XML 20 R4.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Statements of Earnings - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Interest income:      
Loans $ 61,400 $ 51,753 $ 33,473
Investment securities:      
Taxable 9,298 9,594 6,414
Tax-exempt 3,008 3,094 3,018
Interest-bearing deposits at banks 193 242 321
Total interest income 73,899 64,683 43,226
Interest expense:      
Deposits 22,310 15,254 2,776
FHLB and other borrowings 3,886 4,048 584
Subordinated debentures 1,635 1,590 840
Repurchase agreements 344 499 146
Total interest expense 28,175 21,391 4,346
Net interest income 45,724 43,292 38,880
Provision for credit losses 2,300 349
Net interest income after provision for credit losses 43,424 42,943 38,880
Non-interest income:      
Fees and service charges 10,742 10,220 9,651
Gains on sales of loans, net [1] 2,386 2,269 3,444
Increase in cash surrender value of bank owned life insurance [1] 1,723 913 780
Losses on sales of investment securities, net (1,031) (1,246) (1,103)
Other 924 1,074 928
Total non-interest income 14,744 13,230 13,700
Non-interest expense:      
Compensation and benefits 23,103 22,681 20,405
Occupancy and equipment 5,663 5,565 5,118
Data processing 1,889 1,940 1,580
Amortization of mortgage servicing rights and other intangibles 1,164 1,844 1,446
Professional fees 2,912 2,452 1,892
Acquisition costs 3,398
Valuation allowance on real estate held for sale 1,108
Other 8,240 7,501 7,431
Total non-interest expense 44,079 41,983 41,270
Earnings before income taxes 14,089 14,190 11,310
Income tax expense 1,086 1,954 1,432
Net earnings $ 13,003 $ 12,236 $ 9,878
Earnings per share (1):      
Basic [2] $ 2.26 $ 2.13 $ 1.71
Diluted [2] $ 2.26 $ 2.13 $ 1.71
[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 2024, 2023 and 2022.