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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 $ 16,130 $ 13,293 $ 31,380 $ 25,569
Securities        
Taxable 947 934 1,832 1,892
Tax exempt 34 41 68 83
Dividends 95 75 193 165
Interest-bearing deposits with banks 1,446 671 2,863 1,097
Other interest 0 3 0 5
Total interest and dividend income 18,652 15,017 36,336 28,811
Interest expense:        
Deposits 6,102 3,091 12,001 4,923
Other borrowed funds 431 169 869 271
Subordinated debentures 156 143 313 281
Total interest expense 6,689 3,403 13,183 5,475
Net interest income 11,963 11,614 23,153 23,336
Provision for (recovery of) credit losses 181 24 932 513
Net interest income after provision for (recovery of) credit losses 11,782 11,590 22,221 22,823
Noninterest income:        
Service charges on deposit accounts 731 653 1,456 1,264
Trust fees 101 82 205 168
Income from bank owned life insurance and annuity assets 226 211 451 418
Mortgage banking income 40 44 79 91
Electronic refund check / deposit fees 135 135 675 675
Debit / credit card interchange income 1,223 1,215 2,368 2,388
Tax preparation fees 26 33 633 664
Other 219 340 530 812
Total noninterest income 2,701 2,713 6,397 6,480
Noninterest expense:        
Salaries and employee benefits 6,186 5,841 12,353 11,725
Occupancy 537 485 1,006 947
Furniture and equipment 326 330 660 628
Professional fees 507 433 993 866
Marketing expense 221 241 446 482
FDIC insurance 161 142 309 280
Data processing 788 726 1,595 1,446
Software 541 588 1,162 1,150
Foreclosed assets 2 7 0 9
Amortization of intangibles 4 6 7 13
Other 1,590 1,616 3,073 3,141
Total noninterest expense 10,863 10,415 21,604 20,687
Income before income taxes 3,620 3,888 7,014 8,616
Provision for income taxes 648 639 1,249 1,459
NET INCOME $ 2,972 $ 3,249 $ 5,765 $ 7,157
Earnings per share (in dollars per share) $ 0.63 $ 0.68 $ 1.21 $ 1.5