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Consolidated Statements of (Loss) Income - 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        
Interest and fees on loans $ 14,679 $ 14,139 $ 43,584 $ 40,847
Interest and dividends on securities 995 1,011 2,989 3,257
Other income 366 384 878 971
Total interest and dividend income 16,040 15,534 47,451 45,075
Interest Expense        
Interest expense on deposits 5,567 4,588 16,071 12,822
Interest expense on borrowings 774 1,288 3,648 3,431
Total interest expense 6,341 5,876 19,719 16,253
Net interest income 9,699 9,658 27,732 28,822
Provision for Credit Losses 889 910 1,419 1,472
Net interest income after provision for credit losses 8,810 8,748 26,313 27,350
Non-interest (Loss) Income        
Service charges on deposit accounts 773 738 2,252 2,164
Net realized loss on sales and calls of securities (11,996)   (11,996)  
Net gain on sales of loans 50 30 131 92
Increase in cash surrender value of life insurance 192 170 564 494
Net gain from sale of other real estate owned     4  
Net (loss) gain on disposal of premises and equipment     (18) 36
Gain on life insurance 412 218 412 218
Investment advisory income 375 321 1,134 864
Other 166 169 509 512
Total non-interest (loss) income (10,028) 1,646 (7,008) 4,380
Non-interest Expense        
Salaries and employee benefits 5,043 4,673 14,947 14,865
Occupancy 1,034 1,049 3,149 3,215
Data processing 505 501 1,521 1,479
Professional fees 510 490 1,382 1,472
Marketing 129 131 365 378
FDIC deposit insurance and other insurance 289 288 803 924
Amortization of intangible assets 19 22 60 67
Other 1,552 1,661 4,678 4,907
Total non-interest expense 9,081 8,815 26,905 27,307
Net (loss) income before income taxes (10,299) 1,579 (7,600) 4,423
Net (Benefit) Provision for Income Taxes (2,237) 343 (1,634) 958
Net (loss) income $ (8,062) $ 1,236 $ (5,966) $ 3,465
Earnings (loss) per common share:        
Basic (in dollars per share) $ (0.75) $ 0.12 $ (0.55) $ 0.32
Diluted (in dollars per share) $ (0.75) $ 0.11 $ (0.55) $ 0.32
Weighted average shares outstanding, basic (in shares) 10,758,914 10,710,607 10,753,460 10,804,699
Weighted average shares outstanding, diluted (in shares) 10,758,914 10,760,118 10,753,460 10,891,730