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Consolidated Statements of Earnings (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Loans $ 15,933 $ 13,531 $ 45,445 $ 37,530
Investment securities:        
Taxable 2,301 2,445 7,088 7,141
Tax-exempt 747 772 2,270 2,333
Interest-bearing deposits at banks 41 46 144 193
Total interest income 19,022 16,794 54,947 47,197
Interest expense:        
Deposits 5,830 4,384 16,960 10,375
Federal Home Loan Bank and other borrowings 1,100 1,251 3,149 2,845
Subordinated debentures 416 417 1,246 1,168
Repurchase agreements 72 116 267 403
Total interest expense 7,418 6,168 21,622 14,791
Net interest income 11,604 10,626 33,325 32,406
Provision for credit losses 500 800 299
Net interest income after provision for credit losses 11,104 10,626 32,525 32,107
Non-interest income:        
Fees and service charges 2,880 2,618 8,032 7,457
Gains on sales of loans, net [1] 704 491 1,864 2,014
Increase in cash surrender value of bank owned life insurance [1] 254 230 747 671
Other 415 313 730 834
Total non-interest income 4,253 3,652 11,373 10,976
Non-interest expense:        
Compensation and benefits 5,803 5,811 16,839 16,925
Occupancy and equipment 1,429 1,373 4,113 4,136
Data processing 464 458 1,437 1,478
Amortization of mortgage servicing rights and other intangibles 256 474 924 1,407
Professional fees 573 624 1,869 1,722
Other 2,034 1,989 7,023 5,753
Total non-interest expense 10,559 10,729 32,205 31,421
Earnings before income taxes 4,798 3,549 11,693 11,662
Income tax expense 867 671 1,972 2,065
Net earnings $ 3,931 $ 2,878 $ 9,721 $ 9,597
Earnings per share:        
Basic [2],[3] $ 0.72 $ 0.53 $ 1.77 $ 1.75
Diluted [2],[3] 0.72 0.52 1.77 1.75
Dividends per share [2] $ 0.21 $ 0.20 $ 0.63 $ 0.60
[1] Not within the scope of ASC 606.
[2] Per share amounts for the periods ended September 30, 2023 have been adjusted to give effect to the 5% stock dividend issued in December of 2023.
[3] Share and per share values for the periods ended September 30, 2023 have been adjusted to give effect to the 5% stock dividend paid during