CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Interest and dividend income: | ||||
Interest and fees on loans | $ 11,022 | $ 8,986 | $ 29,357 | $ 25,541 |
Interest on securities available for sale | ||||
Taxable | 2,654 | 1,301 | 6,090 | 3,611 |
Tax-exempt | 1,074 | 1,015 | 3,182 | 2,977 |
Interest on deposits at other banks | 55 | 17 | 139 | 59 |
Dividend income | 167 | 98 | 367 | 295 |
Total interest and dividend income | 14,972 | 11,417 | 39,135 | 32,483 |
Interest expense: | ||||
Interest on deposits | 608 | 278 | 1,168 | 877 |
Interest on borrowings | 775 | 511 | 1,683 | 1,569 |
Total interest expense | 1,383 | 789 | 2,851 | 2,446 |
Net interest income | 13,589 | 10,628 | 36,284 | 30,037 |
Provision (credit) for loan losses | 550 | (250) | 1,300 | 125 |
Net interest income after provision (credit) for loan losses | 13,039 | 10,878 | 34,984 | 29,912 |
Other income: | ||||
Trust and investment services income | 680 | 540 | 1,979 | 1,746 |
Service fees | 791 | 618 | 2,063 | 1,917 |
Commissions | 941 | 945 | 2,762 | 2,761 |
Gains on the sale of debt securities, net | 350 | 139 | 711 | |
Gains (losses) on equity securities, net | 9 | 32 | (129) | 256 |
Gains on sale of mortgages | 186 | 1,206 | 1,249 | 4,381 |
Earnings on bank-owned life insurance | 242 | 218 | 667 | 636 |
Other income | 331 | 230 | 1,145 | 1,126 |
Total other income | 3,180 | 4,139 | 9,875 | 13,534 |
Operating expenses: | ||||
Salaries and employee benefits | 6,607 | 6,142 | 19,826 | 17,800 |
Occupancy | 713 | 654 | 2,125 | 1,972 |
Equipment | 312 | 255 | 913 | 806 |
Advertising & marketing | 259 | 282 | 833 | 717 |
Computer software & data processing | 1,727 | 1,097 | 4,251 | 3,297 |
Shares tax | 351 | 322 | 1,053 | 876 |
Professional services | 720 | 535 | 1,983 | 1,572 |
Other expense | 824 | 831 | 2,614 | 1,961 |
Total operating expenses | 11,513 | 10,118 | 33,598 | 29,001 |
Income before income taxes | 4,706 | 4,899 | 11,261 | 14,445 |
Provision for federal income taxes | 697 | 760 | 1,503 | 2,251 |
Net income | $ 4,009 | $ 4,139 | $ 9,758 | $ 12,194 |
Earnings per share of common stock | $ 0.71 | $ 0.74 | $ 1.74 | $ 2.19 |
Cash dividends paid per share | $ 0.17 | $ 0.17 | $ 0.51 | $ 0.50 |
Weighted average shares outstanding | 5,611,279 | 5,570,416 | 5,597,301 | 5,565,777 |
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- Definition Cash dividends paid per share. No definition available.
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- Definition Fee and commission income. No definition available.
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- Definition Amount of operating interest income (expense), including amortization and accretion of premiums and discounts, on securities subject to state, federal and other income tax. No definition available.
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- Definition Income from fees assessed on deposit accounts and other various bank-related fees. No definition available.
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- Definition Trust and investment services income. No definition available.
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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 The amount of expense in the period for communications and data processing expense. 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 security measured at amortized cost (held-to-maturity), investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and investment in debt security measured at fair value with change in fair value recognized in net income (trading). No definition available.
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- Definition Amount of operating dividend income on 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 This element represents equipment expense including depreciation, repairs, rentals, and service contract costs. This item also includes equipment purchases which do not qualify for capitalization in accordance with the entity's accounting policy. This item may also include furniture expenses. No definition available.
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- Definition Amount of unrealized and realized gain (loss) on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The gains (losses) included in earnings that represent the difference between the sale price and the carrying value of loans made to finance real estate acquisitions. This element refers to the gain (loss) and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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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/2003/role/disclosureRef
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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 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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- References No definition available.
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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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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition Aggregate amount of interest expense on all borrowings. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Aggregate amount of interest expense on all deposits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Interest income derived from funds deposited with both domestic and foreign financial institutions including funds in money market and other accounts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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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 The net amount of operating interest income (expense). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on securities exempt from state, federal and other income tax. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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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 total expense recognized in the period for promotion, public relations, and brand or product advertising. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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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://fasb.org/us-gaap/role/ref/legacyRef
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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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- 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 Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- References No definition available.
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- Definition Amount of expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of revenue and income classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Professional and contract service expense includes cost reimbursements for support services related to contracted projects, outsourced management, technical and staff support. No definition available.
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- Definition Amount of expense related to estimated loss from loan and lease transactions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of tax expense classified as other. No definition available.
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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