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Condensed Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Loans        
Taxable $ 13,128 $ 10,084 $ 37,969 $ 27,016
Tax exempt 122 92 359 226
Securities        
Taxable 1,293 1,363 3,971 3,809
Tax exempt 39 52 132 151
Other interest income 214 173 595 430
Total interest income 14,796 11,764 43,026 31,632
Interest Expense        
Deposits 4,194 852 10,310 2,037
Repurchase agreements & other 16 8 35 32
Federal Home Loan Bank advance expense 666 180 1,883 257
Trust preferred securities expense 189 99 525 223
Subordinated debt expense 195 195 584 584
Total interest expense 5,260 1,334 13,337 3,133
Net Interest Income 9,536 10,430 29,689 28,499
Provision for credit losses - loans 688
Provision for unfunded commitments (6) (299)
Total provision for credit losses (6) 389
Net interest income after provision for credit losses 9,542 10,430 29,300 28,499
Noninterest Income        
Wealth management fees 837 930 2,694 2,821
Customer service fees 863 844 2,559 2,498
Gain on sale of mortgage loans & OMSR 1,207 876 2,862 3,748
Mortgage loan servicing fees, net 438 527 1,540 2,337
Gain on sale of non-mortgage loans 10 125 252 461
Title insurance income 429 476 1,257 1,775
Other income 379 265 1,026 878
Total noninterest income 4,163 4,043 12,190 14,518
Noninterest Expense        
Salaries and employee benefits 5,491 5,858 17,125 18,465
Net occupancy expense 764 769 2,350 2,230
Equipment expense 1,068 918 3,051 2,599
Data processing fees 648 664 1,979 1,883
Professional fees 623 766 2,098 2,476
Marketing expense 189 200 600 653
Telephone and communications 124 134 369 350
Postage and delivery expense 100 75 265 301
State, local and other taxes 218 250 664 805
Employee expense 141 145 485 456
Other expense 1,115 605 2,607 1,828
Total noninterest expense 10,481 10,384 31,593 32,046
Income before income tax 3,224 4,088 9,897 10,971
Provision for income taxes 537 746 1,685 1,983
Net Income $ 2,687 $ 3,342 $ 8,212 $ 8,988
Basic earnings per common share (in Dollars per share) $ 0.4 $ 0.48 $ 1.2 $ 1.28
Diluted earnings per common share (in Dollars per share) $ 0.39 $ 0.47 $ 1.18 $ 1.27
Average common shares outstanding (in thousands):        
Basic (in Shares) 6,791,000 6,968,000 6,857,000 7,026,000
Diluted (in Shares) 6,878,000 7,033,000 6,944,000 7,098,000