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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and dividend income        
Interest and fees on loans $ 15,182 $ 12,874 $ 43,094 $ 35,955
Interest on debt securities:        
Taxable 1,106 1,130 3,256 3,458
Tax exempt 467 515 1,512 1,442
Dividends 147 80 331 168
Interest on federal funds sold and overnight deposits 162 153 799 367
Interest on interest bearing deposits in banks 127 95 372 304
Total interest and dividend income 17,191 14,847 49,364 41,694
Interest expense        
Interest on deposits 4,961 4,743 15,082 10,485
Interest on borrowed funds 2,658 814 5,933 2,041
Interest on subordinated notes 142 142 427 427
Total interest expense 7,761 5,699 21,442 12,953
    Net interest income 9,430 9,148 27,922 28,741
Credit loss expense (benefit), net 425 (139) 583 (161)
    Net interest income after credit loss expense (benefit) 9,005 9,287 27,339 28,902
Noninterest income        
Wealth management income 265 244 793 695
Service fees 1,855 1,785 5,252 5,219
Net losses on sales of investment securities available-for-sale (1,293) 0 (1,293) 0
Net gains on sales of loans held for sale 540 336 1,168 836
Net gains (losses) on other investments 83 (41) 211 61
Other income 155 143 806 424
Total noninterest income 1,605 2,467 6,937 7,235
Noninterest expenses        
Salaries and wages 4,015 3,720 11,342 10,895
Employee benefits 1,522 1,217 4,642 4,065
Occupancy expense, net 505 459 1,618 1,519
Equipment expense 1,006 935 2,966 2,714
Other expenses 2,361 2,595 7,845 7,546
Total noninterest expenses 9,409 8,926 28,413 26,739
        Income before (benefit) provision for income taxes 1,201 2,828 5,863 9,398
(Benefit) provision for income taxes (123) 296 103 1,190
Net income $ 1,324 $ 2,532 $ 5,760 $ 8,208
Basic earnings per common share (in usd per share) $ 0.29 $ 0.56 $ 1.27 $ 1.82
Diluted earnings per common share (in usd per share) $ 0.29 $ 0.55 $ 1.27 $ 1.81
Weighted average number of common shares outstanding (in shares) 4,524,319 4,508,028 4,521,795 4,508,569
Weighted average common and potential common shares for diluted EPS (in shares) 4,555,591 4,540,026 4,548,657 4,536,851
Dividends per common share (in usd per share) $ 0.36 $ 0.36 $ 1.08 $ 1.08