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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest Income        
Interest and fees on loans $ 9,644 $ 8,324 $ 18,977 $ 16,424
Interest on interest-bearing deposits 540 202 768 251
Interest on securities – taxable 4,066 2,949 8,184 5,422
Interest on securities – nontaxable 347 447 712 875
Total interest income 14,597 11,922 28,641 22,972
Interest Expense        
Interest on time deposits 1,054 37 1,413 74
Interest on other deposits 4,314 610 6,768 1,228
Interest on borrowings 12 0 297 0
Total interest expense 5,380 647 8,478 1,302
Net interest income 9,217 11,275 20,163 21,670
Recovery of credit losses 10 310 12 444
Net interest income after provision for credit losses 9,207 10,965 20,151 21,226
Noninterest Income:        
Noninterest Income 1,693 1,769 3,535 3,476
BOLI income 1,279 241 1,518 479
Gain on sale of investment 2,971 0 2,971 0
Gain on sale of mortgage loans 55 35 71 96
Loss on sale of securities (3,344) 0 (3,332) 0
Other income 249 208 624 700
Total noninterest income 2,791 2,112 4,990 4,403
Noninterest Expense        
Salaries and employee benefits 4,465 4,011 8,899 7,989
Occupancy, furniture and fixtures 411 464 953 956
Data processing and ATM 879 793 1,752 1,580
FDIC assessment 254 111 371 222
Net costs of other real estate owned 4 0 15 10
Franchise taxes 358 371 733 733
Professional services 551 214 1,304 439
Other operating expenses 635 347 1,194 995
Total noninterest expense 7,557 6,311 15,221 12,924
Income before income taxes 4,441 6,766 9,920 12,705
Income tax expense 540 1,192 1,488 2,245
Net Income $ 3,901 $ 5,574 $ 8,432 $ 10,460
Basic net income per common share (in dollars per share) $ 0.66 $ 0.93 $ 1.43 $ 1.74
Diluted net income per common share (in dollars per share) $ 0.66 $ 0.93 $ 1.43 $ 1.74
Weighted average number of common shares outstanding, basic (in shares) 5,889,687 6,004,425 5,889,687 6,025,709
Weighted average number of common shares outstanding, diluted (in shares) 5,890,048 6,004,425 5,889,868 6,025,709
Dividends declared per common share (in dollars per share) $ 0.73 $ 0.72 $ 1.73 $ 0.72
Deposit Account [Member]        
Noninterest Income:        
Noninterest Income $ 637 $ 603 $ 1,229 $ 1,165
Product and Service, Other [Member]        
Noninterest Income:        
Noninterest Income 49 51 102 106
Credit and Debit Card [Member]        
Noninterest Income:        
Noninterest Income 414 535 881 975
Fiduciary and Trust [Member]        
Noninterest Income:        
Noninterest Income $ 481 $ 439 $ 926 $ 882