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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Interest income:      
Interest and fees on loans $ 55,907,000 $ 54,077,000 $ 52,066,000
Interest on deposits in other banks 391,000 129,000 246,000
Interest and dividends on investment securities:      
Taxable 20,011,000 14,044,000 11,740,000
Exempt from Federal income taxes 6,679,000 5,606,000 1,966,000
Total interest income 82,988,000 73,856,000 66,018,000
Interest expense:      
Interest on deposits 1,197,000 1,036,000 1,465,000
Interest on subordinated debentures and borrowings 2,225,000 266,000 130,000
Total interest expense 3,422,000 1,302,000 1,595,000
Net interest income before provision for credit losses 79,566,000 72,554,000 64,423,000
Provision for (reversal of) credit losses 1,000,000 (4,300,000) 3,275,000
Net interest income after provision for credit losses 78,566,000 76,854,000 61,148,000
Non-interest income:      
Service charges 2,014,000 1,901,000 2,071,000
Appreciation in cash surrender value of bank owned life insurance 985,000 840,000 711,000
Interchange fees 1,847,000 1,784,000 1,347,000
Loan placement fees 899,000 1,974,000 2,291,000
Net realized (losses) gains on sales and calls of investment securities (1,730,000) 501,000 4,252,000
Other-than-temporary impairment loss on investment securities 0    
Federal Home Loan Bank dividends 367,000 321,000 323,000
Other income 672,000 1,684,000 2,802,000
Total non-interest income 5,054,000 9,005,000 13,797,000
Non-interest expenses:      
Salaries and employee benefits 28,917,000 28,720,000 28,603,000
Occupancy and equipment 5,131,000 4,882,000 4,626,000
Regulatory assessments 851,000 831,000 490,000
Data processing expense 2,245,000 2,394,000 2,046,000
Professional services 1,519,000 1,665,000 2,398,000
ATM/Debit card expenses 809,000 818,000 819,000
Information technology 3,344,000 2,868,000 2,391,000
Directors’ expenses 282,000 422,000 615,000
Advertising 557,000 527,000 663,000
Internet banking expenses 134,000 320,000 650,000
Amortization of core deposit intangibles 454,000 661,000 695,000
Other expense 4,236,000 3,734,000 3,688,000
Total non-interest expenses 48,479,000 47,842,000 47,684,000
Income before provision for income taxes 35,141,000 38,017,000 27,261,000
Provision for income taxes 8,496,000 9,616,000 6,914,000
Net income $ 26,645,000 $ 28,401,000 $ 20,347,000
Net income per common share:      
Basic earnings per common share (in dollars per share) $ 2.27 $ 2.32 $ 1.62
Diluted earnings per common share (in dollars per share) 2.27 2.31 1.62
Cash dividends per common share (in dollars per share) $ 0.48 $ 0.47 $ 0.44