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CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest and Dividend Income        
Loans, including fees $ 18,735 $ 16,342 $ 51,117 $ 49,254
Interest and dividends on investment securities 2,454 1,296 6,044 3,461
Interest on deposits with banks 156 21 294 66
Total Interest and Dividend Income 21,345 17,659 57,455 52,781
Interest Expense        
Deposits 1,850 594 3,182 2,036
Short-term borrowings 52 0 68 0
Long-term debt 386 456 1,111 1,192
Total Interest Expense 2,288 1,050 4,361 3,228
Net Interest Income 19,057 16,609 53,094 49,553
Provision for credit losses 694 0 1,569 586
Provision for unfunded commitments 6 0 1 0
Net Interest Income After Provision For Credit Losses 18,357 16,609 51,524 48,967
Noninterest Income        
Gain on sale of assets 0 0 68
Net gains on sale of investment securities 0 0 0 586
Unrealized losses on equity securities (187) (22) (564) (94)
Income from bank owned life insurance 220 220 651 652
Net losses (gains) on sale of loans held for sale 1 30 (2) 30
Gains (losses) on sale of loans 0 0 209 (191)
Total Noninterest Income 1,229 1,400 4,104 5,616
Noninterest Expense        
Compensation and benefits 5,116 5,650 15,222 15,770
Occupancy expense 826 731 2,378 2,180
Advertising 149 145 372 372
Data processing expense 1,062 840 3,077 2,766
Professional fees 923 676 2,499 1,920
Depreciation of premises and equipment 177 137 476 419
FDIC Insurance 160 120 516 512
OREO valuation allowance and expenses 0 20 6 689
Core deposit intangible amortization 97 121 308 380
Fraud losses 37 132 107 1,243
Other expenses 1,079 875 3,083 2,722
Total Noninterest Expense 9,626 9,447 28,044 28,973
Income before income taxes 9,960 8,562 27,584 25,610
Income tax expense 2,380 2,158 6,882 6,475
Net Income $ 7,580 $ 6,404 $ 20,702 $ 19,135
Earnings Per Common Share        
Basic (in dollars per share) $ 1.34 $ 1.12 $ 3.66 $ 3.29
Diluted (in dollars per share) 1.34 1.12 3.65 3.29
Cash dividends paid per common share (in dollars per share) $ 0.175 $ 0.150 $ 0.525 $ 0.425
Loan appraisal, credit, and miscellaneous charges        
Noninterest Income        
Noninterest Income $ 65 $ 29 $ 285 $ 271
Service charges        
Noninterest Income        
Noninterest Income 1,130 987 3,164 3,066
Referral fee income        
Noninterest Income        
Noninterest Income $ 0 $ 176 $ 361 $ 1,248