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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest and dividend income:        
Loans, including fees $ 11,024 $ 12,957 $ 32,403 $ 31,904
Federal funds sold 299 45 662 78
Other interest-bearing deposits 618 55 973 94
Investment securities:        
Taxable 2,626 742 5,300 2,006
Tax exempt 313 280 925 729
Dividends 66 55 192 121
Total interest and dividend income 14,946 14,134 40,455 34,932
Interest expense:        
Demand and savings deposits 471 673 1,645 1,598
Certificates and other time deposits 147 282 499 886
Borrowings 51 (325) 148 (181)
Total interest expense 669 630 2,292 2,303
Net interest income 14,277 13,504 38,163 32,629
Provision for (recovery of) loan losses 39 267 (30) 477
Net interest income after provision for (recovery of) loan losses 14,238 13,237 38,193 32,152
Noninterest income:        
Wealth management fees 590 744 1,719 2,053
Advisory and brokerage income 213 358 639 908
Deposit account fees 443 396 1,366 982
Debit/credit card and ATM fees 660 808 2,146 1,561
Bank owned life insurance income 252 201 709 507
Resolution of commercial dispute     2,400  
Gains on sale of assets 4   1,117  
Other 138 971 637 1,426
Total noninterest income 2,300 3,478 10,733 7,437
Noninterest expense:        
Salaries and employee benefits 4,252 4,562 13,069 11,705
Net occupancy 1,318 1,039 3,797 2,643
Equipment 249 205 786 661
Bank franchise tax 304 320 912 922
Computer software 287 361 907 744
Data processing 712 1,114 2,149 2,397
FDIC deposit insurance assessment 70 349 421 594
Marketing, advertising and promotion 347 337 873 706
Merger and merger-related expenses   1,935   8,087
Debit/credit card and ATM expenses 91 212 322 589
Professional fees 310 186 1,051 873
Core deposit intangible amortization 415 417 1,281 845
Other 1,148 1,787 3,472 2,832
Total noninterest expense 9,503 12,824 29,040 33,598
Income (loss) before income taxes 7,035 3,891 19,886 5,991
Provision for income taxes 1,263 753 3,505 1,201
Net income (loss) $ 5,772 $ 3,138 $ 16,381 $ 4,790
Net income per common share, basic $ 1.08 $ 0.59 $ 3.08 $ 1.08
Net income per common share, diluted $ 1.08 $ 0.59 $ 3.06 $ 1.07
Weighted average common shares outstanding, basic 5,326,543 5,306,370 5,321,652 4,453,303
Weighted average common shares outstanding, diluted 5,348,900 5,338,872 5,347,878 4,478,779