XML 14 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest and fees on loans:        
Taxable $ 34,406 $ 32,139 $ 68,447 $ 62,188
Tax-exempt 1,399 1,405 2,817 2,794
Interest and dividends on investment securities:        
Taxable 1,904 1,929 3,822 4,053
Tax-exempt 371 378 742 835
Dividends 2 2 4 4
Interest on interest-bearing deposits in other banks 115 85 235 99
Interest on federal funds sold 179 798 1,306 1,041
Total interest income 38,376 36,736 77,373 71,014
Interest expense:        
Interest on deposits 18,114 13,714 36,818 23,324
Interest on short-term borrowings 633 213 895 1,299
Interest on long-term debt 269 269 539 296
Interest on subordinated debt 444 444 887 887
Total interest expense 19,460 14,640 39,139 25,806
Net interest income 18,916 22,096 38,234 45,208
Provision for (credit to) credit losses 596 (2,201) 1,304 (937)
Net interest income after provision for (credit to) credit losses 18,320 24,297 36,930 46,145
Noninterest income:        
Mortgage banking income 87 105 179 208
Increase in cash surrender value of life insurance 286 262 565 520
Interest rate swap gain 102 23 78 246
Net (losses) gains on equity investment securities (12) 12 (20) (17)
Net gains on sale of investment securities available for sale       81
Total noninterest income 3,541 3,552 6,943 7,226
Noninterest expense:        
Salaries and employee benefits expense 8,450 8,482 17,289 17,562
Net occupancy and equipment expense 4,576 4,277 9,301 8,380
Acquisition related expenses 1,071 121 1,557 121
Amortization of intangible assets   28   57
Professional fees and outside services 779 507 1,467 1,270
FDIC insurance and assessments 504 556 1,098 1,057
Donations 433 467 842 865
Other expenses 2,345 2,176 4,672 3,856
Total noninterest expense 18,158 16,614 36,226 33,168
Income before income taxes 3,703 11,235 7,647 20,203
Provision for income tax expense 421 1,810 899 3,199
Net income 3,282 9,425 6,748 17,004
Other comprehensive (loss) income:        
Unrealized gain (loss) on investment securities available for sale 18 (5,148) (2,423) 5,688
Reclassification adjustment for net gain on sales included in net income       (81)
Change in derivative fair value 160 2,049 1,239 79
Other comprehensive income (loss) 178 (3,099) (1,184) 5,686
Income tax expense (benefit) related to other comprehensive income (loss) 38 (668) (260) 1,223
Other comprehensive income (loss), net of income tax expense (benefit) 140 (2,431) (924) 4,463
Comprehensive income $ 3,422 $ 6,994 $ 5,824 $ 21,467
Per share data:        
Basic $ 0.47 $ 1.32 $ 0.96 $ 2.38
Diluted $ 0.46 $ 1.31 $ 0.95 $ 2.37
Weighted average common shares outstanding:        
Basic 7,057,258 7,145,975 7,055,085 7,151,732
Diluted 7,114,115 7,177,915 7,108,113 7,188,384
Dividends declared $ 0.41 $ 0.41 $ 0.82 $ 0.82
Service charges, fees, commissions and other        
Noninterest income:        
Revenue from contracts with customers $ 1,885 $ 1,982 $ 3,921 $ 3,947
Merchant services income        
Noninterest income:        
Revenue from contracts with customers 260 254 375 372
Commission and fees on fiduciary activities        
Noninterest income:        
Revenue from contracts with customers 517 528 1,068 1,085
Wealth management income        
Noninterest income:        
Revenue from contracts with customers $ 416 $ 386 $ 777 $ 784