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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest income    
Loans, including fees $ 20,786,000 $ 14,873,000
Securities:    
Taxable 5,348,000 4,913,000
Tax exempt 1,412,000 1,435,000
Other 886,000 177,000
Total interest income 28,432,000 21,398,000
Interest expense    
Deposits 8,777,000 3,276,000
Advances from Federal Home Loan Bank 441,000 605,000
Other 2,740,000 505,000
Total interest expense 11,958,000 4,386,000
Net interest income 16,474,000 17,012,000
Provision for (reversal of) credit losses on loans 403,000 309,000
Provision for (reversal of) credit losses on unfunded commitments (403,000) (284,000)
Net Provision for (reversal of) credit losses expense 0 25,000
Net interest income after provision 16,474,000 16,987,000
Noninterest income    
Customer service charges 2,405,000 2,267,000
Insurance and investment commissions 198,000 196,000
Gains on sales of loans 454,000 403,000
Net gains (losses) on sales of securities 0 0
Net gains on sales and write downs of other assets 1,000 3,000
Earnings on life insurance policies 495,000 263,000
Trust income 213,000 184,000
Change in market value of equity securities 35,000 63,000
Other 250,000 292,000
Total noninterest income 4,051,000 3,671,000
Noninterest expense    
Salaries and benefits 7,831,000 8,083,000
Occupancy and equipment 1,462,000 1,643,000
Data processing 1,670,000 1,682,000
Professional fees 615,000 621,000
Supplies and postage 178,000 191,000
Advertising and promotional 150,000 149,000
Intangible amortization 203,000 252,000
FDIC insurance 375,000 300,000
Other 1,200,000 1,074,000
Total noninterest expense 13,684,000 13,995,000
Income before income tax 6,841,000 6,663,000
Income tax expense 1,207,000 1,030,000
Net income $ 5,634,000 $ 5,633,000
Basic earnings per share (Note 4) $ 0.75 $ 0.75
Diluted earnings per share (Note 4) 0.74 0.75
Dividends declared per share $ 0.27 $ 0.26