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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and dividend income:        
Loans, including fees $ 28,611 $ 25,033 $ 83,323 $ 71,113
Taxable securities 3,060 3,537 9,868 10,750
Tax exempt securities 250 258 762 778
Interest-earning deposits 441 187 1,014 400
Total interest and dividend income 32,362 29,015 94,967 83,041
Interest expense:        
Deposits 13,005 10,721 37,861 24,577
Borrowed funds 969 277 2,868 1,905
Total interest expense 13,974 10,998 40,729 26,482
Net interest income 18,388 18,017 54,238 56,559
Provision (credit) for credit losses 564 449 (597) 962
Net interest income after provision for credit losses 17,824 17,568 54,835 55,597
Non-interest income:        
Changes in fair value of equity investments 118 (68) 233 (99)
Net gains on sales of loans held for sale 91 67 162 90
Net gains (losses) on sales of other real estate owned (19) 0 (22) 14
Income from bank-owned life insurance 10 11 29 32
Other 589 3,106 1,962 4,539
Total non-interest income 5,919 7,808 17,174 18,678
Non-interest expense:        
Salaries and wages 7,168 6,542 21,007 20,029
Pension and other employee benefits 1,627 1,979 5,787 5,467
Other components of net periodic pension and postretirement benefits (227) (174) (691) (522)
Net occupancy 1,422 1,337 4,360 4,242
Furniture and equipment 402 353 1,197 1,232
Data processing 2,567 2,480 7,437 7,334
Professional services 522 554 1,639 1,596
Marketing and advertising 210 218 943 720
Other real estate owned 55 10 116 49
FDIC insurance 524 525 1,617 1,608
Loan expense 353 249 808 789
Other 1,887 1,595 5,207 4,873
Total non-interest expense 16,510 15,668 49,427 47,417
Income before income tax expense 7,233 9,708 22,582 26,858
Income tax expense 1,513 2,060 4,825 5,660
Net income $ 5,720 $ 7,648 $ 17,757 $ 21,198
Weighted average shares outstanding, basic (in shares) 4,773 4,736 4,769 4,729
Weighted average shares outstanding, diluted (in shares) 4,773 4,736 4,769 4,729
Basic earnings per share (in dollars per share) $ 1.19 $ 1.61 $ 3.72 $ 4.48
Diluted earnings per share (in dollars per share) $ 1.19 $ 1.61 $ 3.72 $ 4.48
WMG fee income        
Non-interest income:        
Revenues from contracts with customer $ 2,991 $ 2,533 $ 8,554 $ 7,716
Service charges on deposit accounts        
Non-interest income:        
Revenues from contracts with customer 1,016 1,018 2,929 2,918
Interchange revenue from debit card transactions        
Non-interest income:        
Revenues from contracts with customer $ 1,123 $ 1,141 $ 3,327 $ 3,468