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CONSOLIDATED STATEMENT OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
INTEREST INCOME:        
Interest and fees on loans $ 33,772 $ 19,396 $ 80,438 $ 52,436
Interest-bearing deposits with banks 264 61 462 333
Investment securities:        
Taxable 1,734 1,514 4,973 4,050
Nontaxable 540 630 1,729 1,830
Dividends 379 182 1,004 356
TOTAL INTEREST INCOME 36,689 21,783 88,606 59,005
INTEREST EXPENSE:        
Deposits 10,100 1,838 19,519 4,469
Borrowed funds 4,185 1,099 10,682 1,699
TOTAL INTEREST EXPENSE 14,285 2,937 30,201 6,168
NET INTEREST INCOME 22,404 18,846 58,405 52,837
Provision for credit losses 475 725 737 1,425
Provision for credit losses - acquisition day 1 non-PCD 0 0 4,591 0
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 21,929 18,121 53,077 51,412
NON-INTEREST INCOME:        
Service charges 1,692 1,509 4,196 4,081
Trust 172 187 583 620
Brokerage and insurance 473 446 1,429 1,428
Gains on loans sold 460 95 674 241
Equity security gains (losses), net 69 (19) (223) (198)
Available for sale security gains (losses), net 0 (6) (51) (6)
Earnings on bank owned life insurance 489 216 941 635
Other 307 264 567 626
TOTAL NON-INTEREST INCOME 3,662 2,692 8,116 7,427
NON-INTEREST EXPENSES:        
Salaries and employee benefits 10,005 6,933 25,598 20,964
Occupancy 1,221 779 2,870 2,327
Furniture and equipment 255 122 568 416
Professional fees 506 588 1,274 1,321
FDIC insurance 375 160 1,000 440
Pennsylvania shares tax 297 339 893 1,017
Amortization of intangibles 157 40 219 120
Merger and acquisition 623 0 9,269 0
Software expenses 551 370 1,274 1,069
ORE expenses (income) 111 122 126 (125)
Other 2,343 2,161 5,811 5,496
TOTAL NON-INTEREST EXPENSES 16,444 11,614 48,902 33,045
Income before provision for income taxes 9,147 9,199 12,291 25,794
Provision for income taxes 1,599 1,655 2,020 4,609
NET INCOME $ 7,548 $ 7,544 $ 10,271 $ 21,185
PER COMMON SHARE DATA:        
Net Income - Basic (in dollars per share) $ 1.61 $ 1.88 $ 2.4 $ 5.28
Net Income - Diluted (in dollars per share) 1.61 1.88 2.4 5.28
Cash Dividends Paid (in dollars per share) $ 0.49 $ 0.475 $ 1.451 $ 1.407
Number of shares used in computation - basic (in shares) 4,699,952 4,006,794 4,275,259 4,009,855
Number of shares used in computation - diluted (in shares) 4,699,952 4,007,028 4,275,259 4,009,857