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Consolidated Statements of Income - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Interest and fees on loans $ 3,649,000 $ 3,237,000 $ 10,676,000 $ 9,509,000
Interest and dividends on securities:        
U.S. Treasuries 1,753,000 1,370,000 5,941,000 5,236,000
Mortgage-backed securities 561,000 927,000 1,887,000 2,726,000
States and political subdivisions 980,000 1,084,000 2,984,000 3,264,000
Collateralized mortgage obligations 749,000 887,000 2,404,000 2,596,000
Other investments 40,000 31,000 115,000 88,000
Interest on balances due from depository institutions 98,000 303,000 1,447,000 1,507,000
Total interest income 7,830,000 7,839,000 25,454,000 24,926,000
Interest expense:        
Deposits 1,760,000 1,471,000 5,953,000 4,296,000
Borrowings 791,000 19,000 1,626,000 29,000
Total interest expense 2,551,000 1,490,000 7,579,000 4,325,000
Net interest income 5,279,000 6,349,000 17,875,000 20,601,000
Provision for credit losses (48,000) 22,000 (48,000) (275,000)
Net interest income after provision for credit losses 5,327,000 6,327,000 17,923,000 20,876,000
Non-interest income:        
Increase in cash surrender value of life insurance 123,000 120,000 363,000 352,000
Gain (loss) on sale of property, plant and equipment, net 4,000 30,000 46,000 30,000
Other income 215,000 201,000 622,000 599,000
Total non-interest income 1,750,000 1,745,000 5,254,000 5,255,000
Non-interest expense:        
Salaries and employee benefits 2,768,000 2,889,000 7,938,000 8,704,000
Net occupancy 558,000 574,000 1,644,000 1,532,000
Equipment rentals, depreciation and maintenance 784,000 698,000 2,239,000 2,042,000
FDIC and state banking assessments 122,000 125,000 320,000 357,000
Data processing 311,000 289,000 955,000 937,000
ATM expense 265,000 265,000 668,000 434,000
Other real estate expense 1,000 1,000 1,000 37,000
Legal expense 29,000 125,000 349,000 434,000
Other expense 905,000 868,000 2,583,000 2,625,000
Total non-interest expense 5,743,000 5,834,000 16,697,000 17,102,000
Income before income taxes 1,334,000 2,238,000 6,480,000 9,029,000
Income tax (benefit) expense (14,097,000) 328,000 (13,695,000) 1,586,000
Net income $ 15,431,000 $ 1,910,000 $ 20,175,000 $ 7,443,000
Basic earnings per share (in dollars per share) $ 3.31 $ 0.41 $ 4.33 $ 1.59
Diluted earnings per share (in dollars per share) $ 3.31 $ 0.41 4.33 1.59
Dividends declared per share (in dollars per share)     $ 0.18 $ 0.12
Trust department income and fees        
Non-interest income:        
Revenue $ 628,000 $ 613,000 $ 1,863,000 $ 1,837,000
Service charges on deposit accounts        
Non-interest income:        
Revenue $ 780,000 $ 781,000 $ 2,360,000 $ 2,437,000