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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Interest and dividend income    
Interest and fees on loans $ 49,283 $ 38,358
Interest on debt securities:    
Taxable 4,577 4,217
Tax exempt 1,956 913
Dividends 263 28
Interest on federal funds sold and overnight deposits 630 245
Interest on interest bearing deposits in banks 401 187
Total interest and dividend income 57,110 43,948
Interest expense    
Interest on deposits 15,893 3,522
Interest on short-term borrowed funds 1,406 433
Interest on long-term borrowed funds 1,398 0
Interest on subordinated notes 570 569
Total interest expense 19,267 4,524
    Net interest income 37,843 39,424
Credit loss benefit, net (499) 0
    Net interest income after credit loss benefit 38,342 39,424
Noninterest income    
Wealth management income 943 838
Service fees 7,002 6,859
Net gains on sales of investment securities available-for-sale 0 31
Net gains on sales of loans held for sale 1,163 1,004
Net gains (losses) on other investments 189 (60)
Other income 607 781
Total noninterest income 9,904 9,453
Noninterest expenses    
Salaries and wages 14,247 14,083
Employee benefits 5,365 5,030
Occupancy expense, net 2,035 1,913
Equipment expense 3,722 3,692
Other expenses 10,000 8,912
Total noninterest expenses 35,369 33,630
        Income before provision for income taxes 12,877 15,247
Provision for income taxes 1,620 2,632
Net income $ 11,257 $ 12,615
Basic earnings per common share (in usd per share) $ 2.50 $ 2.81
Diluted earnings per common share (in usd per share) 2.48 2.79
Dividends per common share (in usd per share) $ 1.44 $ 1.40