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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest and dividend income:        
Loans, including fees $ 25,033,000 $ 17,670,000 $ 71,113,000 $ 47,541,000
Taxable securities 3,537,000 2,982,000 10,750,000 8,533,000
Tax exempt securities 258,000 267,000 778,000 805,000
Interest-earning deposits 187,000 80,000 400,000 116,000
Total interest and dividend income 29,015,000 20,999,000 83,041,000 56,995,000
Interest expense:        
Deposits 10,721,000 1,805,000 24,577,000 3,322,000
Borrowed funds 277,000 204,000 1,905,000 365,000
Total interest expense 10,998,000 2,009,000 26,482,000 3,687,000
Net interest income 18,017,000 18,990,000 56,559,000 53,308,000
Provision (credit) for credit losses [1] 449,000 1,255,000 962,000 (1,634,000)
Net interest income after provision for credit losses 17,568,000 17,735,000 55,597,000 54,942,000
Non-interest income:        
Changes in fair value of equity investments (68,000) (93,000) (99,000) (448,000)
Net gains (losses) on sales of loans held for sale 67,000 7,000 90,000 106,000
Net gains on sales of other real estate owned 0 22,000 14,000 68,000
Net gains on sales of other real estate owned 11,000 12,000 32,000 34,000
Other 3,106,000 570,000 4,539,000 2,219,000
Total non-interest income 7,808,000 5,036,000 18,678,000 16,018,000
Non-interest expenses:        
Salaries and wages 6,542,000 6,550,000 20,029,000 18,829,000
Pension and other employee benefits 1,979,000 2,024,000 5,467,000 5,679,000
Other components of net periodic pension and postretirement benefits (174,000) (413,000) (522,000) (1,224,000)
Net occupancy 1,337,000 1,269,000 4,242,000 4,065,000
Furniture and equipment 353,000 493,000 1,232,000 1,340,000
Data processing 2,480,000 2,087,000 7,334,000 6,742,000
Professional services 554,000 442,000 1,596,000 1,627,000
Amortization of intangible assets 0 0 0 15,000
Marketing and advertising 218,000 266,000 720,000 726,000
Other real estate owned 10,000 12,000 49,000 (17,000)
FDIC insurance 525,000 389,000 1,608,000 987,000
Loan expense 249,000 (64,000) 789,000 327,000
Other 1,595,000 1,522,000 4,873,000 4,491,000
Total non-interest expenses 15,668,000 14,577,000 47,417,000 43,587,000
Income before income tax expense 9,708,000 8,194,000 26,858,000 27,373,000
Income tax expense 2,060,000 1,741,000 5,660,000 6,029,000
Net income $ 7,648,000 $ 6,453,000 $ 21,198,000 $ 21,344,000
Weighted average shares outstanding, basic (in shares) 4,736 4,692 4,729 4,691
Weighted average shares outstanding, diluted (in shares) 4,736 4,692 4,729 4,691
Basic earnings per share (in dollars per share) $ 1.61 $ 1.37 $ 4.48 $ 4.55
Diluted earnings per share (in dollars per share) $ 1.61 $ 1.37 $ 4.48 $ 4.55
WMG fee income        
Non-interest income:        
Revenues from contracts with customer $ 2,533,000 $ 2,403,000 $ 7,716,000 $ 7,788,000
Service charges on deposit accounts        
Non-interest income:        
Revenues from contracts with customer 1,018,000 989,000 2,918,000 2,789,000
Interchange revenue from debit card transactions        
Non-interest income:        
Revenues from contracts with customer $ 1,141,000 $ 1,126,000 $ 3,468,000 $ 3,462,000
[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.