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Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest Income        
Loans, including fees $ 28,926 $ 26,885 $ 59,043 $ 52,237
Interest-bearing time deposits in other banks 246 62 499 111
Debt securities, taxable 951 701 1,963 1,407
Debt securities, tax-exempt 71 85 144 172
Other interest and dividend income 2,242 2,309 4,074 3,495
Total interest income 32,436 30,042 65,723 57,422
Interest Expense        
Deposits 11,204 9,544 22,481 16,918
Total interest expense 11,204 9,544 22,481 16,918
Net Interest Income 21,232 20,498 43,242 40,504
Provision for Credit Losses 0 1,011 0 1,485
Net Interest Income After Provision for Credit Losses 21,232 19,487 43,242 39,019
Noninterest Income        
Mortgage lending income 78 112 129 166
Loss on sales, prepayments, and calls of available-for-sale debt securities 0 (7) 0 (8)
Service charges on deposit accounts 260 199 509 434
Other 2,827 490 4,536 874
Total noninterest income 3,165 794 5,174 1,466
Noninterest Expense        
Salaries and employee benefits 5,118 4,709 10,407 9,389
Furniture and equipment 324 251 554 500
Occupancy 613 599 1,273 1,318
Data and item processing 481 469 939 856
Accounting, marketing and legal fees 264 179 364 478
Regulatory assessments 336 339 723 734
Advertising and public relations 83 52 229 200
Travel, lodging and entertainment 131 110 183 171
Other 1,792 669 3,606 1,381
Total noninterest expense 9,142 7,377 18,278 15,027
Income Before Taxes 15,255 12,904 30,138 25,458
Income tax expense 3,731 3,158 7,326 6,105
Net Income $ 11,524 $ 9,746 $ 22,812 $ 19,353
Earnings per common share - basic (in dollars per share) $ 1.25 $ 1.06 $ 2.47 $ 2.12
Earnings per common share - diluted (in dollars per share) $ 1.23 $ 1.05 $ 2.44 $ 2.09
Weighted average common shares outstanding - basic (in shares) 9,250,332 9,153,077 9,235,176 9,150,022
Weighted average common shares outstanding - diluted (in shares) 9,367,247 9,247,101 9,343,047 9,256,450
Other comprehensive income (loss)        
Unrealized gains (losses) on securities, net of tax expense of $123 and tax benefit $0 for the three months ended June 30, 2024 and 2023, respectively; net of tax expense of $123 and tax benefit of $554 for the six months ended June 30, 2024 and 2023, respectively $ (59) $ (1,169) $ 397 $ 586
Reclassification adjustment for realized losses included in net income net of tax of $0 and $2 for the three months ended June 30, 2024 and 2023, respectively; $0 and $2 for the six months ended June 30, 2024 and 2023, respectively 0 5 0 6
Other comprehensive income (loss) (59) (1,164) 397 592
Comprehensive Income $ 11,465 $ 8,582 $ 23,209 $ 19,945