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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and dividend income        
Interest and fees on loans $ 12,874 $ 10,074 $ 35,955 $ 27,558
Interest on debt securities:        
Taxable 1,130 1,077 3,458 3,087
Tax exempt 515 221 1,442 664
Dividends 80 7 168 17
Interest on federal funds sold and overnight deposits 153 41 367 154
Interest on interest bearing deposits in banks 95 43 304 113
Total interest and dividend income 14,847 11,463 41,694 31,593
Interest expense        
Interest on deposits 4,743 868 10,485 2,080
Interest on borrowed funds 814 14 2,041 14
Interest on subordinated notes 142 141 427 425
Total interest expense 5,699 1,023 12,953 2,519
    Net interest income 9,148 10,440 28,741 29,074
Credit loss benefit, net (139) 0 (161) 0
    Net interest income after credit loss benefit 9,287 10,440 28,902 29,074
Noninterest income        
Wealth management income 244 203 695 629
Service fees 1,785 1,803 5,219 5,176
Net gains on sales of investment securities available-for-sale 0 0 0 31
Net gains on sales of loans held for sale 336 448 836 748
Net (losses) gains on other investments (41) (60) 61 (120)
Other income 143 146 424 585
Total noninterest income 2,467 2,540 7,235 7,049
Noninterest expenses        
Salaries and wages 3,720 3,575 10,895 10,505
Employee benefits 1,217 1,154 4,065 3,754
Occupancy expense, net 459 448 1,519 1,437
Equipment expense 935 948 2,714 2,798
Other expenses 2,595 2,314 7,546 6,643
Total noninterest expenses 8,926 8,439 26,739 25,137
        Income before provision for income taxes 2,828 4,541 9,398 10,986
Provision for income taxes 296 783 1,190 1,815
Net income $ 2,532 $ 3,758 $ 8,208 $ 9,171
Basic earnings per common share (in usd per share) $ 0.56 $ 0.84 $ 1.82 $ 2.04
Diluted earnings per common share (in usd per share) $ 0.55 $ 0.83 $ 1.81 $ 2.03
Weighted average number of common shares outstanding (in shares) 4,508,028 4,495,348 4,508,569 4,494,751
Weighted average common and potential common shares for diluted EPS (in shares) 4,540,026 4,521,973 4,536,851 4,512,793
Dividends per common share (in usd per share) $ 0.36 $ 0.35 $ 1.08 $ 1.05