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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 income        
Loans and fees on loans $ 8,259 $ 7,631 $ 24,092 $ 22,490
Interest-bearing deposits in banks 19 23 85 176
Federal funds sold 11 0 11 3
Interest on taxable securities 358 146 952 467
Interest on nontaxable securities 12 8 34 13
Dividends 8 12 66 80
Interest and Dividend Income, Operating, Total 8,667 7,820 25,240 23,229
Interest expense        
Deposits 556 848 1,857 2,508
Interest on borrowings 21 26 62 71
Interest Expense, Total 577 874 1,919 2,579
Net interest income 8,090 6,946 23,321 20,650
Provision for loan losses 219 291 576 1,027
Net interest income after provision for loan losses 7,871 6,655 22,745 19,623
Noninterest income        
Net realized gains on securities 265 103 265 315
Increase in cash value of life insurance 108 108 324 324
Other income 53 85 387 205
Noninterest Income, Total 1,813 1,397 4,842 4,026
Noninterest expenses        
Salaries and employee benefits 3,645 3,590 10,812 10,651
Occupancy and equipment 907 852 2,696 2,410
Foreclosed asset expense, net 1 2 1 2
Data processing expense 468 450 1,434 1,333
FDIC Assessments 76 60 229 135
Advertising 172 192 473 482
Bank franchise tax 126 133 379 365
Director fees 58 79 205 210
Professional fees 107 128 455 375
Telephone expense 100 101 298 284
Core deposit intangible amortization 134 163 461 548
Other expense 489 529 1,542 1,632
Noninterest Expense, Total 6,283 6,279 18,985 18,427
Net income before income taxes 3,401 1,773 8,602 5,222
Income tax expense 701 358 1,753 1,034
Net income $ 2,700 $ 1,415 $ 6,849 $ 4,188
Net income per share (in dollars per share) $ 0.45 $ 0.23 $ 1.14 $ 0.69
Weighted average shares outstanding (in shares) 6,003,504 6,060,775 6,028,449 6,082,950
Dividends declared per share (in dollars per share) $ 0.14 $ 0.13 $ 0.27 $ 0.26
Deposit Account [Member]        
Noninterest income        
Revenue from Contract with Customer, Including Assessed Tax $ 444 $ 354 $ 1,071 $ 1,044
Financial Service, Other [Member]        
Noninterest income        
Revenue from Contract with Customer, Including Assessed Tax 668 562 1,934 1,572
Mortgage Banking [Member]        
Noninterest income        
Revenue from Contract with Customer, Including Assessed Tax $ 275 $ 185 $ 861 $ 566