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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST INCOME        
Interest and fees on loans $ 12,371,000 $ 10,379,000 $ 24,391,000 $ 20,290,000
Interest and dividend income on securities:        
Taxable 4,666,000 2,833,000 9,007,000 5,701,000
Tax-exempt 279,000 261,000 552,000 611,000
Dividends 12,000 12,000 24,000 24,000
Dividend income on restricted investment in bank stocks 243,000 162,000 478,000 326,000
Interest on interest-bearing deposits in other banks 22,000 4,000 87,000 6,000
Total interest income 17,593,000 13,651,000 34,539,000 26,958,000
INTEREST EXPENSE        
Interest on deposits 6,019,000 3,833,000 11,973,000 6,884,000
Interest on short-term borrowings 2,021,000 2,302,000 3,987,000 4,349,000
Interest on long-term borrowings 1,278,000 134,000 2,556,000 266,000
Interest on subordinated debt 274,000 274,000 547,000 547,000
Total interest expense 9,592,000 6,543,000 19,063,000 12,046,000
Net interest income 8,001,000 7,108,000 15,476,000 14,912,000
Provision for credit losses 510,000 34,000 774,000 34,000
Net interest income after provision for credit losses 7,491,000 7,074,000 14,702,000 14,878,000
NON-INTEREST INCOME        
Trust department 254,000 248,000 498,000 478,000
Service charges and fees 568,000 571,000 1,093,000 1,096,000
Increase in cash surrender value of life insurance 164,000 153,000 326,000 302,000
ATM fees and debit card income 565,000 566,000 1,082,000 1,098,000
Net gains on sales of mortgage loans 17,000 17,000 28,000 34,000
Net securities losses (10,000) (69,000) (194,000) (125,000)
Other 63,000 53,000 132,000 108,000
Total non-interest income 1,621,000 1,539,000 2,965,000 2,991,000
NON-INTEREST EXPENSE        
Salaries and employee benefits 4,153,000 3,733,000 8,707,000 8,119,000
Occupancy, net 536,000 559,000 1,101,000 1,087,000
Furniture and equipment expense 150,000 156,000 302,000 308,000
Computer expense 340,000 406,000 709,000 769,000
Professional services 466,000 346,000 899,000 781,000
Pennsylvania shares tax 244,000 241,000 450,000 482,000
FDIC insurance, net 218,000 178,000 406,000 354,000
ATM and debit card fees 258,000 278,000 480,000 585,000
Data processing fees 235,000 357,000 524,000 669,000
Advertising 163,000 154,000 267,000 228,000
Goodwill impairment     19,133,000 0
Other 903,000 749,000 1,833,000 1,528,000
Total non-interest expense 7,666,000 7,157,000 34,811,000 14,910,000
Income before income tax (benefit) expense 1,446,000 1,456,000 (17,144,000) 2,959,000
Income tax expense (benefit) 66,000 317,000 (147,000) 463,000
NET INCOME (LOSS) $ 1,380,000 $ 1,139,000 $ (16,997,000) $ 2,496,000
Net income (loss) per share:        
Basic $ 0.23 $ 0.19 $ (2.77) $ 0.41
Diluted 0.23 0.19 (2.77) 0.41
Dividends per share $ 0.28 $ 0.28 $ 0.56 $ 0.56