XML 17 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1
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
Loans, including fees        
Taxable $ 22,675 $ 18,947 $ 44,145 $ 37,845
Tax-exempt 313 352 632 708
Investment Securities:        
Taxable 2,665 2,688 5,576 5,974
Tax-exempt 284 285 568 599
Dividends 248 51 488 92
Other 684 890 1,434 1,904
Total Interest and Dividend Income 26,869 23,213 52,843 47,122
INTEREST EXPENSE        
Deposits 2,643 486 4,803 959
Short-term borrowings 304 108 643 125
Long-term borrowings 2,958 629 5,840 956
Total Interest Expense 5,905 1,223 11,286 2,040
Net Interest Income 20,964 21,990 41,557 45,082
Net Interest Income after (Reversal of) Provisions for Credit Losses and Unfunded Commitments 24,213 22,142 44,734 44,861
NONINTEREST INCOME        
Insurance commissions 2,747 2,840 4,862 4,742
Earnings on investment in bank-owned life insurance 493 484 970 926
Net (losses) gains on sales or calls of investment securities 0 (546) 69 (739)
Net gains (losses) on equity securities 1 (15) (9) 5
Gain on assets held for sale 0 323 0 323
Other 221 292 417 463
Total Noninterest Income 6,427 6,194 12,094 11,178
NONINTEREST EXPENSES        
Salaries and employee benefits 10,426 9,824 21,594 20,266
Equipment 1,570 1,623 3,299 3,230
Net occupancy 991 1,002 2,121 2,039
Professional services 529 601 1,145 983
FDIC and regulatory 348 295 723 544
Other tax 356 305 726 642
Intangible assets amortization 315 360 636 720
Supplies and postage 183 198 374 404
Marketing and corporate relations 88 159 176 313
Other 1,585 1,914 3,259 3,422
Total Noninterest Expenses 16,391 16,281 34,053 32,563
Income before Income Taxes 14,249 12,055 22,775 23,476
Provision for income taxes 2,970 2,531 4,728 4,929
Net Income $ 11,279 $ 9,524 $ 18,047 $ 18,547
PER SHARE DATA        
Basic earnings (in dollars per share) $ 1.32 $ 1.12 $ 2.12 $ 2.18
Diluted earnings (in dollars per share) $ 1.32 $ 1.12 $ 2.12 $ 2.17
Financing Receivable Excluding Unfunded Commitments        
INTEREST EXPENSE        
Reversal of credit losses $ (2,990) $ (273) $ (2,767) $ (176)
Unfunded Loan Commitment        
INTEREST EXPENSE        
Reversal of credit losses (259) 121 (410) 397
Service charges on deposits        
NONINTEREST INCOME        
Revenue from contract with customer, excluding assessed tax 1,021 989 2,012 1,951
Wealth management        
NONINTEREST INCOME        
Revenue from contract with customer, excluding assessed tax 1,069 979 2,031 1,819
ATM debit card charges        
NONINTEREST INCOME        
Revenue from contract with customer, excluding assessed tax 841 834 1,660 1,657
Gain from mortgage loans held for sale        
NONINTEREST INCOME        
Revenue from contract with customer, excluding assessed tax $ 34 $ 14 $ 82 $ 31