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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income        
Loans, including fees $ 21,971,000 $ 15,978,000 $ 42,757,000 $ 30,851,000
Securities:        
Taxable 5,471,000 5,378,000 10,819,000 10,291,000
Tax exempt 1,410,000 1,389,000 2,822,000 2,824,000
Other 1,092,000 571,000 1,978,000 748,000
Total interest income 29,944,000 23,316,000 58,376,000 44,714,000
Interest expense        
Deposits 8,325,000 5,056,000 17,102,000 8,332,000
Advances from Federal Home Loan Bank 463,000 621,000 904,000 1,226,000
Other 2,785,000 1,548,000 5,525,000 2,053,000
Total interest expense 11,573,000 7,225,000 23,531,000 11,611,000
Net interest income 18,371,000 16,091,000 34,845,000 33,103,000
Provision for (reversal of) credit losses on loans 272,000 (415,000) 675,000 (106,000)
Provision for (reversal of) credit losses on unfunded commitments (272,000) 165,000 (675,000) (119,000)
Net Provision for (reversal of) credit losses expense 0 (250,000) 0 (225,000)
Net interest income after provision 18,371,000 16,341,000 34,845,000 33,328,000
Noninterest income        
Customer service charges 2,662,000 2,271,000 5,067,000 4,538,000
Insurance and investment commissions 190,000 172,000 388,000 368,000
Gains on sales of loans 525,000 540,000 979,000 943,000
Net gains (losses) on sales of securities 0 0 0 0
Net gains on sales and write downs of other assets 11,000 133,000 12,000 136,000
Earnings on life insurance policies 305,000 269,000 800,000 532,000
Trust income 220,000 196,000 433,000 380,000
Change in market value of equity securities (71,000) (385,000) (36,000) (322,000)
Other 241,000 289,000 491,000 581,000
Total noninterest income 4,083,000 3,485,000 8,134,000 7,156,000
Noninterest expense        
Salaries and benefits 8,264,000 7,837,000 16,095,000 15,920,000
Occupancy and equipment 1,477,000 1,507,000 2,939,000 3,150,000
Data processing 1,780,000 1,681,000 3,450,000 3,363,000
Professional fees 593,000 619,000 1,208,000 1,240,000
Supplies and postage 168,000 197,000 346,000 388,000
Advertising and promotional 199,000 155,000 349,000 304,000
Intangible amortization 203,000 253,000 406,000 505,000
FDIC insurance 390,000 220,000 765,000 520,000
Other 1,204,000 1,104,000 2,404,000 2,178,000
Total noninterest expense 14,278,000 13,573,000 27,962,000 27,568,000
Income before income tax 8,176,000 6,253,000 15,017,000 12,916,000
Income tax expense 1,590,000 1,040,000 2,797,000 2,070,000
Net income $ 6,586,000 $ 5,213,000 $ 12,220,000 $ 10,846,000
Basic earnings per share (Note 4) (in dollars per share) $ 0.87 $ 0.69 $ 1.62 $ 1.44
Diluted earnings per share (Note 4) (in dollars per share) 0.87 0.69 1.61 1.44
Dividends declared per share (in dollars per share) $ 0.27 $ 0.26 $ 0.54 $ 0.52