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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest and dividend income:        
Interest and fees on loans $ 8,986 $ 8,617 $ 25,541 $ 25,705
Interest on securities available for sale        
Taxable 1,301 920 3,611 3,207
Tax-exempt 1,015 690 2,977 1,899
Interest on deposits at other banks 17 31 59 112
Dividend income 98 129 295 419
Total interest and dividend income 11,417 10,387 32,483 31,342
Interest expense:        
Interest on deposits 278 430 877 1,782
Interest on borrowings 511 415 1,569 1,333
Total interest expense 789 845 2,446 3,115
Net interest income 10,628 9,542 30,037 28,227
(Credit) provision for loan losses (250) 1,250 125 2,575
Net interest income after (credit) provision for loan losses 10,878 8,292 29,912 25,652
Other income:        
Trust and investment services income 540 442 1,746 1,480
Service fees 618 701 1,917 2,015
Commissions 945 781 2,761 2,116
Gains on the sale of debt securities, net 350 55 711 704
Gains (losses) on equity securities, net 32 (54) 256 (279)
Gains on sale of mortgages 1,206 2,081 4,381 4,312
Earnings on bank-owned life insurance 218 209 636 620
Other income 230 159 1,126 241
Total other income 4,139 4,374 13,534 11,209
Operating expenses:        
Salaries and employee benefits 6,142 5,860 17,800 16,522
Occupancy 654 598 1,972 1,805
Equipment 255 298 806 904
Advertising & marketing 282 184 717 676
Computer software & data processing 1,097 835 3,297 2,309
Shares tax 322 239 876 718
Professional services 535 549 1,572 1,679
Other expense 831 635 1,961 1,939
Total operating expenses 10,118 9,198 29,001 26,552
Income before income taxes 4,899 3,468 14,445 10,309
Provision for federal income taxes 760 533 2,251 1,610
Net income $ 4,139 $ 2,935 $ 12,194 $ 8,699
Earnings per share of common stock $ 0.74 $ 0.53 $ 2.19 $ 1.56
Cash dividends paid per share $ 0.17 $ 0.16 $ 0.50 $ 0.48
Weighted average shares outstanding 5,570,416 5,564,158 5,565,777 5,591,027