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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
INTEREST INCOME        
Interest and fees on loans $ 18,113 $ 15,104 $ 48,319 $ 42,364
Interest on investment securities:        
Taxable 2,848 1,213 6,735 3,497
Tax exempt 621 417 1,655 1,189
Interest on Federal funds sold and other 1,259 126 1,886 230
TOTAL INTEREST INCOME 22,841 16,860 58,595 47,280
INTEREST EXPENSE        
Savings and NOW accounts 1,099 591 2,320 1,801
Time deposits 55 117 194 412
Note payable 42 42 126 126
Subordinated notes 230 230 692 689
TOTAL INTEREST EXPENSE 1,426 980 3,332 3,028
NET INTEREST INCOME 21,415 15,880 55,263 44,252
Provision for loan losses 2,084 1,008 8,517 1,883
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 19,331 14,872 46,746 42,369
NONINTEREST INCOME        
Service charges on deposit accounts 182 166 511 499
Trust income 1,176 1,230 3,569 3,537
Investment advisory income 1,085 1,176 3,385 3,588
Earnings on bank owned life insurance 240 209 709 554
Other 250 247 741 770
TOTAL NONINTEREST INCOME 2,933 3,028 8,915 8,948
NONINTEREST EXPENSE        
Salaries 5,863 4,970 16,631 14,243
Employee benefits 1,483 958 4,258 2,960
Occupancy expense 1,063 1,024 3,391 2,956
Professional fees 766 880 2,885 2,810
Directors' fees and expenses 249 251 754 745
Computer software expense 1,276 1,120 3,629 3,209
FDIC assessment 384 333 1,006 889
Advertising expenses 372 297 1,127 865
Advisor expenses related to trust income 28 134 186 395
Telephone expenses 192 150 505 420
Intangible amortization 71 71 214 214
Other 808 785 2,322 2,050
TOTAL NONINTEREST EXPENSE 12,555 10,973 36,908 31,756
Income before income taxes 9,709 6,927 18,753 19,561
Provision for income taxes 1,856 1,351 3,460 3,767
NET INCOME $ 7,853 $ 5,576 $ 15,293 $ 15,794
Basic earnings per share (in dollars per share) $ 1.40 $ 1.06 $ 2.72 $ 3.33
Diluted earnings per share (in dollars per share) $ 1.40 $ 1.06 $ 2.72 $ 3.33
Weighted average shares outstanding, Basic (in shares) 5,623,172 5,249,876 5,619,897 4,743,348
Weighted average shares outstanding, Diluted (in shares) 5,623,172 5,249,876 5,619,897 4,743,348