XML 17 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statement of Income (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
INTEREST AND DIVIDEND INCOME        
Interest and fees on loans $ 23,422,000 $ 20,762,000 $ 45,817,000 $ 39,037,000
Interest-earning deposits in other institutions 386,000 369,000 823,000 620,000
Federal funds sold 122,000 158,000 274,000 411,000
Investment securities:        
Taxable interest 505,000 479,000 972,000 937,000
Tax-exempt interest 966,000 978,000 1,938,000 1,958,000
Dividends on stock 198,000 91,000 387,000 179,000
Total interest and dividend income 25,599,000 22,837,000 50,211,000 43,142,000
INTEREST EXPENSE        
Deposits 8,423,000 3,851,000 15,889,000 6,841,000
Short-term borrowings 1,920,000 1,462,000 3,913,000 2,114,000
Other borrowings 173,000 170,000 357,000 326,000
Total interest expense 10,516,000 5,483,000 20,159,000 9,281,000
NET INTEREST INCOME 15,083,000 17,354,000 30,052,000 33,861,000
Provision for (recovery of) credit losses 87,000 814,000 (49,000) 1,321,000
NET INTEREST INCOME AFTER PROVISON FOR (RECOVERY OF) CREDIT LOSSES 14,996,000 16,540,000 30,101,000 32,540,000
NONINTEREST INCOME        
Loss on equity securities [1] (27,000) (67,000) (79,000) (205,000)
Gain on other real estate owned [1] 0 0 0 2,000
Earnings on bank-owned life insurance [1] 227,000 220,000 454,000 420,000
Gain on sale of loans [1] 69,000 6,000 79,000 29,000
Revenue from investment services 269,000 174,000 473,000 359,000
Gross rental income [1] 0 77,000 67,000 179,000
Total noninterest income 1,760,000 1,592,000 3,556,000 3,270,000
NONINTEREST EXPENSE        
Salaries and employee benefits 6,111,000 6,019,000 12,444,000 11,871,000
Occupancy expense 601,000 659,000 1,153,000 1,355,000
Equipment expense 261,000 354,000 501,000 672,000
Data processing and information technology costs 1,168,000 1,137,000 2,417,000 2,207,000
Ohio state franchise tax 397,000 398,000 794,000 783,000
Federal deposit insurance expense 256,000 249,000 507,000 369,000
Professional fees 557,000 550,000 1,115,000 1,088,000
Advertising expense 508,000 415,000 927,000 901,000
Software amortization expense 21,000 23,000 43,000 49,000
Core deposit intangible amortization 258,000 265,000 516,000 529,000
Gross other real estate owned expenses 0 63,000 99,000 195,000
Merger-related costs 0 206,000 0 449,000
Other expense 1,764,000 1,716,000 3,351,000 3,378,000
Total noninterest expense 11,902,000 12,054,000 23,867,000 23,846,000
Income before income taxes 4,854,000 6,078,000 9,790,000 11,964,000
Income taxes 690,000 986,000 1,459,000 1,975,000
NET INCOME $ 4,164,000 $ 5,092,000 $ 8,331,000 $ 9,989,000
EARNINGS PER SHARE        
Basic (in dollars per share) $ 0.52 $ 0.63 $ 1.04 $ 1.23
Diluted (in dollars per share) $ 0.52 $ 0.63 $ 1.03 $ 1.23
Deposit Account [Member]        
NONINTEREST INCOME        
Noninterest income revenue $ 971,000 $ 940,000 $ 1,880,000 $ 1,926,000
Financial Service, Other [Member]        
NONINTEREST INCOME        
Noninterest income revenue $ 251,000 $ 242,000 $ 682,000 $ 560,000
[1] Not within scope of ASC 606