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Consolidated Statements of (Loss) Income (Unaudited) - USD ($)
$ 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 $ 11,301 $ 9,644 $ 21,578 $ 18,977
Interest on federal funds sold 10 0 10 0
Interest on interest-bearing deposits 1,229 540 2,358 768
Interest on securities – taxable 4,239 4,066 8,515 8,184
Interest on securities – nontaxable 338 347 677 712
Total interest income 17,117 14,597 33,138 28,641
Interest Expense        
Interest on time deposits 2,930 1,054 5,482 1,413
Interest on other deposits 5,486 4,314 10,710 6,768
Interest on borrowings 1 12 1 297
Total interest expense 8,417 5,380 16,193 8,478
Net interest income 8,700 9,217 16,945 20,163
Provision for credit losses 1,302 1 1,292 3
Net interest income after provision for credit losses 7,398 9,216 15,653 20,160
Noninterest Income:        
Noninterest Income 1,832 1,693 3,736 3,535
BOLI income 269 1,279 527 1,518
Gain on sale of investment 0 2,971 0 2,971
Gain on sale of mortgage loans 58 55 82 71
Other income 213 249 532 624
Realized securities loss, net 0 (3,344) 0 (3,332)
Total noninterest income 2,246 2,791 4,445 4,990
Noninterest Expense        
Salaries and employee benefits 4,687 4,465 9,153 8,899
Occupancy, furniture and fixtures 561 411 1,100 953
Data processing and ATM 886 879 1,753 1,752
FDIC assessment 192 254 379 371
Intangible asset amortization 35 0 35 0
Net costs of other real estate owned 0 4 0 15
Franchise taxes 358 358 708 733
Professional services 272 551 512 1,304
Merger-related expenses 2,257 0 2,741 0
Contract termination 173 0 173 0
Other operating expenses 706 644 1,335 1,203
Total noninterest expense 10,127 7,566 17,889 15,230
(Loss) Income before income (benefit) tax (483) 4,441 2,209 9,920
Income tax (benefit) expense (177) 540 341 1,488
Net (Loss) Income $ (306) $ 3,901 $ 1,868 $ 8,432
Basic net (loss) income per common share (in dollars per share) $ (0.05) $ 0.66 $ 0.31 $ 1.43
Fully diluted net (loss) income per common share (in dollars per share) $ (0.05) $ 0.66 $ 0.31 $ 1.43
Weighted average number of common shares outstanding, basic (in shares) 6,028,220 5,889,687 5,958,953 5,889,687
Weighted average number of common shares outstanding, fully diluted (in shares) 6,028,220 5,890,048 5,961,037 5,889,868
Dividends declared per common share (in dollars per share) $ 0.73 $ 0.73 $ 0.73 $ 1.73
Deposit Account [Member]        
Noninterest Income:        
Noninterest Income $ 722 $ 637 $ 1,397 $ 1,229
Product and Service, Other [Member]        
Noninterest Income:        
Noninterest Income 48 49 94 102
Credit and Debit Card [Member]        
Noninterest Income:        
Noninterest Income 423 414 797 881
Fiduciary and Trust [Member]        
Noninterest Income:        
Noninterest Income $ 513 $ 481 $ 1,016 $ 926