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CONSOLIDATED STATEMENT 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:        
Loans, including fees $ 21,720 $ 15,051 $ 59,571 $ 41,709
Investment securities:        
Taxable 1,365 949 3,870 2,550
Tax-exempt 114 236 410 594
Dividend and other interest income 722 628 1,827 1,470
TOTAL INTEREST AND DIVIDEND INCOME 23,921 16,864 65,678 46,323
INTEREST EXPENSE:        
Deposits 6,463 693 14,686 2,191
Short-term borrowings 2,412 26 6,084 29
Long-term borrowings 1,714 613 3,892 1,871
TOTAL INTEREST EXPENSE 10,589 1,332 24,662 4,091
NET INTEREST INCOME 13,332 15,532 41,016 42,232
Provision for loan credit losses 1,331 855 726 1,335
Provision (recovery) for off balance sheet credit exposures 41 0 (463) 0
TOTAL PROVISION FOR CREDIT LOSSES 1,372 855 263 1,335
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 11,960 14,677 40,753 40,897
NON-INTEREST INCOME:        
Net debt securities losses, available for sale (45) (156) (125) (168)
Net equity securities losses (36) (55) (35) (158)
Bank-owned life insurance 170 170 892 501
Gain on sale of loans 257 294 732 905
Other 145 238 546 673
TOTAL NON-INTEREST INCOME 1,875 2,083 6,154 6,632
NON-INTEREST EXPENSE:        
Salaries and employee benefits 6,290 6,016 18,778 18,421
Occupancy 784 730 2,422 2,380
Furniture and equipment 867 816 2,503 2,454
Software amortization 237 188 593 660
Pennsylvania shares tax 280 334 807 1,119
Professional fees 719 626 2,313 1,746
Federal Deposit Insurance Corporation deposit insurance 425 260 1,122 690
Marketing 167 151 594 435
Intangible amortization 25 34 92 119
Other 1,378 1,165 4,275 3,723
TOTAL NON-INTEREST EXPENSE 11,172 10,320 33,499 31,747
INCOME BEFORE INCOME TAX PROVISION 2,663 6,440 13,408 15,782
INCOME TAX PROVISION 439 1,190 2,355 2,869
Net Income $ 2,224 $ 5,250 $ 11,053 $ 12,913
Earnings per share - basic (in dollars per share) $ 0.31 $ 0.74 $ 1.56 $ 1.83
Earnings per share - diluted (in dollars per share) $ 0.31 $ 0.74 $ 1.53 $ 1.83
Weighted average shares outstanding - basic (in shares) 7,072,440 7,051,228 7,064,336 7,060,871
Weighted average shares outstanding - diluted (in shares) 7,228,940 7,051,228 7,220,836 7,060,871
Service charges        
NON-INTEREST INCOME:        
Revenue from contract with customer $ 545 $ 559 $ 1,557 $ 1,563
Insurance commissions        
NON-INTEREST INCOME:        
Revenue from contract with customer 136 109 416 386
Brokerage commissions        
NON-INTEREST INCOME:        
Revenue from contract with customer 142 142 448 500
Loan broker commissions        
NON-INTEREST INCOME:        
Revenue from contract with customer 241 438 728 1,350
Debit card income        
NON-INTEREST INCOME:        
Revenue from contract with customer $ 320 $ 344 $ 995 $ 1,080