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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST AND DIVIDEND INCOME        
Loans, including fees $ 10,219 $ 8,711 $ 20,428 $ 16,680
Taxable securities 1,817 1,945 3,707 3,957
Nontaxable securities 88 102 176 203
Other 379 444 748 989
Total interest and dividend income 12,503 11,202 25,059 21,829
INTEREST EXPENSE        
Deposits 3,489 2,128 6,789 3,712
Short-term borrowings 81 70 181 136
Other borrowings 8 10 16 22
Total interest expense 3,578 2,208 6,986 3,870
NET INTEREST INCOME 8,925 8,994 18,073 17,959
Provision for credit loss expense - loans 3,697 242 4,300 274
Recovery for credit loss expense - off-balance sheet commitments (808) (102) (259) (165)
Total provision for credit loss expense 2,889 140 4,041 109
NET INTEREST INCOME AFTER CREDIT LOSS EXPENSE 6,036 8,854 14,032 17,850
NONINTEREST INCOME        
Gain on sale of loans, net 73 56 109 59
Earnings on bank owned life insurance 194 172 382 341
Unrealized (loss) gain on equity securities, net (23) 4 (29) 13
Other income 230 224 446 423
Total noninterest income 1,741 1,733 3,513 3,361
NONINTEREST EXPENSES        
Salaries and employee benefits 3,056 3,389 6,525 6,683
Occupancy expense 294 284 577 566
Equipment expense 201 189 425 396
Professional and director fees 437 386 769 707
Financial institutions tax 216 192 432 384
Marketing and public relations 142 136 270 259
Software expense 414 421 842 820
Debit card expense 193 169 382 315
FDIC insurance expense 129 178 264 249
Other expenses 732 705 1,470 1,389
Total noninterest expenses 5,814 6,049 11,956 11,768
Income before income taxes 1,963 4,538 5,589 9,443
FEDERAL INCOME TAX PROVISION 348 894 1,041 1,865
NET INCOME $ 1,615 $ 3,644 $ 4,548 $ 7,578
Basic net earnings per share $ 0.61 $ 1.36 $ 1.71 $ 2.82
Diluted net earnings per share $ 0.61 $ 1.36 $ 1.71 $ 2.82
Deposit Account [Member]        
NONINTEREST INCOME        
Noninterest income $ 291 $ 300 $ 571 $ 592
Fiduciary and Trust [Member]        
NONINTEREST INCOME        
Noninterest income 283 252 677 510
Debit Card [Member]        
NONINTEREST INCOME        
Noninterest income 528 533 1,035 1,054
Credit Card [Member]        
NONINTEREST INCOME        
Noninterest income $ 165 $ 192 $ 322 $ 369