XML 10 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest and dividend income:        
Loans, including fees $ 16,242 $ 14,894 $ 31,903 $ 27,661
Federal funds sold 160 10 399 10
Other interest-bearing deposits 58 119 115 378
Investment securities:        
Taxable 1,776 2,876 3,935 5,826
Tax exempt 327 329 653 656
Dividends 100 104 218 171
Total interest and dividend income 18,663 18,332 37,223 34,702
Interest expense:        
Demand deposits 68 106 139 195
Money market and savings deposits 2,952 2,197 5,874 3,970
Certificates and other time deposits 3,982 1,776 8,032 2,424
Interest expense borrowings 388 439 874 766
Federal funds purchased 9 32 16 91
Junior subordinated debt 83 79 171 140
Total interest expense 7,482 4,629 15,106 7,586
Net interest income 11,181 13,703 22,117 27,116
Provision for (recovery of) credit losses (338) 261 (360) 13
Net interest income after provision for (recovery of) credit losses 11,519 13,442 22,477 27,103
Noninterest income:        
Wealth management fees 240 397 666 801
Deposit account fees 338 399 725 800
Debit/credit card and ATM fees 523 636 1,011 1,207
Bank owned life insurance income 289 261 564 513
Gains (losses) on sale of assets (3)   36  
Gain on early redemption of debt     379  
Gain on termination of interest swap       460
Loss on sales of AFS, net     (4) (206)
Other 304 352 492 746
Total noninterest income 1,691 2,045 3,869 4,321
Noninterest expense:        
Salaries and employee benefits 3,850 4,062 8,002 8,113
Net occupancy 865 929 1,837 2,108
Equipment 167 176 338 394
Bank franchise tax 345 313 685 637
Computer software 276 203 484 405
Data processing 579 806 1,318 1,548
FDIC deposit insurance assessment 180 220 375 320
Marketing, advertising and promotion 157 275 405 650
Professional fees 190 198 442 390
Core deposit intangible amortization 332 379 675 770
Other 1,181 1,003 2,380 2,090
Total noninterest expense 8,122 8,564 16,941 17,425
Income before income taxes 5,088 6,923 9,405 13,999
Provision for income taxes 929 1,272 1,600 2,557
Net income $ 4,159 $ 5,651 $ 7,805 $ 11,442
Net income per common share, basic $ 0.77 $ 1.05 $ 1.45 $ 2.14
Net income per common share, diluted $ 0.77 $ 1.05 $ 1.45 $ 2.13
Weighted average common shares outstanding, basic 5,377,055 5,357,873 5,371,972 5,348,040
Weighted average common shares outstanding, diluted 5,385,770 5,375,073 5,382,980 5,375,545