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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest Income        
Interest and fees on loans $ 9,816 $ 8,816 $ 28,793 $ 25,240
Interest on interest-bearing deposits 439 506 1,207 757
Interest on securities – taxable 4,084 3,425 12,268 8,847
Interest on securities – nontaxable 340 408 1,052 1,283
Total interest income 14,679 13,155 43,320 36,127
Interest Expense        
Interest on time deposits 1,452 31 2,865 105
Interest on other deposits 4,584 722 11,352 1,950
Interest on borrowings 3 0 300 0
Total interest expense 6,039 753 14,517 2,055
Net interest income 8,640 12,402 28,803 34,072
(Recovery of) provision for credit losses (401) 252 (389) 696
Net interest income after (recovery of) provision for credit losses 9,041 12,150 29,192 33,376
Noninterest Income:        
Noninterest Income 1,835 1,795 5,370 5,271
BOLI income 253 239 1,771 718
Gain on sale of mortgage loans 22 40 93 136
Other income 147 209 771 909
Total noninterest income 2,115 2,140 7,105 6,543
Gain on sale of investment     2,971 0
Loss on sale of securities     (3,332) 0
Noninterest Expense        
Salaries and employee benefits 4,462 4,144 13,361 12,133
Occupancy, furniture and fixtures 547 476 1,500 1,432
Data processing and ATM 978 774 2,730 2,354
FDIC assessment 190 114 561 336
Net costs of other real estate owned 14 68 29 78
Franchise taxes 339 375 1,072 1,108
Professional services 251 254 1,555 693
Other operating expenses 684 531 1,878 1,526
Total noninterest expense 7,465 6,736 22,686 19,660
Income before income taxes 3,691 7,554 13,611 20,259
Income tax expense 617 1,392 2,105 3,637
Net Income $ 3,074 $ 6,162 $ 11,506 $ 16,622
Basic net income per common share (in dollars per share) $ 0.52 $ 1.03 $ 1.95 $ 2.77
Diluted net income per common share (in dollars per share) $ 0.52 $ 1.03 $ 1.95 $ 2.77
Weighted average number of common shares outstanding, basic (in shares) 5,889,687 5,974,961 5,889,687 6,008,607
Weighted average number of common shares outstanding, diluted (in shares) 5,889,939 5,974,961 5,889,778 6,008,607
Dividends declared per common share (in dollars per share) $ 0 $ 0 $ 1.73 $ 0.72
Deposit Account [Member]        
Noninterest Income:        
Noninterest Income $ 642 $ 661 $ 1,871 $ 1,826
Product and Service, Other [Member]        
Noninterest Income:        
Noninterest Income 151 51 253 157
Credit and Debit Card [Member]        
Noninterest Income:        
Noninterest Income 395 448 1,276 1,423
Fiduciary and Trust [Member]        
Noninterest Income:        
Noninterest Income $ 505 $ 492 $ 1,431 $ 1,374