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Consolidated Statements of Income - 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        
Interest and fees on loans $ 23,360 $ 21,005 $ 46,983 $ 41,430
Interest on investment securities, taxable 1,194 2,140 2,463 4,391
Interest on investment securities, tax-exempt 9 15 18 34
Dividends 84 70 166 145
Interest on deposits in banks 2,144 1,225 4,080 1,908
Total interest and dividend income 26,791 24,455 53,710 47,908
Interest Expense        
Deposits 13,450 11,759 27,381 20,318
Federal funds purchased     2 9
Federal Home Loan Bank advances       67
Federal Reserve Bank borrowings 911 338 1,804 338
Subordinated debt 349 349 698 698
Total interest expense 14,710 12,446 29,885 21,430
Net Interest Income 12,081 12,009 23,825 26,478
Recovery of credit losses (292) (868) (1,068) (1,642)
Net interest income after recovery of credit losses 12,373 12,877 24,893 28,120
Non-interest Income        
Service charges on deposit accounts 88 82 176 154
Bank owned life insurance   101   201
Other service charges and fees 165 314 314 517
Losses on sale of available-for-sale securities       (202)
Insurance commissions 40 50 292 256
Gain on sale of government guaranteed loans 216 23 349 23
Non-qualified deferred compensation plan asset gains, net 35 83 159 172
Other income 11 32 83 130
Total non-interest income 555 685 1,373 1,251
Non-interest Expenses        
Salaries and employee benefits 4,875 4,965 9,685 9,877
Occupancy expense of premises 448 448 899 918
Furniture and equipment expenses 301 304 598 600
Other operating expenses 2,285 2,114 4,651 4,206
Total non-interest expenses 7,909 7,831 15,833 15,601
Income before income taxes 5,019 5,731 10,433 13,770
Income Tax Expense 1,114 1,241 2,324 2,976
Net income $ 3,905 $ 4,490 $ 8,109 $ 10,794
Earnings per share, basic $ 0.27 $ 0.32 $ 0.57 $ 0.76
Earnings per share, diluted $ 0.27 $ 0.32 $ 0.57 $ 0.76