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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest and dividend income:        
Loans, including fees $ 15,390,000 $ 14,692,000 $ 29,871,000 $ 29,309,000
Taxable securities 2,863,000 1,951,000 5,551,000 3,753,000
Tax exempt securities 268,000 266,000 538,000 527,000
Interest-earning deposits 17,000 36,000 36,000 96,000
Total interest and dividend income 18,538,000 16,945,000 35,996,000 33,685,000
Interest expense:        
Deposits 769,000 832,000 1,517,000 1,753,000
Borrowed funds 128,000 34,000 161,000 67,000
Total interest expense 897,000 866,000 1,678,000 1,820,000
Net interest income 17,641,000 16,079,000 34,318,000 31,865,000
Provision (credit) for loan losses (1,744,000) (150,000) (2,889,000) (409,000)
Net interest income after provision for loan losses 19,385,000 16,229,000 37,207,000 32,274,000
Non-interest income:        
Changes in fair value of equity investments (242,000) 102,000 (355,000) 188,000
Net gains on sales of loans held for sale 25,000 342,000 99,000 642,000
Net gains (losses) on sales of other real estate owned 46,000 0 46,000 (18,000)
Income from bank-owned life insurance 11,000 12,000 22,000 27,000
Other 709,000 1,239,000 1,649,000 1,959,000
Total non-interest income 5,319,000 6,492,000 10,982,000 12,113,000
Non-interest expenses:        
Salaries and wages 6,056,000 6,037,000 12,279,000 11,799,000
Pension and other employee benefits 1,937,000 1,480,000 3,655,000 2,939,000
Other components of net periodic pension and postretirement benefits (403,000) (391,000) (811,000) (782,000)
Net occupancy 1,369,000 1,491,000 2,796,000 3,014,000
Furniture and equipment 410,000 410,000 847,000 776,000
Data processing 2,468,000 2,048,000 4,655,000 4,051,000
Professional services 664,000 535,000 1,185,000 989,000
Amortization of intangible assets 4,000 89,000 15,000 190,000
Marketing and advertising 184,000 284,000 460,000 410,000
Other real estate owned 8,000 5,000 (29,000) 17,000
FDIC insurance 284,000 329,000 598,000 719,000
Loan expense 176,000 290,000 391,000 524,000
Other 1,185,000 1,244,000 2,969,000 2,558,000
Total non-interest expenses 14,342,000 13,851,000 29,010,000 27,204,000
Income before income tax expense 10,362,000 8,870,000 19,179,000 17,183,000
Income tax expense 2,338,000 2,075,000 4,288,000 3,858,000
Net income $ 8,024,000 $ 6,795,000 $ 14,891,000 $ 13,325,000
Weighted average shares outstanding, basic (in shares) 4,690 4,680 4,690 4,686
Weighted average shares outstanding, diluted (in shares) 4,690 4,680 4,690 4,686
Basic earnings per share (in dollars per share) $ 1.72 $ 1.45 $ 3.18 $ 2.84
Diluted earnings per share (in dollars per share) $ 1.72 $ 1.45 $ 3.18 $ 2.84
WMG fee income        
Non-interest income:        
Revenues from contracts with customer $ 2,628,000 $ 2,803,000 $ 5,385,000 $ 5,481,000
Service charges on deposit accounts        
Non-interest income:        
Revenues from contracts with customer 936,000 732,000 1,800,000 1,449,000
Interchange revenue from debit card transactions        
Non-interest income:        
Revenues from contracts with customer $ 1,206,000 $ 1,262,000 $ 2,336,000 $ 2,385,000