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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest and dividend income        
Interest and fees on loans $ 14,540 $ 11,876 $ 27,912 $ 23,081
Interest on debt securities:        
Taxable 1,057 1,154 2,150 2,328
Tax exempt 527 514 1,045 927
Dividends 104 47 184 88
Interest on federal funds sold and overnight deposits 194 110 637 214
Interest on interest bearing deposits in banks 130 102 245 209
Total interest and dividend income 16,552 13,803 32,173 26,847
Interest expense        
Interest on deposits 4,882 3,299 10,121 5,742
Interest on borrowed funds 2,044 743 3,275 1,227
Interest on subordinated notes 142 143 285 285
Total interest expense 7,068 4,185 13,681 7,254
    Net interest income 9,484 9,618 18,492 19,593
Credit loss expense (benefit), net 388 (96) 158 (22)
    Net interest income after credit loss expense (benefit) 9,096 9,714 18,334 19,615
Noninterest income        
Wealth management income 273 240 528 451
Service fees 1,735 1,740 3,397 3,434
Net gains on sales of loans held for sale 341 306 628 500
Net gains on other investments 33 56 128 102
Other income 383 141 651 281
Total noninterest income 2,765 2,483 5,332 4,768
Noninterest expenses        
Salaries and wages 3,774 3,673 7,327 7,175
Employee benefits 1,631 1,471 3,120 2,848
Occupancy expense, net 544 482 1,113 1,060
Equipment expense 1,017 882 1,960 1,779
Other expenses 2,815 2,555 5,484 4,951
Total noninterest expenses 9,781 9,063 19,004 17,813
        Income before provision for income taxes 2,080 3,134 4,662 6,570
Provision for income taxes 61 435 226 894
Net income $ 2,019 $ 2,699 $ 4,436 $ 5,676
Basic earnings per common share (in usd per share) $ 0.45 $ 0.60 $ 0.98 $ 1.26
Diluted earnings per common share (in usd per share) $ 0.45 $ 0.60 $ 0.98 $ 1.26
Weighted average number of common shares outstanding (in shares) 4,521,829 4,508,593 4,520,519 4,508,845
Weighted average common and potential common shares for diluted EPS (in shares) 4,553,124 4,539,288 4,545,153 4,521,091
Dividends per common share (in usd per share) $ 0.36 $ 0.36 $ 0.72 $ 0.72