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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
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 $ 13,164 $ 9,816 $ 34,742 $ 28,793
Interest on federal funds sold 12 0 23 0
Interest on interest-bearing deposits 954 439 3,312 1,207
Interest on securities – taxable 4,203 4,084 12,718 12,268
Interest on securities – nontaxable 333 340 1,010 1,052
Total interest income 18,666 14,679 51,805 43,320
Interest Expense        
Interest on time deposits 3,509 1,452 8,991 2,865
Interest on other deposits 5,709 4,584 16,419 11,352
Interest on borrowings 0 3 2 300
Total interest expense 9,218 6,039 25,412 14,517
Net interest income 9,448 8,640 26,393 28,803
Provision for (recovery of) credit losses (5) (371) 1,287 (368)
Net interest income after provision for (recovery of) credit losses 9,453 9,011 25,106 29,171
Noninterest Income:        
Noninterest Income 1,885 1,835 5,621 5,370
BOLI income 295 253 822 1,771
Gain on sale of investment     0 2,971
Gain on sale of mortgage loans 50 22 132 93
Other income 168 147 700 771
Realized securities loss, net     0 (3,332)
Total noninterest income 2,272 2,115 6,717 7,105
Noninterest Expense        
Salaries and employee benefits 4,953 4,462 14,106 13,361
Occupancy, furniture and fixtures 641 547 1,741 1,500
Data processing and ATM 1,054 978 2,807 2,730
FDIC assessment 211 190 590 561
Intangible asset amortization 102 0 137 0
Net costs of other real estate owned 0 14 0 29
Franchise taxes 373 339 1,081 1,072
Professional services 254 251 766 1,555
Merger-related expenses 150 0 2,891 0
Contract termination     173 0
Other operating expenses 761 654 2,096 1,857
Total noninterest expense 8,499 7,435 26,388 22,665
Income before income tax expense 3,226 3,691 5,435 13,611
Income tax expense 550 617 891 2,105
Net Income $ 2,676 $ 3,074 $ 4,544 $ 11,506
Basic net income per common share (in dollars per share) $ 0.42 $ 0.52 $ 0.75 $ 1.95
Fully diluted net income per common share (in dollars per share) $ 0.42 $ 0.52 $ 0.75 $ 1.95
Weighted average number of common shares outstanding, basic (in shares) 6,356,594 5,889,687 6,092,468 5,889,687
Weighted average number of common shares outstanding, fully diluted (in shares) 6,358,352 5,889,939 6,094,442 5,889,778
Dividends declared per common share (in dollars per share)     $ 0.73 $ 1.73
Deposit Account [Member]        
Noninterest Income:        
Noninterest Income $ 753 $ 642 $ 2,150 $ 1,871
Product and Service, Other [Member]        
Noninterest Income:        
Noninterest Income 82 151 176 253
Credit and Debit Card [Member]        
Noninterest Income:        
Noninterest Income 344 395 1,141 1,276
Fiduciary and Trust [Member]        
Noninterest Income:        
Noninterest Income $ 580 $ 505 $ 1,596 $ 1,431