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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest and dividend income:        
Loans, including fees $ 14,876 $ 14,664 $ 43,770 $ 43,723
Taxable securities 1,474 1,349 4,358 3,825
Tax exempt securities 263 293 799 872
Interest-earning deposits 101 502 643 1,735
Total interest and dividend income 16,714 16,808 49,570 50,155
Interest expense:        
Deposits 809 1,629 2,922 4,634
Borrowed funds 36 37 126 111
Total interest expense 845 1,666 3,048 4,745
Net interest income 15,869 15,142 46,522 45,410
Provision for loan losses 679 4,441 3,989 5,684
Net interest income after provision for loan losses 15,190 10,701 42,533 39,726
Non-interest income:        
Net gains on security transactions 0 0 0 19
Changes in fair value of equity investments 57 (10) (33) 106
Net gains on sales of loans held for sale 553 69 916 146
Net gains (losses) on sales of other real estate owned 6 (1) (71) (87)
Income from bank-owned life insurance 14 17 147 48
Other 471 367 1,940 1,177
Total non-interest income 5,339 4,956 15,150 14,967
Non-interest expenses:        
Salaries and wages 6,088 5,874 17,678 17,375
Pension and other employee benefits 1,245 1,470 4,095 4,488
Other components of net periodic pension and postretirement benefits (254) (141) (762) (423)
Net occupancy 1,454 1,424 4,406 4,469
Furniture and equipment 538 717 1,573 1,840
Data processing 1,777 1,818 5,630 5,418
Professional services 453 395 1,313 1,218
Amortization of intangible assets 120 151 371 465
Marketing and advertising 140 231 546 644
Other real estate owned 53 9 87 80
FDIC insurance 247 (10) 726 476
Loan expense 301 171 798 557
Other 1,200 1,416 3,878 4,238
Total non-interest expenses 13,362 13,525 40,339 40,845
Income before income tax expense 7,167 2,132 17,344 13,848
Income tax expense 1,456 176 3,315 2,443
Net income $ 5,711 $ 1,956 $ 14,029 $ 11,405
Weighted average shares outstanding (in shares) 4,773 4,871 4,836 4,866
Basic and diluted earnings per share (in dollars per share) $ 1.19 $ 0.40 $ 2.90 $ 2.34
WMG fee income        
Non-interest income:        
Revenue from contract with customer, excluding assessed tax $ 2,416 $ 2,315 $ 6,968 $ 7,115
Service charges on deposit accounts        
Non-interest income:        
Revenue from contract with customer, excluding assessed tax 740 1,141 2,294 3,330
Interchange revenue from debit card transactions        
Non-interest income:        
Revenue from contract with customer, excluding assessed tax $ 1,082 $ 1,058 $ 2,989 $ 3,113