interest expense 22,039 22,536 65,730 68,779
Non-interest expense:        
Salaries and employee benefits 11,439 10,968 33,803 35,214
Occupancy and equipment 2,126 1,807 6,182 5,660
Professional services 1,893 1,867 6,130 5,648
Technology and information systems 1,045 906 3,097 2,569
Data processing 1,101 1,159 3,150 3,350
Marketing 374 355 811 1,125
Amortization of other intangible assets 57 62 170 188
Other 1,333 1,190 4,722 3,607
Total non-interest expense 19,368 18,314 58,065 57,361
Income before income taxes 2,671 4,222 7,665 11,418
Income tax expense 537 1,104 1,940 2,974
Net income available to common shareholders $ 2,134 $ 3,118 $ 5,725 $ 8,444
Earnings per common share:        
Basic (in USD per share) $ 0.22 $ 0.33 $ 0.59 $ 0.89
Diluted (in USD per share) $ 0.22 $ 0.32 $ 0.59 $ 0.87