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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income        
Interest and fees on loans $ 21,018 $ 18,055 $ 60,457 $ 50,279
Interest on investment securities: Taxable 1,647 1,792 5,088 5,339
Interest on investment securities: Exempt from federal income tax 56 123 162 661
Total investment income 1,703 1,915 5,250 6,000
Other 536 1,194 2,561 2,686
Total interest income 23,257 21,164 68,268 58,965
Interest expense        
Savings 45 54 138 189
Interest-bearing transaction accounts 5,397 3,784 15,109 8,912
Time deposits 1,137 1,834 3,996 3,599
Total interest on Deposits 6,579 5,672 19,243 12,700
Interest on short-term borrowings 467 33 1,437 93
Interest on long-term borrowings 983 1,475 3,310 3,496
Total Interest Expense 8,029 7,180 23,990 16,289
Net Interest income 15,228 13,984 44,278 42,676
Credit loss (credit)/expense 195 322 2,407 1,170
Credit loss expense - debt securities held to maturity 14 45 14 45
Credit loss (credit)/expense - off-balance sheet credit exposures 55 (104) (17) (14)
Total credit loss expense 264 263 2,404 1,201
Net interest income after provision for credit losses 14,964 13,721 41,874 41,475
Other operating income        
Net gains on sales of residential mortgage loans 141 182 282 322
Net gains 141 182 282 322
Total other income 4,912 4,716 14,487 13,538
Total other operating income 5,053 4,898 14,769 13,860
Other operating expenses        
Salaries and employee benefits 7,160 6,964 21,573 21,130
FDIC premiums 256 254 810 724
Equipment expense 627 718 2,185 2,245
Occupancy expense of premises 709 745 2,315 2,272
Data processing expense 1,333 1,388 4,073 4,000
Marketing expense 151 242 469 522
Professional services 477 488 1,412 1,502
Contract labor 149 155 416 446
Telephone 97 115 309 341
Other real estate owned expense, net 124 139 224 281
Investor relations 84 74 228 280
Contributions 65 74 181 217
Other 1,082 1,429 3,364 3,974
Total other operating expenses 12,314 12,785 37,559 37,934
Income before income tax expense 7,703 5,834 19,084 17,401
Provision for income tax expense 1,932 1,321 4,701 4,099
Net Income $ 5,771 $ 4,513 $ 14,383 $ 13,302
Basic net income per share $ 0.89 $ 0.67 $ 2.20 $ 1.99
Diluted net income per share $ 0.89 $ 0.67 $ 2.19 $ 1.98
Weighted average number of basic shares outstanding 6,468 6,714 6,546 6,698
Weighted average number of diluted shares outstanding 6,482 6,728 6,558 6,714
Dividends declared per common share $ 0.22 $ 0.20 $ 0.62 $ 0.60
Service charges on deposit accounts        
Other operating income        
Total other income $ 555 $ 569 $ 1,667 $ 1,631
Other service charges        
Other operating income        
Total other income 236 230 676 706
Trust department        
Other operating income        
Total other income 2,328 2,139 6,771 6,134
Debit card income        
Other operating income        
Total other income 1,000 995 2,931 2,981
Bank owned life insurance        
Other operating income        
Total other income 340 320 1,000 936
Brokerage commissions        
Other operating income        
Total other income 297 245 1,154 800
Other        
Other operating income        
Total other income $ 156 $ 218 $ 288 $ 350