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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and Dividend Income        
Interest and fees on loans $ 21,143 $ 20,179 $ 60,631 $ 56,100
Interest and dividends on securities available for sale:        
Taxable interest income 712 781 2,209 2,370
Interest income exempt from federal income taxes 4 3 12 12
Dividends 157 147 468 366
Interest on deposits in banks 1,659 1,021 3,889 2,151
Interest on federal funds sold 11 51 118 89
Total interest and dividend income 23,686 22,182 67,327 61,088
Interest Expense        
Interest on deposits 8,419 6,978 23,358 15,972
Interest on federal funds purchased 0 0 0 70
Interest on Federal Home Loan Bank advances 1,756 1,943 5,178 6,006
Interest on subordinated debt 354 354 1,063 1,063
Total interest expense 10,529 9,275 29,599 23,111
Net interest income (Expense) 13,157 12,907 37,728 37,977
Provision for credit losses 1,544 216 2,200 1,283
Net interest income after provision for credit losses 11,613 12,691 35,528 36,694
Noninterest Income        
Wealth management fees 1,515 1,190 4,244 3,611
Service charges on deposit accounts 518 460 1,428 1,343
Other service charges and fees 1,117 1,252 3,250 3,434
Gain on the sale of marine finance assets 0 463 0 463
Gain (loss) on the sale of bank premises and equipment 0 7 (11) 14
Gain on sale of loans 627 265 1,280 913
Small Business Investment Company Income 496 151 882 350
Bank owned life insurance income 930 184 1,721 542
Other operating income 48 246 242 447
Total noninterest income 5,251 4,218 13,036 11,117
Noninterest Expenses        
Salaries and employee benefits 7,548 7,598 22,086 22,457
Occupancy expenses 530 570 1,569 1,621
Equipment expenses 427 341 1,201 979
Advertising and marketing expenses 247 228 729 866
Stationery and supplies 35 69 91 147
ATM network fees 406 426 1,159 1,142
Other real estate owned expense 0 0 0 5
(Gain) on other real estate owned 0 0 0 (7)
Loss on the sale of repossessed assets 204 0 204 0
FDIC assessment 343 495 1,103 1,107
Computer software expense 226 396 680 987
Bank franchise tax 342 340 1,011 916
Professional fees 408 497 1,425 1,963
Data processing fees 679 542 1,802 1,422
Other operating expenses 1,495 2,631 4,717 5,869
Total noninterest expenses 12,890 14,133 37,777 39,474
Income before income taxes 3,974 2,776 10,787 8,337
Income tax expense 550 457 1,630 1,375
Net income $ 3,424 $ 2,319 $ 9,157 $ 6,962
Earnings Per Share        
Net income per common share, basic $ 0.97 $ 0.66 $ 2.58 $ 1.98
Net income per common share, diluted $ 0.97 $ 0.66 $ 2.58 $ 1.98