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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and dividend income:        
Loans $ 14,315 $ 13,098 $ 41,620 $ 38,197
Due from banks interest bearing accounts 1,820 2,064 5,619 6,967
Investment securities        
Taxable 3,586 2,685 9,519 8,041
Non-taxable 312 199 825 692
Other earning assets 261 214 784 557
Total interest and dividend income 20,294 18,260 58,367 54,454
Interest expense:        
Deposits 3,798 2,386 10,531 4,817
Total interest expense 3,798 2,386 10,531 4,817
Net interest income 16,496 15,874 47,836 49,637
(Reversal of) provision for credit losses (550) 500 200 3,100
Net interest income after (reversal of) provision for credit losses 17,046 15,374 47,636 46,537
Non-interest income:        
Service charges on deposit accounts 427 436 1,292 1,259
Gains on sales of loans held-for-sale 36 62 41 93
Investment and brokerage services income 146 136 422 387
Mortgage brokerage income 0 11 20 21
Loan servicing income 75 79 208 209
Debit card income 710 713 2,074 2,094
Losses on sales/calls of available-for-sale securities (75) 0 (155) (64)
Gain on bargain purchase 0 0 0 1,405
Other income 219 339 627 751
Total non-interest income 1,538 1,776 4,529 6,155
Non-interest expenses:        
Salaries and employee benefits 6,242 6,377 18,506 19,653
Occupancy and equipment 1,204 1,064 3,514 3,138
Data processing 1,079 933 3,065 2,949
Stationery and supplies 45 103 187 272
Advertising 109 111 303 322
Directors' fees 74 83 229 234
Amortization of core deposit intangible 203 226 617 603
Other expense 1,978 1,986 6,039 5,363
Total non-interest expenses 10,934 10,883 32,460 32,534
Income before provision for income taxes 7,650 6,267 19,705 20,158
Provision for income taxes 2,162 1,648 5,517 5,486
Net income $ 5,488 $ 4,619 $ 14,188 $ 14,672
Basic earnings per common share (in dollars per share) $ 0.36 $ 0.3 $ 0.93 $ 0.97
Diluted earnings per common share (in dollars per share) $ 0.36 $ 0.3 $ 0.92 $ 0.96