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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Interest and Dividend Income    
Loans, including fees $ 72,738 $ 65,476
Interest and dividends on investment securities 9,489 4,992
Interest on deposits with banks 480 91
Total Interest and Dividend Income 82,707 70,559
Interest Expense    
Deposits 7,211 2,601
Short-term borrowings 426 0
Long-term debt 1,545 1,524
Total Interest Expense 9,182 4,125
Net Interest Income 73,525 66,434
Provision for credit losses 2,437 586
Provision for unfunded commitments 146 0
Net Interest Income After Provision for Credit Losses 70,942 65,848
Noninterest Income    
Gain on sale of assets 695 68
Net gains on sale of investment securities 0 586
Unrealized (loss) gain on equity securities (555) (139)
Loss on premises and equipment held for sale 0 (25)
Income from bank owned life insurance 870 871
Net (loss) gain on sale of loans originated for sale (2) 85
Gain (loss) on sale of loans 209 (191)
Total Noninterest Income 6,393 7,906
Noninterest Expense    
Compensation and benefits 20,806 21,035
Occupancy expense 3,212 2,836
Advertising 549 500
Data processing expense 4,126 3,772
Professional fees 3,490 2,857
Merger and acquisition costs 1,004 0
Depreciation of premises and equipment 657 558
FDIC Insurance 701 602
OREO valuation allowance and expenses 6 1,456
Core deposit intangible amortization 398 495
Fraud losses 286 1,260
Other expenses 4,199 3,781
Total Noninterest Expense 39,434 39,152
Income before income taxes 37,901 34,602
Income tax expense 9,584 8,716
Net Income $ 28,317 $ 25,886
Earnings Per Common Share    
Basic (in dollars per share) $ 5.01 $ 4.47
Diluted (in dollars per share) 5.00 4.47
Cash dividends paid per common share (in dollars per share) $ 0.70 $ 0.58
Loan appraisal, credit, and miscellaneous charges    
Noninterest Income    
Revenues $ 422 $ 528
Service charges    
Noninterest Income    
Revenues 4,379 4,301
Referral fee income    
Noninterest Income    
Revenues $ 375 $ 1,822