XML 14 R4.htm IDEA: XBRL DOCUMENT v3.24.3
Consolidated Statements of Income (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income        
Loans, including fees $ 28,501 $ 26,022 $ 83,202 $ 72,242
Investment securities 5,248 5,770 15,816 17,619
Deposits with other banks and short term investments 855 787 2,232 1,852
Total interest income 34,604 32,579 101,250 91,713
Interest expense        
Deposits 13,154 10,338 37,351 23,893
Federal funds purchased 0 11 0 146
Federal Home Loan Bank advances 1,913 1,568 5,306 5,140
Other borrowings 996 1,041 2,989 3,164
Total interest expense 16,063 12,958 45,646 32,343
Net interest income 18,541 19,621 55,604 59,370
Provision for credit losses 750 1,000 2,400 2,100
Net interest income after provision for credit losses 17,791 18,621 53,204 57,270
Noninterest income        
Gain on sales of SBA loans 2,227 1,268 6,620 3,429
Loss on sales of securities (454) 0 (1,434) 0
BOLI Income 383 335 1,314 1,024
Insurance commissions 433 509 1,318 1,421
Other 1,117 1,474 3,414 2,986
Total noninterest income 10,082 9,718 29,066 26,329
Noninterest expense        
Salaries and employee benefits 12,594 11,973 36,889 37,929
Occupancy and equipment 1,523 1,620 4,505 4,740
Information technology expenses 2,150 2,064 6,487 6,406
Professional fees 748 752 2,286 2,348
Advertising and public relations 965 766 2,892 2,432
Communications 210 224 652 710
Other 2,645 3,482 7,851 8,913
Total noninterest expense 20,835 20,881 61,562 63,478
Income before income taxes 7,038 7,458 20,708 20,121
Income taxes 1,409 1,654 4,272 3,972
Net income $ 5,629 $ 5,804 $ 16,436 $ 16,149
Earnings per common share:        
Basic (in dollars per share) $ 0.32 $ 0.33 $ 0.94 $ 0.92
Diluted (in dollars per share) 0.32 0.33 0.94 0.92
Dividends declared per share (in dollars per share) $ 0.1125 $ 0.1100 $ 0.3375 $ 0.3300
Weighted average common shares outstanding:        
Basic (in shares) 17,587,902 17,569,493 17,566,452 17,581,817
Diluted (in shares) 17,587,902 17,569,493 17,566,452 17,581,817
Service charges on deposits        
Noninterest income        
Noninterest income $ 2,401 $ 2,200 $ 7,062 $ 6,140
Mortgage fee income        
Noninterest income        
Noninterest income 1,812 1,730 4,503 4,928
Interchange fees        
Noninterest income        
Noninterest income $ 2,163 $ 2,202 $ 6,269 $ 6,401