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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Loans, including fees    
Taxable, Loans, including fees $ 59,204,000 $ 45,421,000
Tax-exempt, Loans, including fees 45,000 64,000
Securities    
Taxable, Securities 5,025,000 3,412,000
Tax-exempt, Securities 1,116,000 1,407,000
Interest on interest bearing deposits with other banks 132,000 171,000
Total interest income 65,522,000 50,475,000
Interest expense    
Deposits 21,430,000 14,000,000
Short-term borrowings 2,661,000 824,000
Long-term borrowings and subordinated debentures 1,508,000 1,462,000
Total interest expense 25,599,000 16,286,000
Net interest income 39,923,000 34,189,000
Provision for credit losses 0 1,500,000
Net interest income after provision for credit losses 39,923,000 32,689,000
Noninterest income    
Revenue from contracts with customers 4,500,000 3,893,000
Mortgage origination revenue 154,000 171,000
Net realized losses on available for sale debt securities (94,000) (59,000)
Net gains on equity investments 40,000 45,000
Bank owned life insurance and annuities income 463,000 336,000
Other 112,000 122,000
Total noninterest income 5,078,000 4,386,000
Noninterest expenses    
Salaries, commissions and employee benefits 12,058,000 10,807,000
Net occupancy expense 1,695,000 1,333,000
Equipment expense 2,508,000 2,030,000
Professional fees 385,000 376,000
Advertising and public relations 272,000 170,000
Amortization of intangibles 987,000 343,000
FDIC premiums 717,000 330,000
Bank card expense 832,000 696,000
Foreclosed properties expense, net of losses 12,000 15,000
Merger-related expenses 53,000 331,000
Other 3,439,000 2,968,000
Total noninterest expenses 22,958,000 19,399,000
Income before income tax expense 22,043,000 17,676,000
Income tax expense 4,996,000 3,575,000
Net income 17,047,000 14,101,000
Preferred stock dividends 225,000 225,000
Net income applicable to common shares $ 16,822,000 $ 13,876,000
Basic earnings per common share (in dollars per share) $ 1.15 $ 1.09
Diluted earnings per common share (in dollars per share) $ 1.14 $ 1.08
Fiduciary and Trust [Member]    
Noninterest income    
Revenue from contracts with customers $ 847,000 $ 811,000
Deposit Account [Member]    
Noninterest income    
Revenue from contracts with customers 1,723,000 1,392,000
Credit and Debit Card [Member]    
Noninterest income    
Revenue from contracts with customers $ 1,833,000 $ 1,568,000