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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - 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 $ 17,378 $ 13,748 $ 49,281 $ 41,409
Federal funds sold 136 133 535 143
Other interest-bearing deposits 50 64 165 442
Investment securities:        
Taxable 1,414 2,848 5,349 8,674
Tax exempt 326 327 979 983
Dividends 102 94 320 265
Total interest and dividend income 19,406 17,214 56,629 51,916
Interest expense:        
Demand deposits 66 78 205 273
Money market and savings deposits 2,990 2,739 8,864 6,709
Certificates and other time deposits 3,915 2,685 11,947 5,109
Borrowings 313 505 1,187 1,271
Federal funds purchased 9 21 25 112
Junior subordinated debt 89 86 260 226
Total interest expense 7,382 6,114 22,488 13,700
Net interest income 12,024 11,100 34,141 38,216
Recovery of credit losses (114) (73) (474) (60)
Net interest income after recovery of credit losses 12,138 11,173 34,615 38,276
Noninterest income:        
Wealth management fees 239 419 905 1,220
Deposit account fees 317 404 1,042 1,204
Debit/credit card and ATM fees 474 535 1,485 1,742
Bank owned life insurance income 294 981 858 1,494
Gains on sale of assets   132 36 132
Gain on early redemption of debt     379  
Gain on termination of interest swap       460
Loss on sales of AFS, net     (4) (206)
Other 128 173 620 919
Total noninterest income 1,452 2,644 5,321 6,965
Noninterest expense:        
Salaries and employee benefits 3,769 3,936 11,771 12,049
Net occupancy 919 991 2,756 3,099
Equipment 176 195 514 589
Bank franchise tax 366 292 1,051 929
Computer software 219 185 703 590
Data processing 707 623 2,025 2,171
FDIC deposit insurance assessment 125 220 500 540
Marketing, advertising and promotion 166 262 571 912
Professional fees 189 202 631 592
Core deposit intangible amortization 319 368 994 1,138
Other 988 1,066 3,368 3,156
Total noninterest expense 7,943 8,340 24,884 25,765
Income before income taxes 5,647 5,477 15,052 19,476
Provision for income taxes 1,047 824 2,647 3,381
Net income $ 4,600 $ 4,653 $ 12,405 $ 16,095
Net income per common share, basic $ 0.86 $ 0.87 $ 2.31 $ 3
Net income per common share, diluted $ 0.85 $ 0.86 $ 2.3 $ 2.99
Weighted average common shares outstanding, basic 5,370,912 5,365,982 5,371,616 5,354,086
Weighted average common shares outstanding, diluted 5,396,936 5,395,483 5,387,537 5,382,145