XML 15 R4.htm IDEA: XBRL DOCUMENT v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
INTEREST INCOME        
Interest and fees on loans $ 26,375 $ 24,682 $ 78,767 $ 70,398
Interest on investment securities:        
Taxable 2,645 3,150 8,976 9,570
Tax exempt 573 564 1,722 1,721
Interest on Federal funds sold and other 1,843 1,703 5,556 4,514
TOTAL INTEREST INCOME 31,436 30,099 95,021 86,203
INTEREST EXPENSE        
Savings and NOW accounts 5,432 3,506 15,167 9,081
Time deposits 1,213 1,954 5,741 3,893
FHLB advances 1,593 1,907 4,734 6,295
Subordinated notes 230 231 691 692
TOTAL INTEREST EXPENSE 8,468 7,598 26,333 19,961
NET INTEREST INCOME 22,968 22,501 68,688 66,242
Provision for credit losses- investments     (1,900) 5,000
Provision for credit losses - loans 7,191 837 9,661 2,406
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 15,777 21,664 60,927 58,836
NONINTEREST INCOME        
Service charges on deposit accounts 270 210 737 588
Trust income 1,379 1,266 4,000 3,707
Investment advisory income 1,741 1,333 4,966 3,819
Investment securities gains, net       107
Earnings on bank owned life insurance 39 243 551 725
Other 745 168 1,413 730
TOTAL NONINTEREST INCOME 4,174 3,220 11,667 9,676
NONINTEREST EXPENSE        
Salaries 6,687 6,135 20,298 18,606
Employee benefits 2,269 1,752 6,695 5,359
Occupancy expense 1,222 1,180 3,547 3,614
Professional fees 1,557 799 4,330 3,512
Directors' fees and expenses 584 295 781 682
Computer software expense 1,526 1,233 4,191 3,714
FDIC assessment 210 463 978 1,023
Advertising expenses 364 364 1,166 1,074
Advisor expenses related to trust income 30 30 95 89
Telephone expenses 190 184 565 534
Intangible amortization 71 71 214 214
Other 1,237 1,084 3,884 3,644
TOTAL NONINTEREST EXPENSE 15,947 13,590 46,744 42,065
Income before income taxes 4,004 11,294 25,850 26,447
Provision for income taxes 788 2,256 5,131 5,093
NET INCOME $ 3,216 $ 9,038 $ 20,719 $ 21,354
Basic earnings per share (in dollars per share) $ 0.57 $ 1.61 $ 3.67 $ 3.79
Diluted earnings per share (in dollars per share) $ 0.57 $ 1.61 $ 3.67 $ 3.79
Weighted average shares outstanding, Basic (in shares) 5,653,904 5,629,642 5,643,591 5,628,036
Weighted average shares outstanding, Diluted (in shares) 5,653,904 5,629,642 5,643,591 5,628,036