XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and dividend income        
Interest and fees on loans $ 11,876 $ 9,010 $ 23,081 $ 17,484
Interest on debt securities:        
Taxable 1,154 1,038 2,328 2,010
Tax exempt 514 221 927 443
Dividends 47 4 88 10
Interest on federal funds sold and overnight deposits 110 94 214 113
Interest on interest bearing deposits in banks 102 37 209 70
Total interest and dividend income 13,803 10,404 26,847 20,130
Interest expense        
Interest on deposits 3,299 591 5,742 1,212
Interest on borrowed funds 743 0 1,227 0
Interest on subordinated notes 143 142 285 284
Total interest expense 4,185 733 7,254 1,496
    Net interest income 9,618 9,671 19,593 18,634
Credit loss benefit, net (96) 0 (22) 0
    Net interest income after credit loss benefit 9,714 9,671 19,615 18,634
Noninterest income        
Wealth management income 240 217 451 426
Service fees 1,740 1,738 3,434 3,373
Net gains on sales of investment securities available-for-sale 0 5 0 31
Net gains on sales of loans held for sale 306 286 500 300
Net gains (losses) on other investments 56 (142) 102 (60)
Other income 141 175 281 439
Total noninterest income 2,483 2,279 4,768 4,509
Noninterest expenses        
Salaries and wages 3,673 3,520 7,175 6,930
Employee benefits 1,471 1,295 2,848 2,600
Occupancy expense, net 482 462 1,060 989
Equipment expense 882 934 1,779 1,850
Other expenses 2,555 2,198 4,951 4,329
Total noninterest expenses 9,063 8,409 17,813 16,698
        Income before provision for income taxes 3,134 3,541 6,570 6,445
Provision for income taxes 435 610 894 1,032
Net income $ 2,699 $ 2,931 $ 5,676 $ 5,413
Basic earnings per common share (in usd per share) $ 0.60 $ 0.65 $ 1.26 $ 1.20
Diluted earnings per common share (in usd per share) $ 0.60 $ 0.65 $ 1.26 $ 1.20
Weighted average number of common shares outstanding (in shares) 4,508,593 4,494,027 4,508,845 4,494,447
Weighted average common and potential common shares for diluted EPS (in shares) 4,539,288 4,513,411 4,521,091 4,510,106
Dividends per common share (in usd per share) $ 0.36 $ 0.35 $ 0.72 $ 0.70