Consolidated Statements Of Income - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
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INTEREST INCOME | ||||
Loans receivable, including fees | $ 25,464,000 | $ 22,021,000 | $ 73,266,000 | $ 61,881,000 |
Securities | 2,526,000 | 2,433,000 | 7,635,000 | 7,418,000 |
Other | 497,000 | 54,000 | 2,194,000 | 156,000 |
Total interest income | 28,487,000 | 24,508,000 | 83,095,000 | 69,455,000 |
INTEREST EXPENSE | ||||
Deposits | 10,553,000 | 7,017,000 | 31,349,000 | 17,119,000 |
Short-term borrowings | 323,000 | 1,126,000 | 1,015,000 | 2,702,000 |
Other borrowings | 1,680,000 | 1,326,000 | 5,165,000 | 2,860,000 |
Total interest expense | 12,556,000 | 9,469,000 | 37,529,000 | 22,681,000 |
NET INTEREST INCOME | 15,931,000 | 15,039,000 | 45,566,000 | 46,774,000 |
PROVISION FOR (RELEASE OF) CREDIT LOSS EXPENSE | 1,345,000 | 882,000 | 1,069,000 | (568,000) |
NET INTEREST INCOME AFTER PROVISION FOR (RELEASE OF) CREDIT LOSSES | 14,586,000 | 14,157,000 | 44,497,000 | 47,342,000 |
OTHER INCOME | ||||
Other income | 1,874,000 | 1,922,000 | 5,466,000 | 5,325,000 |
Net realized gains on sales of securities | (209,000) | |||
Gains on sales of loans, net | 103,000 | 18,000 | 145,000 | 27,000 |
Gain on sales of foreclosed real estate owned | 13,000 | 32,000 | 13,000 | |
Earnings and proceeds on bank owned life insurance | 261,000 | 328,000 | 781,000 | 770,000 |
Other | 158,000 | 174,000 | 467,000 | 520,000 |
Total other income | 2,295,000 | 2,306,000 | 6,508,000 | 6,001,000 |
OTHER EXPENSES | ||||
Salaries and employee benefits | 6,239,000 | 6,083,000 | 18,328,000 | 17,893,000 |
Occupancy, furniture & equipment, net | 1,269,000 | 1,242,000 | 3,758,000 | 3,818,000 |
Data processing and related operations | 1,162,000 | 876,000 | 3,208,000 | 2,465,000 |
Taxes, other than income | 179,000 | 167,000 | 452,000 | 490,000 |
Professional fees | 576,000 | 524,000 | 1,669,000 | 1,132,000 |
Federal Deposit Insurance Corporation insurance | 339,000 | 254,000 | 1,009,000 | 699,000 |
Foreclosed real estate | 9,000 | 9,000 | 45,000 | 112,000 |
Amortization of intangibles | 16,000 | 20,000 | 54,000 | 66,000 |
Other | 2,242,000 | 2,101,000 | 6,683,000 | 5,974,000 |
Total other expenses | 12,031,000 | 11,276,000 | 35,206,000 | 32,649,000 |
INCOME BEFORE INCOME TAXES | 4,850,000 | 5,187,000 | 15,799,000 | 20,694,000 |
INCOME TAX EXPENSE | 1,006,000 | 1,068,000 | 3,308,000 | 4,289,000 |
Net income | $ 3,844,000 | $ 4,119,000 | $ 12,491,000 | $ 16,405,000 |
BASIC EARNINGS PER SHARE | $ 0.48 | $ 0.51 | $ 1.55 | $ 2.03 |
DILUTED EARNINGS PER SHARE | $ 0.48 | $ 0.51 | $ 1.55 | $ 2.03 |
Service Charges And Fees [Member] | ||||
OTHER INCOME | ||||
Other income | $ 1,517,000 | $ 1,527,000 | $ 4,364,000 | $ 4,192,000 |
Income From Fiduciary Activities [Member] | ||||
OTHER INCOME | ||||
Other income | $ 256,000 | $ 246,000 | $ 719,000 | $ 688,000 |
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- Definition Federal Deposit Insurance Corporation Premium Expense (Income) No definition available.
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- Definition Foreclosed Real Estate Expense (Income) No definition available.
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- Definition Gain Loss On Sale Of Foreclosed Real Estate No definition available.
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- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Earnings on or other increases in the value of the cash surrender value of bank owned life insurance policies. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of unrealized and realized gain (loss) on investment in debt and equity securities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The net gain (loss) resulting from a sale of loans, including adjustments to record loans classified as held-for-sale at the lower-of-cost-or-market and fair value adjustments to loan held for investment purposes. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of expenses incurred in the period for information technology and data processing products and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of operating dividend and interest income, including amortization and accretion of premiums and discounts, on securities. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The aggregate interest and fee income generated by: (1) loans the Entity has positive intent and ability to hold for the foreseeable future, or until maturity or payoff, including commercial and consumer loans, whether domestic or foreign, which may consist of: (a) industrial and agricultural; (b) real estate; and (c) real estate construction loans; (d) trade financing; (e) lease financing; (f) home equity lines-of-credit; (g) automobile and other vehicle loans; and (h) credit card and other revolving-type loans and (2) loans and leases held-for-sale which may include mortgage loans, direct financing, and sales-type leases. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The aggregate interest expense incurred on all domestic deposits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Interest expense incurred during the reporting period on long-term borrowings associated with Federal Home Loan Bank and Federal Reserve Bank advances. No definition available.
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- Definition Amount of interest expense classified as operating. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate interest expense incurred on short-term borrowings including commercial paper and Federal funds purchased and securities sold under agreements to repurchase. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of interest income or expense, including any amortization and accretion (as applicable) of discounts and premiums, including consideration of the provisions for loan, lease, credit, and other related losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of interest income (expense) classified as operating. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Total aggregate amount of all noninterest expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The total amount of noninterest income which may be derived from: (1) fees and commissions; (2) premiums earned; (3) insurance policy charges; (4) the sale or disposal of assets; and (5) other sources not otherwise specified. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of revenue earned, classified as other, excluding interest income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of net occupancy expense that may include items, such as depreciation of facilities and equipment, lease expenses, property taxes and property and casualty insurance expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after discount, accretion and premium amortization, of interest income and dividend income classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of noninterest expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of expense related loan transactions, lease transactions, credit loss from transactions other than loan and lease transactions, and other loss based on assessment of uncollectability from the counterparty to reduce the account to their net realizable value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition All taxes not related to income of the entity or excise or sales taxes levied on the revenue of the entity that are not reported elsewhere. These taxes could include production, real estate, personal property, and pump tax. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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