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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest and Dividend income        
Interest and fees on loans held for investment $ 13,494 $ 11,517 $ 26,846 $ 22,371
Interest and fees on loans held for sale 46 25 64 47
Interest from money market funds and federal funds sold 216 58 373 132
Interest and dividends on interest bearing deposits and other investments 129 102 301 191
Interest on debt securities 1,835 1,932 3,713 3,875
Total interest and dividend income 15,720 13,634 31,297 26,616
Interest expense        
Interest on deposits 6,951 5,218 13,288 9,255
Interest from short-term debt 454 523 1,450 1,514
Interest from long-term debt 116 116 231 228
Total interest expense 7,521 5,857 14,969 10,997
Net interest income 8,199 7,777 16,328 15,619
(Recovery of) Provision for Credit Losses (458) 539 366 539
Net Interest Income After (Recovery of) Provision for Credit Losses 8,657 7,238 15,962 15,080
Noninterest income        
Service charges on deposit accounts 292 274 565 499
Investment services and insurance income 629 357 1,211 866
Mortgage banking income 762 526 1,150 1,058
Title insurance income 427 359 730 594
Income on bank owned life insurance 185 621 367 801
Low income housing partnership losses (197) (205) (393) (411)
Card services and interchange income 801 797 1,527 1,488
Other operating income 87 178 171 202
Total noninterest income 2,986 2,907 5,328 5,097
Noninterest expense        
Salaries 3,845 5,076 7,625 9,361
Employee benefits 352 1,036 1,218 2,137
Occupancy expense 392 304 773 641
Equipment expense 356 402 679 667
FDIC insurance assessment 263 174 521 320
Other real estate owned, net     (21) 0
Marketing expense 140 281 282 510
Legal and professional fees 473 544 958 916
ATM and check card fees 223 311 515 595
Telecommunication and data processing expense 738 725 1,457 1,493
Directors' fees 126 131 229 291
Bank franchise tax 195 154 388 325
Other operating expenses 1,053 1,197 1,963 2,108
Total noninterest expense 8,156 10,335 16,587 19,364
Income (loss) before income taxes 3,487 (190) 4,703 813
Income tax expense (benefit) 471 (431) 470 (483)
Net Income $ 3,016 $ 241 $ 4,233 $ 1,296
Per Common Share Data        
Net income (basic and diluted) $ 0.86 $ 0.07 $ 1.21 $ 0.37
Cash dividends on common stock $ 0.26 $ 0.26 $ 0.52 $ 0.52
Weighted average common shares outstanding (basic and diluted) 3,517,122 3,478,304 3,503,790 3,470,501