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Consolidated Statement of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
INTEREST AND DIVIDEND INCOME    
Interest and fees on loans $ 18,275,000 $ 10,985,000
Interest-earning deposits in other institutions 250,000 24,000
Federal funds sold 253,000 3,000
Investment securities:    
Taxable interest 458,000 443,000
Tax-exempt interest 980,000 784,000
Dividends on stock 88,000 24,000
Total interest and dividend income 20,304,000 12,263,000
INTEREST EXPENSE    
Deposits 2,990,000 726,000
Short-term borrowings 653,000 0
Other borrowings 155,000 69,000
Total interest expense 3,798,000 795,000
NET INTEREST INCOME 16,506,000 11,468,000
Provision for credit losses 507,000 0
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 15,999,000 11,468,000
NONINTEREST INCOME    
(Loss) gain on equity securities [1] (138,000) 33,000
Gain on other real estate owned [2] 2,000 0
Earnings on bank-owned life insurance [1] 200,000 106,000
Gain on sale of loans [1] 23,000 3,000
Revenue from investment services 186,000 141,000
Gross rental income 102,000 0
Total noninterest income 1,680,000 1,403,000
NONINTEREST EXPENSE    
Salaries and employee benefits 5,852,000 4,386,000
Occupancy expense 696,000 505,000
Equipment expense 317,000 315,000
Data processing and information technology costs 1,070,000 844,000
Ohio state franchise tax 385,000 293,000
Federal deposit insurance expense 120,000 50,000
Professional fees 538,000 455,000
Advertising expense 486,000 228,000
Software amortization expense 26,000 48,000
Core deposit intangible amortization 265,000 77,000
Gross other real estate owned expenses 132,000 8,000
Merger-related costs 245,000 0
Other expense 1,662,000 1,057,000
Total noninterest expense 11,794,000 8,266,000
Income before income taxes 5,885,000 4,605,000
Income taxes 989,000 772,000
NET INCOME $ 4,896,000 $ 3,833,000
EARNINGS PER SHARE    
Basic (in dollars per share) $ 0.60 $ 0.65
Diluted (in dollars per share) $ 0.60 $ 0.65
Deposit Account [Member]    
NONINTEREST INCOME    
Noninterest income revenue $ 987,000 $ 914,000
Financial Service, Other [Member]    
NONINTEREST INCOME    
Noninterest income revenue $ 318,000 $ 206,000
[1] Not within scope of ASC 606
[2] Recognized within noninterest expense