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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest and fees on loans:    
Taxable $ 30,049 $ 20,853
Tax-exempt 1,389 1,161
Interest and dividends on investment securities:    
Taxable 2,124 1,972
Tax-exempt 457 510
Dividends 2  
Interest on interest-bearing deposits in other banks 14 2
Interest on federal funds sold 243 73
Total interest income 34,278 24,571
Interest expense:    
Interest on deposits 9,678 1,468
Interest on short-term borrowings 1,086  
Interest on long-term debt 27 28
Interest on subordinated debt 443 444
Total interest expense 11,234 1,940
Net interest income 23,044 22,631
Provision for credit losses 1,264 300
Net interest income after provision for credit losses 21,780 22,331
Noninterest income:    
Mortgage banking income 103 144
Increase in cash surrender value of life insurance 258 218
Interest rate swap revenue 223 343
Net (losses) gains on equity investment securities (29) 4
Net gains on sale of investment securities available for sale 81  
Total noninterest income 3,674 3,421
Noninterest expense:    
Salaries and employee benefits expense 9,080 8,040
Net occupancy and equipment expense 4,103 3,825
Amortization of intangible assets 29 96
Net gain on sale of other real estate owned   (458)
Professional fees and outside services 619 470
FDIC insurance and assessments 501 326
Donations 397 334
Other expenses 1,757 1,656
Total noninterest expense 16,486 14,289
Income before income taxes 8,968 11,463
Provision for income tax expense 1,389 1,833
Net income 7,579 9,630
Other comprehensive income (loss):    
Unrealized gain (loss) on investment securities available-for-sale 10,836 (32,612)
Reclassification adjustment for net gain on sales included in net income (81)  
Change in derivative fair value (1,970) (493)
Other comprehensive income (loss) 8,785 (33,105)
Income tax expense (benefit) related to other comprehensive income (loss) 1,891 (6,952)
Other comprehensive income (loss), net of income tax expense (benefit) 6,894 (26,153)
Comprehensive income (loss) $ 14,473 $ (16,523)
Per share data:    
Basic $ 1.06 $ 1.34
Diluted $ 1.05 $ 1.33
Average common shares outstanding:    
Basic 7,157,553 7,172,455
Diluted 7,198,970 7,216,421
Dividends declared $ 0.41 $ 0.39
Service charges, fees, commissions and other    
Noninterest income:    
Revenue from contracts with customers $ 1,965 $ 1,692
Merchant services income    
Noninterest income:    
Revenue from contracts with customers 118 114
Commission and fees on fiduciary activities    
Noninterest income:    
Revenue from contracts with customers 557 555
Wealth management income    
Noninterest income:    
Revenue from contracts with customers $ 398 $ 351