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Consolidated Statements of Earnings (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income:        
Loans $ 8,461 $ 7,998 $ 25,705 $ 22,890
Investment securities:        
Taxable 782 945 2,356 3,335
Tax-exempt 748 814 2,285 2,491
Total interest income 9,991 9,757 30,346 28,716
Interest expense:        
Deposits 258 354 800 1,798
Borrowings 120 136 362 534
Total interest expense 378 490 1,162 2,332
Net interest income 9,613 9,267 29,184 26,384
Provision for loan losses 1,000 500 2,600
Net interest income after provision for loan losses 9,613 8,267 28,684 23,784
Non-interest income:        
Fees and service charges 2,268 2,122 6,454 5,838
Gains on sales of loans, net [1] 2,660 4,944 8,664 10,961
Bank owned life insurance [1] 193 152 494 460
Gains on sales of investment securities, net 30 678 1,138 2,448
Other 314 269 913 783
Total non-interest income 5,465 8,165 17,663 20,490
Non-interest expense:        
Compensation and benefits 5,132 5,559 15,096 15,394
Occupancy and equipment 1,101 1,106 3,268 3,248
Data processing 498 447 1,491 1,311
Amortization of mortgage servicing rights and intangibles 376 465 1,225 1,166
Professional fees 413 381 1,236 1,095
Other 1,923 1,564 5,390 4,531
Total non-interest expense 9,443 9,522 27,706 26,745
Earnings before income taxes 5,635 6,910 18,641 17,529
Income tax expense 1,118 1,483 3,777 3,639
Net earnings $ 4,517 $ 5,427 $ 14,864 $ 13,890
Earnings per share:        
Basic (1) [2] $ 0.95 $ 1.15 $ 3.13 $ 2.92
Diluted (1) [2] 0.95 1.14 3.12 2.91
Dividends per share (1) [2] $ 0.20 $ 0.19 $ 0.60 $ 0.57
[1] Not within the scope of ASC 606.
[2] Per share amounts for the periods ended September 30, 2020 have been adjusted to give effect to the 5% stock dividend paid during December 2020.