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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest and dividend income:        
Loans, including fees $ 27,514 $ 23,791 $ 54,712 $ 46,080
Taxable securities 3,251 3,630 6,808 7,213
Tax exempt securities 254 259 512 520
Interest-earning deposits 367 116 573 213
Total interest and dividend income 31,386 27,796 62,605 54,026
Interest expense:        
Deposits 12,711 8,469 24,856 13,856
Borrowed funds 914 732 1,899 1,628
Total interest expense 13,625 9,201 26,755 15,484
Net interest income 17,761 18,595 35,850 38,542
Provision (credit) for credit losses 879 236 (1,161) 513
Net interest income after provision for credit losses 16,882 18,359 37,011 38,029
Non-interest income:        
Changes in fair value of equity investments 14 (103) 115 (31)
Net gains (losses) on sales of loans held for sale 39 18 71 23
Net gains on sales of other real estate owned (3) 14 (3) 14
Income from bank-owned life insurance 10 11 19 21
Other 573 751 1,373 1,433
Total non-interest income 5,598 5,447 11,255 10,870
Non-interest expense:        
Salaries and wages 6,823 6,704 13,839 13,487
Pension and other employee benefits 2,078 1,808 4,160 3,488
Other components of net periodic pension and postretirement benefits (232) (174) (464) (348)
Net occupancy 1,445 1,440 2,938 2,905
Furniture and equipment 397 461 795 879
Data processing 2,297 2,473 4,870 4,854
Professional services 558 602 1,117 1,042
Marketing and advertising 388 170 733 502
Other real estate owned 12 1 61 39
FDIC insurance 516 586 1,093 1,083
Loan expense 200 308 455 540
Other 1,737 1,534 3,320 3,278
Total non-interest expense 16,219 15,913 32,917 31,749
Income before income tax expense 6,261 7,893 15,349 17,150
Income tax expense 1,274 1,613 3,312 3,600
Net income $ 4,987 $ 6,280 $ 12,037 $ 13,550
Weighted average shares outstanding, basic (in shares) 4,770 4,729 4,767 4,725
Weighted average shares outstanding, diluted (in shares) 4,770 4,729 4,767 4,725
Basic earnings per share (in dollars per share) $ 1.05 $ 1.33 $ 2.53 $ 2.87
Diluted earnings per share (in dollars per share) $ 1.05 $ 1.33 $ 2.53 $ 2.87
WMG fee income        
Non-interest income:        
Revenues from contracts with customer $ 2,860 $ 2,603 $ 5,563 $ 5,183
Service charges on deposit accounts        
Non-interest income:        
Revenues from contracts with customer 964 959 1,913 1,900
Interchange revenue from debit card transactions        
Non-interest income:        
Revenues from contracts with customer $ 1,141 $ 1,194 $ 2,204 $ 2,327