XML 13 R4.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and fees on loans and leases $ 15,853 $ 11,100 $ 30,418 $ 21,202
Interest and dividends on securities:        
Taxable 3,064 2,402 6,141 4,792
Tax-exempt 544 658 1,131 1,270
Dividends 223 112 496 190
Total interest and dividends on securities 3,831 3,172 7,768 6,252
Interest on interest-bearing deposits in other banks 252 8 429 15
Total interest income 19,936 14,280 38,615 27,469
Interest expense        
Interest on deposits 6,145 346 10,522 670
Interest on borrowed funds:        
Federal Reserve Discount Window advances 92 0 92 0
Federal Home Loan Bank of Pittsburgh advances 1,896 242 4,447 273
Junior subordinated debentures 174 70 340 121
Total interest on borrowed funds 2,162 312 4,879 394
Total interest expense 8,307 658 15,401 1,064
Net interest income before provision for credit losses - loans and leases 11,629 13,622 23,214 26,405
Provision for credit losses - loans and leases 799 62 1,774 821
Net interest income after provision for credit losses - loans and leases 10,830 13,560 21,440 25,584
Non-interest income        
Deposit service charges 1,123 1,065 2,187 2,115
Net gain (loss) on the sale of available-for-sale debt securities 90 (35) 252 (35)
Net loss on equity securities (1,032) (82) (1,540) (207)
Net gain on the sale of mortgage loans held for sale 0 32 1 32
Loan-related fees 52 50 171 107
Income from cash surrender value of bank-owned life insurance 205 197 402 342
Merchant services revenue 157 172 318 371
Wealth management services revenue 245 115 483 236
Other 108 143 345 486
Total non-interest income 948 1,657 2,619 3,447
Non-interest expense        
Salaries and employee benefits 4,529 4,519 9,924 9,177
Occupancy expense 550 447 1,071 995
Equipment expense 232 316 504 640
Advertising expense 188 227 397 359
Data processing expense 952 1,009 1,950 2,072
Regulatory assessments 312 196 525 421
Insurance expense 171 155 343 310
Bank shares tax 263 375 412 716
Professional fees 214 213 516 540
(Credit) provision for unfunded commitments (225) 75 (494) 123
Other operating expenses 916 700 1,875 1,423
Total non-interest expense 8,102 8,232 17,023 16,776
Income before income tax expense 3,676 6,985 7,036 12,255
Income tax expense 871 1,247 1,568 2,164
Net income $ 2,805 $ 5,738 $ 5,468 $ 10,091
Earnings per share        
Basic (in dollars per share) $ 0.14 $ 0.29 $ 0.28 $ 0.51
Diluted (in dollars per share) 0.14 0.29 0.28 0.51
Cash dividends declared per common share (in dollars per share) $ 0.090 $ 0.075 $ 0.180 $ 0.150
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:        
Basic (in shares) 19,715,136 19,677,109 19,698,837 19,805,485
Diluted (in shares) 19,715,136 19,694,125 19,703,089 19,832,405