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Consolidated Condensed Statements of Income (Current Period Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
INTEREST INCOME:        
Interest and fees on loans $ 24,342 $ 17,875 $ 71,860 $ 50,781
With a readily determinable fair value 10 9 28 34
Without a readily determinable fair value 30 29 91 79
Taxable 1,181 1,296 3,596 3,962
Non-taxable 163 173 451 523
Other investments 672 286 2,095 910
TOTAL INTEREST INCOME 26,398 19,668 78,121 56,289
INTEREST EXPENSE:        
Interest on deposits 9,578 4,426 27,458 10,217
Interest on short-term borrowings 0 830 1,116 3,142
Interest on long-term debt 1,850 841 5,465 1,240
TOTAL INTEREST EXPENSE 11,428 6,097 34,039 14,599
NET INTEREST INCOME 14,970 13,571 44,082 41,690
PROVISION FOR (RECOVERY OF) CREDIT LOSSES 660 (114) 1,313 (141)
NET INTEREST INCOME AFTER PROVISION FOR (RECOVERY OF) CREDIT LOSSES 14,310 13,685 42,769 41,831
NON-INTEREST INCOME:        
Net losses from sales of debt securities, available-for-sale 0 0 (214) 0
Bank-owned life insurance income 654 282 1,313 830
Net gains from sales of loans 1,625 29 2,197 38
Other operating income 132 134 163 350
TOTAL NON-INTEREST INCOME 6,407 3,578 14,416 10,805
NON-INTEREST EXPENSE:        
Salaries and employee benefits 9,025 7,044 26,585 21,454
Equipment expenses 420 397 1,205 1,175
Occupancy expense, net 966 805 2,915 2,367
State financial institutions tax 505 396 1,409 1,189
Marketing 320 223 704 735
Amortization of intangibles 304 113 838 336
FDIC insurance premiums, net 547 224 1,445 663
Contracted services 807 671 2,435 1,978
Merger-related expenses 281 302 3,376 742
Other non-interest expense 2,212 2,069 7,772 6,208
TOTAL NON-INTEREST EXPENSE 15,387 12,244 48,684 36,847
INCOME BEFORE INCOME TAXES 5,330 5,019 8,501 15,789
PROVISION FOR INCOME TAXES 798 949 1,129 2,868
NET INCOME $ 4,532 $ 4,070 $ 7,372 $ 12,921
Earnings per common share:        
Basic (in dollars per share) $ 0.31 $ 0.37 $ 0.53 $ 1.16
Diluted (in dollars per share) $ 0.31 $ 0.37 $ 0.53 $ 1.16
Weighted average common shares outstanding:        
Basic (in shares) 14,103,358 11,038,720 13,761,582 11,094,185
Diluted (in shares) 14,103,358 11,038,720 13,761,582 11,094,185
Fiduciary and Trust [Member]        
NON-INTEREST INCOME:        
Revenue $ 2,097 $ 1,736 $ 6,137 $ 5,263
Deposit Account [Member]        
NON-INTEREST INCOME:        
Revenue $ 1,899 $ 1,397 $ 4,820 $ 4,324