XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.3
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
INTEREST INCOME:        
Interest and fees on loans $ 17,692 $ 14,708 $ 51,851 $ 39,752
Interest on deposits in other banks 1,481 48 2,930 157
Interest and dividends on investment securities:        
Taxable 5,900 4,411 17,612 14,586
Exempt from Federal income taxes 1,393 1,825 4,203 5,144
Total interest income 26,466 20,992 76,596 59,639
INTEREST EXPENSE:        
Interest on deposits 5,015 231 10,890 714
Interest on short-term borrowings 0 411 661 1,168
Interest on senior debt and subordinated debentures 924 186 2,732 186
Total interest expense 5,939 828 14,283 2,068
Net interest income before provision for credit losses 20,527 20,164 62,313 57,571
PROVISION FOR CREDIT LOSSES 186 495 476 495
Net interest income after provision for credit losses 20,341 19,669 61,837 57,076
NON-INTEREST INCOME:        
Service charges 376 475 1,132 1,558
Net realized losses on sales and calls of investment securities (39) (14) (296) (777)
Other income 1,246 1,019 3,916 3,303
Total non-interest income 1,583 1,480 4,752 4,084
NON-INTEREST EXPENSES:        
Salaries and employee benefits 7,474 7,500 23,483 21,501
Occupancy and equipment 1,490 1,363 4,012 3,869
Total other non-interest expense 4,472 3,940 12,951 10,961
Total non-interest expenses 13,436 12,803 40,446 36,331
Income before provision for income taxes 8,488 8,346 26,143 24,829
Provision for income taxes 2,098 1,962 6,501 5,817
Net income $ 6,390 $ 6,384 $ 19,642 $ 19,012
Earnings per common share:        
Basic earnings per common share (in dollars per share) $ 0.54 $ 0.55 $ 1.67 $ 1.62
Weighted average common shares used in basic computation (in shares) 11,742,334 11,678,532 11,723,233 11,723,790
Diluted earnings per common share (in dollars per share) $ 0.54 $ 0.55 $ 1.67 $ 1.62
Weighted average common shares used in diluted computation (in shares) 11,755,758 11,689,323 11,745,606 11,748,693
Cash dividends per common share (in dollars per share) $ 0.12 $ 0.12 $ 0.36 $ 0.36