XML 14 R4.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest income      
Loans, including fees $ 68,384 $ 52,823 $ 48,657
Securities:      
Taxable 21,169 15,583 10,260
Tax exempt 5,629 6,163 5,617
Other 3,798 491 84
Total interest income 98,980 75,060 64,618
Interest expense      
Deposits 23,990 5,845 3,305
Advances from Federal Home Loan Bank 1,771 117 22
Other 7,334 1,784 650
Total interest expense 33,095 7,746 3,977
Net interest income 65,885 67,314 60,641
Provision for (reversal of) credit losses on loans 1,265 250 416
Provision for (reversal of) credit losses on unfunded commitments (1,115) 0 0
Net Provision for (reversal of) credit losses expense 150 250 416
Net interest income after provision for credit losses 65,735 67,064 60,225
Noninterest income      
Customer service charges 9,347 9,350 8,628
Insurance and investment commissions 698 779 765
Mortgage servicing rights (Note 4) 820 1,007 2,335
Gains on sales of loans (Note 4) 1,134 1,336 4,441
Net (losses) gains on sales of securities (Note 2) (71) (809) (40)
Net (losses) gains on sales and write-downs of other assets (Note 7) 147 99 6
Earnings on life insurance policies 1,096 1,312 809
Trust income 771 734 790
Change in market value of equity securities (246) (955) 479
Other 1,210 1,219 981
Total noninterest income 14,906 14,072 19,194
Noninterest expense      
Salaries and benefits (Note 13 and 14) 31,963 30,391 29,300
Occupancy and equipment (Note 5) 6,048 6,189 6,168
Data processing 6,618 6,729 6,189
Professional fees 2,198 2,175 3,009
Supplies and postage 780 719 614
Advertising and promotional 721 764 848
Intangible amortization (Note 6) 955 1,153 1,307
FDIC insurance 1,184 722 804
Other 4,607 4,636 4,682
Total noninterest expense 55,074 53,478 52,921
Income before income tax 25,567 27,658 26,498
Income tax expense 4,306 4,018 4,456
Net income $ 21,261 $ 23,640 $ 22,042
Basic earnings per share (Note 16) $ 2.82 $ 3.15 $ 2.87
Diluted earnings per share (Note 16) 2.82 3.15 2.86
Dividends declared per share $ 1.05 $ 1.01 $ 0.94