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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and dividend income:        
Interest and fees on loans $ 14,951 $ 9,520 $ 28,648 $ 18,335
Interest on securities available for sale        
Taxable 2,811 2,007 5,853 3,436
Tax-exempt 740 1,079 1,529 2,108
Interest on deposits at other banks 213 47 247 84
Dividend income 266 106 521 200
Total interest and dividend income 18,981 12,759 36,798 24,163
Interest expense:        
Interest on deposits 4,114 308 6,958 560
Interest on borrowings 1,210 477 2,379 908
Total interest expense 5,324 785 9,337 1,468
Net interest income 13,657 11,974 27,461 22,695
Provision for credit losses 815 650 2,072 750
Net interest income after provision for credit losses 12,842 11,324 25,389 21,945
Other income:        
Trust and investment services income 674 628 1,459 1,299
Service fees 1,122 684 2,022 1,272
Commissions 917 952 1,812 1,821
(Losses) gains on the sale of debt securities, net (954) (1,364) 139
Losses on equity securities, net (106) (130) (302) (138)
Gains on sale of mortgages 204 328 326 1,063
Earnings on bank-owned life insurance 237 235 463 425
Other income 328 322 660 814
Total other income 2,422 3,019 5,076 6,695
Operating expenses:        
Salaries and employee benefits 7,901 6,707 15,356 13,219
Occupancy 860 694 1,596 1,412
Equipment 325 336 669 601
Advertising & marketing 412 295 686 574
Computer software & data processing 1,697 1,386 3,478 2,524
Shares tax 299 351 599 702
Professional services 843 633 1,507 1,263
Other expense 865 1,075 1,675 1,790
Total operating expenses 13,202 11,477 25,566 22,085
Income before income taxes 2,062 2,866 4,899 6,555
Provision for federal income taxes 265 308 661 806
Net income $ 1,797 $ 2,558 $ 4,238 $ 5,749
Earnings per share of common stock (in Dollars per share) $ 0.32 $ 0.46 $ 0.75 $ 1.03
Cash dividends paid per share (in Dollars per share) $ 0.17 $ 0.17 $ 0.34 $ 0.34
Weighted average shares outstanding (in Shares) 5,640,826 5,595,728 5,636,181 5,590,196