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Consolidated Statements of Earnings - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest income:      
Loans $ 51,753 $ 33,473 $ 33,612
Investment securities:      
Taxable 9,594 6,414 3,005
Tax-exempt 3,094 3,018 3,022
Interest-bearing deposits at banks 242 321 187
Total interest income 64,683 43,226 39,826
Interest expense:      
Deposits 15,254 2,776 1,023
FHLB and other borrowings 4,048 584
Subordinated debentures 1,590 840 472
Repurchase agreements 499 146 11
Total interest expense 21,391 4,346 1,506
Net interest income 43,292 38,880 38,320
Provision for credit losses 349 500
Net interest income after provision for credit losses 42,943 38,880 37,820
Non-interest income:      
Fees and service charges 10,220 9,651 8,857
Gains on sales of loans, net [1] 2,269 3,444 10,487
Increase in cash surrender value of bank owned life insurance [1] 913 780 686
(Losses) gains on sales of investment securities, net (1,246) (1,103) 1,138
Other 1,074 928 1,093
Total non-interest income 13,230 13,700 22,261
Non-interest expense:      
Compensation and benefits 22,681 20,405 20,157
Occupancy and equipment 5,565 5,118 4,482
Data processing 1,940 1,580 2,016
Amortization of mortgage servicing rights and other intangibles 1,844 1,446 1,601
Professional fees 2,452 1,892 1,831
Acquisition costs 3,398
Other 7,501 7,431 7,169
Total non-interest expense 41,983 41,270 37,256
Earnings before income taxes 14,190 11,310 22,825
Income tax expense 1,954 1,432 4,814
Net earnings $ 12,236 $ 9,878 $ 18,011
Earnings per share (1):      
Basic [2] $ 2.23 $ 1.80 $ 3.27
Diluted [2] $ 2.23 $ 1.79 $ 3.26
[1] Not within the scope of ASC 606.
[2] All per share amounts have been adjusted to give effect to the 5% stock dividends paid during December 2023, 2022 and 2021.