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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest income    
Loans, including fees $ 14,873,000 $ 12,298,000
Securities:    
Taxable 4,913,000 3,507,000
Tax exempt 1,435,000 1,655,000
Other 177,000 14,000
Total interest income 21,398,000 17,474,000
Interest expense    
Deposits 3,276,000 783,000
Advances from Federal Home Loan Bank 605,000 1,000
Other 505,000 369,000
Total interest expense 4,386,000 1,153,000
Net interest income 17,012,000 16,321,000
Provision for credit losses on loans 309,000 0
Provision for credit losses on unfunded commitments (284,000) 0
Net Provision for credit losses expense 25,000 0
Net interest income after provision 16,987,000 16,321,000
Noninterest income    
Customer service charges 2,267,000 2,189,000
Insurance and investment commissions 196,000 205,000
Gains on sales of loans 403,000 804,000
Net gains on sales and write downs of other assets 3,000 171,000
Earnings on life insurance policies 263,000 280,000
Trust income 184,000 178,000
Change in market value of equity securities 63,000 (356,000)
Other 292,000 374,000
Total noninterest income 3,671,000 3,845,000
Noninterest expense    
Salaries and benefits 8,083,000 7,606,000
Occupancy and equipment 1,643,000 1,625,000
Data processing 1,682,000 1,744,000
Professional fees 621,000 510,000
Supplies and postage 191,000 191,000
Advertising and promotional 149,000 132,000
Intangible amortization 252,000 282,000
FDIC insurance 300,000 225,000
Other 1,074,000 1,375,000
Total noninterest expense 13,995,000 13,690,000
Income before income tax 6,663,000 6,476,000
Income tax expense 1,030,000 948,000
Net income $ 5,633,000 $ 5,528,000
Basic earnings per share (Note 4) (in dollars per share) $ 0.75 $ 0.74
Diluted earnings per share (Note 4) (in dollars per share) 0.75 0.74
Dividends declared, per share (in dollars per share) $ 0.26 $ 0.25