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Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest income    
Interest and fees on loans (includes YTD tax-exempt income of $521,000 for March 31, 2024 and $329,000 for March 31, 2023) $ 30,204 $ 24,125
Interest on deposits with other banks 78 40
Interest and dividends on investments (includes YTD tax-exempt income of $1,995,000 for March 31, 2024 and $2,002,000 for March 31, 2023) 4,706 4,749
     Total interest income 34,988 28,914
Interest expense    
Interest on deposits 19,177 10,917
Interest on borrowed funds 931 522
     Total interest expense 20,108 11,439
Net interest income 14,880 17,475
Provision for credit losses - loans 99 550
Provision (reduction) for credit losses - debt securities HTM (252) 0
Provision (reduction) for credit losses - off-balance sheet credit exposures (360) 0
Total provision (reduction) for credit losses (513) 550
Net interest income after provision for credit losses 15,393 16,925
Non-interest income    
Other operating income 637 609
     Total non-interest income 3,640 3,569
Non-interest expense    
Salaries and employee benefits 6,057 5,720
Occupancy expense 866 868
Furniture and equipment expense 1,389 1,303
FDIC insurance premiums 564 344
Amortization of identified intangibles 7 7
Other operating expense 2,878 2,608
     Total non-interest expense 11,761 10,850
Income before income taxes 7,272 9,644
Income tax expense 1,251 1,673
NET INCOME $ 6,021 $ 7,971
Basic earnings per common share (usd per share) $ 0.55 $ 0.73
Diluted earnings per common share (usd per share) $ 0.54 $ 0.72
Other comprehensive income (loss) net of tax    
Net unrealized (loss) gain on securities available for sale, net of taxes $ (3,241) $ 4,181
Net unrealized gain on transferred securities, net of taxes 2 4
Net unrealized gain (loss) on hedging derivative instruments 435 (2,736)
Other comprehensive (loss) gain (2,804) 1,449
Comprehensive income 3,217 9,420
Investment management and fiduciary income    
Non-interest income    
Non-interest income 1,188 1,146
Service charges on deposit accounts    
Non-interest income    
Non-interest income 499 437
Mortgage origination and servicing income, net of amortization    
Non-interest income    
Non-interest income 130 192
Debit card income    
Non-interest income    
Non-interest income $ 1,186 $ 1,185