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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income        
Loans, including fees $ 23,252,000 $ 17,774,000 $ 66,009,000 $ 48,625,000
Securities:        
Taxable 5,563,000 5,346,000 16,382,000 15,637,000
Tax exempt 1,402,000 1,420,000 4,224,000 4,244,000
Other 1,473,000 1,764,000 3,451,000 2,512,000
Total interest income 31,690,000 26,304,000 90,066,000 71,018,000
Interest expense        
Deposits 8,362,000 7,237,000 25,464,000 15,569,000
Advances from Federal Home Loan Bank 468,000 272,000 1,372,000 1,498,000
Other 2,612,000 2,569,000 8,137,000 4,622,000
Total interest expense 11,442,000 10,078,000 34,973,000 21,689,000
Net interest income 20,248,000 16,226,000 55,093,000 49,329,000
Provision for (reversal of) credit losses on loans 425,000 438,000 1,100,000 332,000
Provision for (reversal of) credit losses on unfunded commitments 0 (438,000) (675,000) (557,000)
Net Provision for (reversal of) credit losses expense 425,000 0 425,000 (225,000)
Net interest income after provision 19,823,000 16,226,000 54,668,000 49,554,000
Noninterest income        
Customer service charges 2,773,000 2,382,000 7,840,000 6,920,000
Insurance and investment commissions 184,000 173,000 572,000 541,000
Gains on sales of loans 631,000 536,000 1,610,000 1,479,000
Net gains (losses) on sales of securities 0 (71,000) 0 (71,000)
Net gains on sales and write downs of other assets 191,000 13,000 203,000 149,000
Earnings on life insurance policies 315,000 278,000 1,115,000 810,000
Trust income 232,000 197,000 665,000 577,000
Change in market value of equity securities 277,000 (134,000) 241,000 (456,000)
Other 264,000 330,000 755,000 911,000
Total noninterest income 4,867,000 3,704,000 13,001,000 10,860,000
Noninterest expense        
Salaries and benefits 8,372,000 8,038,000 24,467,000 23,958,000
Occupancy and equipment 1,475,000 1,427,000 4,414,000 4,577,000
Data processing 1,932,000 1,724,000 5,382,000 5,087,000
Professional fees 610,000 435,000 1,818,000 1,675,000
Supplies and postage 174,000 192,000 520,000 580,000
Advertising and promotional 168,000 269,000 517,000 573,000
Intangible amortization 198,000 247,000 604,000 752,000
FDIC insurance 390,000 270,000 1,155,000 790,000
Merger related expenses 645,000 0 645,000 0
Other 1,453,000 1,126,000 3,857,000 3,304,000
Total noninterest expense 15,417,000 13,728,000 43,379,000 41,296,000
Income before income tax 9,273,000 6,202,000 24,290,000 19,118,000
Income tax expense 1,925,000 1,080,000 4,722,000 3,150,000
Net income $ 7,348,000 $ 5,122,000 $ 19,568,000 $ 15,968,000
Basic earnings per share (Note 4) $ 0.86 $ 0.68 $ 2.48 $ 2.12
Diluted earnings per share (Note 4) 0.85 0.68 2.46 2.12
Dividends declared per share $ 0.27 $ 0.26 $ 0.81 $ 0.78