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Interim Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income        
Loans interest income $ 18,863 $ 15,931 $ 36,920 $ 30,820
Interest Income, Debt Securities, Available-for-Sale, Operating 2,804 3,047 5,688 6,267
FHLB stock dividend income 158 71 304 135
Federal funds sold and other 263 446 556 868
Total interest income 22,088 19,495 43,468 38,090
Interest expense        
Deposits 7,313 4,109 14,476 6,938
Interest Expense, Federal Funds Purchased and Securities Sold under Agreements to Repurchase 321 171 642 320
Interest Expense Federal Home Loan Bank Advances 638 270 1,026 270
Interest Expense, Subordinated Notes and Debentures 266 266 532 532
Total interest expense 8,538 4,816 16,676 8,060
Net interest income 13,550 14,679 26,792 30,030
Provision for loan losses 170 196 562 237
Net interest income after provision for loan losses 13,380 14,483 26,230 29,793
Noninterest income        
Noninterest Income, Service Charges and Fees 2,128 2,047 4,174 4,025
Noninterest Income Investment and Trust Advisory Fees 1,048 981 1,987 1,767
Earnings on corporate owned life insurance policies 253 226 496 452
Net gain on sale of mortgage loans 67 56 101 123
Other 112 294 318 530
Total noninterest income 3,608 3,604 7,076 6,897
Noninterest expenses        
Compensation and benefits 6,970 6,561 13,985 13,150
Occupancy and equipment 2,619 2,606 5,325 5,208
Professional and Contract Services Expense 527 557 1,040 1,092
ATM and Debit Card Expense 487 409 956 809
FDIC insurance premiums 280 233 532 461
Other 2,012 2,173 3,733 4,017
Total noninterest expenses 12,895 12,539 25,571 24,737
Income before federal income tax expense 4,093 5,548 7,735 11,953
Federal Income Tax Expense (Benefit), Continuing Operations 612 918 1,123 2,002
NET INCOME $ 3,481 $ 4,630 $ 6,612 $ 9,951
Earnings per share        
Basic (in dollars per share) $ 0.47 $ 0.62 $ 0.88 $ 1.32
Diluted (in dollars per share) 0.46 0.61 0.88 1.31
Cash dividends per basic share (in dollars per share) $ 0.28 $ 0.28 $ 0.56 $ 0.56