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Consolidated Statements of Earnings (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income:        
Loans $ 8,025 $ 8,461 $ 22,372 $ 25,705
Investment securities:        
Taxable 1,783 782 4,379 2,356
Tax-exempt 780 748 2,232 2,285
Total interest income 10,588 9,991 28,983 30,346
Interest expense:        
Deposits 771 258 1,324 800
Borrowings 366 120 665 362
Total interest expense 1,137 378 1,989 1,162
Net interest income 9,451 9,613 26,994 29,184
Provision for loan losses 500 500
Net interest income after provision for loan losses 8,951 9,613 26,994 28,684
Non-interest income:        
Fees and service charges 2,511 2,268 7,079 6,454
Gains on sales of loans, net [1] 1,049 2,660 3,027 8,664
Bank owned life insurance 189 193 566 494
(Losses) gains on sales of investment securities, net (353) 30 (353) 1,138
Other 133 314 569 913
Total non-interest income 3,529 5,465 10,888 17,663
Non-interest expense:        
Compensation and benefits 5,051 5,132 14,779 15,096
Occupancy and equipment 1,335 1,101 3,745 3,268
Data processing 383 498 1,085 1,491
Amortization of mortgage servicing rights and other intangibles 314 376 965 1,225
Professional fees 472 413 1,338 1,236
Acquisition costs 134 355
Other 1,769 1,923 5,051 5,390
Total non-interest expense 9,458 9,443 27,318 27,706
Earnings before income taxes 3,022 5,635 10,564 18,641
Income tax expense 522 1,118 1,898 3,777
Net earnings $ 2,500 $ 4,517 $ 8,666 $ 14,864
Earnings per share:        
Basic [2],[3] $ 0.50 $ 0.90 $ 1.74 $ 2.98
Diluted [2],[3] 0.50 0.90 1.73 2.97
Dividends per share [2] $ 0.21 $ 0.19 $ 0.63 $ 0.57
[1] Not within the scope of ASC 606.
[2] Per share amounts for the periods ended September 30, 2021 have been adjusted to give effect to the 5% stock
[3] Share and per share values for the periods ended September 30, 2021 have been adjusted to give effect to the 5% stock dividend paid during December 2021.