XML 13 R4.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest and fees on loans:    
Taxable $ 20,853 $ 20,900
Tax-exempt 1,161 870
Interest and dividends on investment securities:    
Taxable 1,972 1,243
Tax-exempt 510 390
Dividends   23
Interest on interest-bearing deposits in other banks 2 2
Interest on federal funds sold 73 49
Total interest income 24,571 23,477
Interest expense:    
Interest on deposits 1,468 2,092
Interest on short-term borrowings   71
Interest on long-term debt 28 103
Interest on subordinated debt 444 443
Total interest expense 1,940 2,709
Net interest income 22,631 20,768
Provision (credit) for loan losses 300 (500)
Net interest income after provision for loan losses 22,331 21,268
Noninterest income:    
Mortgage banking income 144 312
Increase in cash surrender value of life insurance 218 219
Interest rate swap revenue 343 797
Net gain on equity investment securities 4 21
Total noninterest income 3,421 3,517
Noninterest expense:    
Salaries and employee benefits expense 8,040 6,570
Net occupancy and equipment expense 3,825 3,267
Amortization of intangible assets 96 125
Professional fees and outside services 470 439
FDIC insurance and assessments 326 260
Donations 334 339
Other expenses 1,198 1,629
Total noninterest expense 14,289 12,629
Income before income taxes 11,463 12,156
Income tax expense 1,833 2,678
Net income 9,630 9,478
Other comprehensive loss:    
Unrealized loss on investment securities available-for-sale (32,612) (7,750)
Change in derivative fair value (493) 242
Other comprehensive loss (33,105) (7,508)
Income tax benefit (6,952) (1,577)
Other comprehensive loss, net of income taxes (26,153) (5,931)
Comprehensive income (loss) $ (16,523) $ 3,547
Net income:    
Basic $ 1.34 $ 1.31
Diluted $ 1.33 $ 1.31
Average common shares outstanding:    
Basic 7,172,455 7,210,952
Diluted 7,216,421 7,246,016
Dividends declared $ 0.39 $ 0.37
Service charges, fees and commissions    
Noninterest income:    
Revenue from contracts with customers $ 1,692 $ 1,184
Merchant services income    
Noninterest income:    
Revenue from contracts with customers 114 93
Commission and fees on fiduciary activities    
Noninterest income:    
Revenue from contracts with customers 555 533
Wealth management income    
Noninterest income:    
Revenue from contracts with customers $ 351 $ 358