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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
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 $ 20,221 $ 16,780 $ 39,439 $ 32,224
Interest on investment securities: Taxable 1,697 1,779 3,441 3,547
Interest on investment securities: Exempt from federal income tax 53 268 106 538
Total investment income 1,750 2,047 3,547 4,085
Other 1,142 1,145 2,025 1,492
Total interest income 23,113 19,972 45,011 37,801
Interest expense        
Savings 46 56 94 135
Interest-bearing transaction accounts 5,011 2,941 9,712 5,128
Time deposits 1,341 1,353 2,858 1,765
Total interest on Deposits 6,398 4,350 12,664 7,028
Interest on short-term borrowings 509 29 970 60
Interest on long-term borrowings 968 1,419 2,327 2,021
Total Interest Expense 7,875 5,798 15,961 9,109
Net Interest income 15,238 14,174 29,050 28,692
Credit loss (credit)/expense 1,251 434 2,212 848
Credit loss (credit)/expense - off-balance sheet credit exposures (57) (39) (72) 90
Total credit loss expense/(credit) 1,194 395 2,140 938
Net interest income after provision for credit losses 14,044 13,779 26,910 27,754
Other operating income        
Net gains on sales of residential mortgage loans 59 86 141 140
Net gains 59 86 141 140
Total other income 4,782 4,483 9,575 8,822
Total other operating income 4,841 4,569 9,716 8,962
Other operating expenses        
Salaries and employee benefits 7,256 6,870 14,413 14,166
FDIC premiums 285 277 554 470
Equipment expense 635 747 1,558 1,527
Occupancy expense of premises 652 742 1,606 1,527
Data processing expense 1,422 1,306 2,740 2,612
Marketing expense 184 160 318 280
Professional services 449 520 935 1,014
Contract labor 84 157 267 291
Telephone 103 116 212 226
Total OREO expense, net 14 18 100 142
Investor relations 91 123 144 206
Contributions 66 79 116 143
Other 1,123 1,396 2,282 2,545
Total other operating expenses 12,364 12,511 25,245 25,149
Income before income tax expense 6,521 5,837 11,381 11,567
Provision for income tax expense 1,607 1,423 2,769 2,778
Net Income $ 4,914 $ 4,414 $ 8,612 $ 8,789
Basic net income per share $ 0.75 $ 0.66 $ 1.31 $ 1.32
Diluted net income per share $ 0.75 $ 0.66 $ 1.31 $ 1.31
Weighted average number of basic shares outstanding 6,527 6,704 6,585 6,689
Weighted average number of diluted shares outstanding 6,537 6,718 6,596 6,707
Dividends declared per common share $ 0.20 $ 0.20 $ 0.40 $ 0.40
Service charges on deposit accounts        
Other operating income        
Total other income $ 556 $ 546 $ 1,112 $ 1,062
Other service charges        
Other operating income        
Total other income 225 244 440 476
Trust department        
Other operating income        
Total other income 2,255 2,025 4,443 3,995
Debit card income        
Other operating income        
Total other income 999 1,031 1,931 1,986
Bank owned life insurance        
Other operating income        
Total other income 334 311 660 616
Brokerage commissions        
Other operating income        
Total other income 362 258 857 555
Other        
Other operating income        
Total other income $ 51 $ 68 $ 132 $ 132