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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income        
Loans, including fees $ 17,774,000 $ 13,611,000 $ 48,625,000 $ 38,432,000
Securities:        
Taxable 5,346,000 3,972,000 15,637,000 11,001,000
Tax exempt 1,420,000 1,464,000 4,244,000 4,678,000
Other 1,764,000 238,000 2,512,000 314,000
Total interest income 26,304,000 19,285,000 71,018,000 54,425,000
Interest expense        
Deposits 7,237,000 1,563,000 15,569,000 3,342,000
Advances from Federal Home Loan Bank 272,000 5,000 1,498,000 8,000
Other 2,569,000 379,000 4,622,000 1,127,000
Total interest expense 10,078,000 1,947,000 21,689,000 4,477,000
Net interest income 16,226,000 17,338,000 49,329,000 49,948,000
Provision for (reversal of) credit losses on loans 438,000 100,000 332,000 100,000
Provision for (reversal of) credit losses on unfunded commitments (438,000) 0 (557,000) 0
Net Provision for (reversal of) credit losses expense 0 100,000 (225,000) 100,000
Net interest income after provision 16,226,000 17,238,000 49,554,000 49,848,000
Noninterest income        
Customer service charges 2,382,000 2,458,000 6,920,000 7,000,000
Insurance and investment commissions 173,000 158,000 541,000 596,000
Gains on sales of loans 536,000 432,000 1,479,000 2,123,000
Net gains (losses) on sales of securities (71,000) (378,000) (71,000) (805,000)
Net gains on sales and write downs of other assets 13,000 0 149,000 172,000
Earnings on life insurance policies 278,000 259,000 810,000 793,000
Trust income 197,000 174,000 577,000 528,000
Change in market value of equity securities (134,000) (323,000) (456,000) (1,006,000)
Other 330,000 267,000 911,000 922,000
Total noninterest income 3,704,000 3,047,000 10,860,000 10,323,000
Noninterest expense        
Salaries and benefits 8,038,000 7,668,000 23,958,000 22,811,000
Occupancy and equipment 1,427,000 1,545,000 4,577,000 4,688,000
Data processing 1,724,000 1,734,000 5,087,000 5,056,000
Professional fees 435,000 559,000 1,675,000 1,628,000
Supplies and postage 192,000 184,000 580,000 541,000
Advertising and promotional 269,000 199,000 573,000 478,000
Intangible amortization 247,000 297,000 752,000 901,000
FDIC insurance 270,000 195,000 790,000 645,000
Other 1,126,000 1,035,000 3,304,000 3,515,000
Total noninterest expense 13,728,000 13,416,000 41,296,000 40,263,000
Income before income tax 6,202,000 6,869,000 19,118,000 19,908,000
Income tax expense 1,080,000 1,056,000 3,150,000 2,952,000
Net income $ 5,122,000 $ 5,813,000 $ 15,968,000 $ 16,956,000
Basic earnings per share (Note 4) $ 0.68 $ 0.77 $ 2.12 $ 2.26
Diluted earnings per share (Note 4) 0.68 0.77 2.12 2.26
Dividends declared per share $ 0.26 $ 0.25 $ 0.78 $ 0.75