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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income        
Loans, including fees $ 15,978,000 $ 12,523,000 $ 30,851,000 $ 24,821,000
Securities:        
Taxable 5,378,000 3,522,000 10,291,000 7,029,000
Tax exempt 1,389,000 1,559,000 2,824,000 3,214,000
Other 571,000 62,000 748,000 76,000
Total interest income 23,316,000 17,666,000 44,714,000 35,140,000
Interest expense        
Deposits 5,056,000 996,000 8,332,000 1,779,000
Advances from Federal Home Loan Bank 621,000 2,000 1,226,000 3,000
Other 1,548,000 379,000 2,053,000 748,000
Total interest expense 7,225,000 1,377,000 11,611,000 2,530,000
Net interest income 16,091,000 16,289,000 33,103,000 32,610,000
Provision for (reversal of) credit losses on loans (415,000) 0 (106,000) 0
Provision for (reversal of) credit losses on unfunded commitments 165,000 0 (119,000) 0
Net Provision for (reversal of) credit losses expense (250,000) 0 (225,000) 0
Net interest income after provision 16,341,000 16,289,000 33,328,000 32,610,000
Noninterest income        
Customer service charges 2,271,000 2,353,000 4,538,000 4,542,000
Insurance and investment commissions 172,000 233,000 368,000 438,000
Gains on sales of loans 540,000 887,000 943,000 1,691,000
Net gains (losses) on sales of securities 0 (427,000) 0 (427,000)
Net gains on sales and write downs of other assets 133,000 1,000 136,000 172,000
Earnings on life insurance policies 269,000 254,000 532,000 534,000
Trust income 196,000 176,000 380,000 354,000
Change in market value of equity securities (385,000) (327,000) (322,000) (683,000)
Other 289,000 280,000 581,000 655,000
Total noninterest income 3,485,000 3,430,000 7,156,000 7,276,000
Noninterest expense        
Salaries and benefits 7,837,000 7,537,000 15,920,000 15,143,000
Occupancy and equipment 1,507,000 1,518,000 3,150,000 3,143,000
Data processing 1,681,000 1,578,000 3,363,000 3,322,000
Professional fees 619,000 559,000 1,240,000 1,069,000
Supplies and postage 197,000 166,000 388,000 357,000
Advertising and promotional 155,000 147,000 304,000 279,000
Intangible amortization 253,000 322,000 505,000 604,000
FDIC insurance 220,000 225,000 520,000 450,000
Other 1,104,000 1,105,000 2,178,000 2,480,000
Total noninterest expense 13,573,000 13,157,000 27,568,000 26,847,000
Income before income tax 6,253,000 6,562,000 12,916,000 13,039,000
Income tax expense 1,040,000 947,000 2,070,000 1,896,000
Net income $ 5,213,000 $ 5,615,000 $ 10,846,000 $ 11,143,000
Basic earnings per share (Note 4) $ 0.69 $ 0.75 $ 1.44 $ 1.49
Diluted earnings per share (Note 4) 0.69 0.75 1.44 1.49
Dividends declared per share $ 0.26 $ 0.25 $ 0.52 $ 0.5