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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
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