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Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest Income        
Loans, including fees $ 30,791 $ 28,880 $ 89,834 $ 81,117
Interest-bearing time deposits in other banks 177 159 675 270
Debt securities, taxable 303 699 2,266 2,106
Debt securities, tax-exempt 69 81 214 253
Other interest and dividend income 2,148 1,903 6,221 5,398
Total interest income 33,488 31,722 99,210 89,144
Interest Expense        
Deposits 12,271 10,976 34,752 27,894
Total interest expense 12,271 10,976 34,752 27,894
Net Interest Income 21,217 20,746 64,458 61,250
Provision for Credit Losses 0 4,159 0 5,645
Net Interest Income After Provision for Credit Losses 21,217 16,587 64,458 55,605
Noninterest Income        
Mortgage lending income 103 6 233 172
Loss on sales, prepayments, and calls of available-for-sale debt securities (4) (7) (4) (15)
Service charges on deposit accounts 233 213 742 647
Other 3,345 795 7,881 1,668
Total noninterest income 3,677 1,007 8,852 2,472
Noninterest Expense        
Salaries and employee benefits 5,333 4,910 15,740 14,299
Furniture and equipment 258 254 813 755
Occupancy 711 662 1,985 1,980
Data and item processing 498 424 1,437 1,280
Accounting, marketing and legal fees 218 14 582 491
Regulatory assessments 261 279 984 1,013
Advertising and public relations 129 74 358 273
Travel, lodging and entertainment 87 85 270 255
Other 1,903 688 5,507 2,068
Total noninterest expense 9,398 7,390 27,676 22,414
Income Before Taxes 15,496 10,204 45,634 35,663
Income tax expense 3,719 2,351 11,045 8,457
Net Income $ 11,777 $ 7,853 $ 34,589 $ 27,206
Earnings per common share - basic (in dollars per share) $ 1.26 $ 0.86 $ 3.73 $ 2.97
Earnings per common share - diluted (in dollars per share) $ 1.24 $ 0.85 $ 3.68 $ 2.94
Weighted average common shares outstanding - basic (in shares) 9,323,622 9,158,027 9,264,616 9,152,788
Weighted average common shares outstanding - diluted (in shares) 9,498,318 9,273,595 9,402,214 9,262,003
Other comprehensive income (loss)        
Unrealized gains (losses) on securities, net of tax expense of $515 and tax benefit of $485 for the three months ended September 30, 2024 and 2023, respectively; net of tax expense of $638 and $70 for the nine months ended September 30, 2024 and 2023, respectively $ 1,628 $ (372) $ 2,025 $ 214
Reclassification adjustment for realized losses included in net income net of tax of $1 and $2 for the three months ended September 30, 2024 and 2023, respectively; $1 and $4 for the nine months ended September 30, 2024 and 2023, respectively 3 5 3 11
Other comprehensive income (loss) 1,631 (367) 2,028 225
Comprehensive Income $ 13,408 $ 7,486 $ 36,617 $ 27,431