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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
INTEREST INCOME        
Interest and fees on loans $ 10,379 $ 8,486 $ 20,290 $ 16,662
Interest and dividend income on securities:        
Taxable 2,833 1,716 5,701 3,287
Tax-exempt 261 849 611 1,685
Dividends 12 11 24 24
Dividend income on restricted investment in bank stocks 162 49 326 70
Interest on interest-bearing deposits in other banks 4   6 12
Total interest income 13,651 11,111 26,958 21,740
INTEREST EXPENSE        
Interest on deposits 3,833 706 6,884 1,391
Interest on short-term borrowings 2,302 182 4,349 210
Interest on long-term borrowings 134 168 266 358
Interest on subordinated debt 274 274 547 544
Total interest expense 6,543 1,330 12,046 2,503
Net interest income 7,108 9,781 14,912 19,237
Provision for credit losses 34 218 34 437
Net interest income after provision for credit losses 7,074 9,563 14,878 18,800
NON-INTEREST INCOME        
Trust department 248 268 478 518
Service charges and fees 571 549 1,096 1,058
Increase in cash surrender value of life insurance 153 148 302 296
ATM fees and debit card income 566 558 1,098 1,067
Net gains (losses) on sales of mortgage loans 17   34 (34)
Net securities losses (69) (68) (125) (131)
Other 53 59 108 129
Total non-interest income 1,539 1,514 2,991 2,903
NON-INTEREST EXPENSE        
Salaries and employee benefits 3,733 3,462 8,119 7,016
Occupancy, net 559 478 1,087 970
Furniture and equipment expense 156 147 308 302
Computer expense 406 358 769 728
Professional services 346 370 781 668
Pennsylvania shares tax 241 324 482 648
FDIC insurance, net 178 120 354 257
ATM and debit card fees 278 242 585 370
Data processing fees 357 251 669 509
Advertising 154 118 228 190
Other 749 725 1,528 1,453
Total non-interest expense 7,157 6,595 14,910 13,111
Income before income tax expense 1,456 4,482 2,959 8,592
Income tax expense 317 660 463 1,227
NET INCOME $ 1,139 $ 3,822 $ 2,496 $ 7,365
Net income per share:        
Basic $ 0.19 $ 0.64 $ 0.41 $ 1.24
Diluted 0.19 0.64 0.41 1.24
Dividends per share $ 0.28 $ 0.28 $ 0.56 $ 0.56