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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and dividend income:        
Loans, including fees $ 23,791,000 $ 15,390,000 $ 46,080,000 $ 29,871,000
Taxable securities 3,630,000 2,863,000 7,213,000 5,551,000
Tax exempt securities 259,000 268,000 520,000 538,000
Interest-earning deposits 116,000 17,000 213,000 36,000
Total interest and dividend income 27,796,000 18,538,000 54,026,000 35,996,000
Interest expense:        
Deposits 8,469,000 769,000 13,856,000 1,517,000
Borrowed funds 732,000 128,000 1,628,000 161,000
Total interest expense 9,201,000 897,000 15,484,000 1,678,000
Net interest income 18,595,000 17,641,000 38,542,000 34,318,000
Provision (credit) for credit losses [1] 236,000 (1,744,000) 513,000 (2,889,000)
Net interest income after provision for credit losses 18,359,000 19,385,000 38,029,000 37,207,000
Non-interest income:        
Changes in fair value of equity investments (103,000) (242,000) (31,000) (355,000)
Net gains on sales of loans held for sale 18,000 25,000 23,000 99,000
Net gains on sales of other real estate owned 14,000 46,000 14,000 46,000
Income from bank-owned life insurance 11,000 11,000 21,000 22,000
Other 751,000 709,000 1,433,000 1,649,000
Total non-interest income 5,447,000 5,319,000 10,870,000 10,982,000
Non-interest expenses:        
Salaries and wages 6,704,000 6,056,000 13,487,000 12,279,000
Pension and other employee benefits 1,808,000 1,937,000 3,488,000 3,655,000
Other components of net periodic pension and postretirement benefits (174,000) (403,000) (348,000) (811,000)
Net occupancy 1,440,000 1,369,000 2,905,000 2,796,000
Furniture and equipment 461,000 410,000 879,000 847,000
Data processing 2,473,000 2,468,000 4,854,000 4,655,000
Professional services 602,000 664,000 1,042,000 1,185,000
Amortization of intangible assets 0 4,000 0 15,000
Marketing and advertising 170,000 184,000 502,000 460,000
Other real estate owned 1,000 8,000 39,000 (29,000)
FDIC insurance 586,000 284,000 1,083,000 598,000
Loan expense 308,000 176,000 540,000 391,000
Other 1,534,000 1,185,000 3,278,000 2,969,000
Total non-interest expenses 15,913,000 14,342,000 31,749,000 29,010,000
Income before income tax expense 7,893,000 10,362,000 17,150,000 19,179,000
Income tax expense 1,613,000 2,338,000 3,600,000 4,288,000
Net income $ 6,280,000 $ 8,024,000 $ 13,550,000 $ 14,891,000
Weighted average shares outstanding, basic (in shares) 4,729 4,690 4,725 4,690
Weighted average shares outstanding, diluted (in shares) 4,729 4,690 4,725 4,690
Basic earnings per share (in dollars per share) $ 1.33 $ 1.72 $ 2.87 $ 3.18
Diluted earnings per share (in dollars per share) $ 1.33 $ 1.72 $ 2.87 $ 3.18
WMG fee income        
Non-interest income:        
Revenues from contracts with customer $ 2,603,000 $ 2,628,000 $ 5,183,000 $ 5,385,000
Service charges on deposit accounts        
Non-interest income:        
Revenues from contracts with customer 959,000 936,000 1,900,000 1,800,000
Interchange revenue from debit card transactions        
Non-interest income:        
Revenues from contracts with customer $ 1,194,000 $ 1,206,000 $ 2,327,000 $ 2,336,000
[1] Effective January 1, 2023, the allowance calculation is based upon Current Expected Credit loss methodology. Prior to January 1, 2023, the allowance calculation was based upon incurred loss methodology. Refer to Note 1 for further discussion.