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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest and fees on loans:    
Taxable $ 34,041 $ 30,049
Tax-exempt 1,418 1,389
Interest and dividends on investment securities:    
Taxable 1,918 2,124
Tax-exempt 371 457
Dividends 2 2
Interest on interest-bearing deposits in other banks 120 14
Interest on federal funds sold 1,127 243
Total interest income 38,997 34,278
Interest expense:    
Interest on deposits 18,704 9,678
Interest on short-term borrowings 262 1,086
Interest on long-term debt 270 27
Interest on subordinated debt 443 443
Total interest expense 19,679 11,234
Net interest income 19,318 23,044
Provision for credit losses 708 1,264
Net interest income after provision for credit losses 18,610 21,780
Noninterest income:    
Mortgage banking income 92 103
Increase in cash surrender value of life insurance 279 258
Interest rate swap (loss) gain (24) 223
Net losses on equity investment securities (8) (29)
Net gains on sale of investment securities available for sale   81
Total noninterest income 3,402 3,674
Noninterest expense:    
Salaries and employee benefits expense 8,839 9,080
Net occupancy and equipment expense 4,725 4,103
Acquisition related expenses 486  
Amortization of intangible assets   29
Professional fees and outside services 688 619
FDIC insurance and assessments 594 501
Donations 409 397
Other expenses 2,327 1,757
Total noninterest expense 18,068 16,486
Income before income taxes 3,944 8,968
Provision for income tax expense 478 1,389
Net income 3,466 7,579
Other comprehensive (loss) income:    
Unrealized (loss) gain on investment securities available for sale (2,441) 10,836
Reclassification adjustment for net (gain) loss on sales included in net income   (81)
Change in derivative fair value 1,079 (1,970)
Other comprehensive (loss) income (1,362) 8,785
Income tax (benefit) expense related to other comprehensive (loss) income (298) 1,891
Other comprehensive (loss) income, net of income tax (benefit) expense (1,064) 6,894
Comprehensive income $ 2,402 $ 14,473
Per share data:    
Basic $ 0.49 $ 1.06
Diluted $ 0.49 $ 1.05
Weighted average common shares outstanding:    
Basic 7,052,912 7,157,553
Diluted 7,102,112 7,198,970
Dividends declared $ 0.41 $ 0.41
Service charges, fees, commissions and other    
Noninterest income:    
Revenue from contracts with customers $ 2,036 $ 1,965
Merchant services income    
Noninterest income:    
Revenue from contracts with customers 115 118
Commission and fees on fiduciary activities    
Noninterest income:    
Revenue from contracts with customers 551 557
Wealth management income    
Noninterest income:    
Revenue from contracts with customers $ 361 $ 398