XML 14 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1
CONSOLIDATED STATEMENT OF INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST INCOME:        
Interest and fees on loans $ 35,067 $ 24,117 $ 70,200 $ 46,666
Interest-bearing deposits with banks 262 127 505 198
Investment securities:        
Taxable 1,663 1,683 3,287 3,239
Nontaxable 520 572 1,052 1,189
Dividends 390 311 791 625
TOTAL INTEREST INCOME 37,902 26,810 75,835 51,917
INTEREST EXPENSE:        
Deposits 12,655 5,480 24,976 9,419
Borrowed funds 3,947 3,409 8,601 6,497
TOTAL INTEREST EXPENSE 16,602 8,889 33,577 15,916
NET INTEREST INCOME 21,300 17,921 42,258 36,001
Provision for credit losses 2,002 262 2,787 262
Provision for credit losses - acquisition day 1 non-PCD 0 4,591 0 4,591
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 19,298 13,068 39,471 31,148
NON-INTEREST INCOME:        
Service charges 1,385 1,293 2,757 2,504
Trust 201 181 445 411
Brokerage and insurance 563 442 1,228 956
Gains on loans sold 479 169 896 214
Equity security losses, net (87) (74) (32) (292)
Available for sale security losses, net 0 (51) 0 (51)
Gain on sale of Braavo division 0 0 1,102 0
Earnings on bank owned life insurance 328 234 996 452
Other 467 86 915 260
TOTAL NON-INTEREST INCOME 3,336 2,280 8,307 4,454
NON-INTEREST EXPENSES:        
Salaries and employee benefits 9,617 7,916 19,907 15,593
Occupancy 1,266 814 2,590 1,649
Furniture and equipment 295 162 531 313
Professional fees 698 387 1,401 768
FDIC insurance 509 325 1,034 625
Pennsylvania shares tax 330 298 640 596
Amortization of intangibles 147 31 296 62
Merger and acquisition 0 8,402 0 8,646
Software expenses 494 372 1,008 723
ORE expenses (recoveries) 175 (11) 162 15
Other 2,715 1,984 5,320 3,468
TOTAL NON-INTEREST EXPENSES 16,246 20,680 32,889 32,458
Income (loss) before provision (benefit) for income taxes 6,388 (5,332) 14,889 3,144
Provision (benefit) for income taxes 1,113 (1,188) 2,590 421
NET INCOME (LOSS) $ 5,275 $ (4,144) $ 12,299 $ 2,723
PER COMMON SHARE DATA:        
Net Income (Loss) - Basic $ 1.11 $ (1) $ 2.59 $ 0.66
Net Income (Loss) - Diluted 1.11 (1) 2.59 0.66
Cash Dividends Paid (in dollars per share) $ 0.485 $ 0.475 $ 0.97 $ 0.949
Number of shares used in computation - basic (in shares) 4,748,927 4,159,966 4,748,523 4,106,005
Number of shares used in computation - diluted (in shares) 4,753,697 4,159,966 4,753,918 4,106,005