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Consolidated Statement of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
INTEREST AND DIVIDEND INCOME        
Interest and fees on loans $ 20,899,000 $ 11,892,000 $ 59,935,000 $ 34,145,000
Interest-earning deposits in other institutions 300,000 134,000 920,000 232,000
Federal funds sold 266,000 51,000 678,000 100,000
Investment securities:        
Taxable interest 477,000 449,000 1,415,000 1,334,000
Tax-exempt interest 980,000 982,000 2,938,000 2,721,000
Dividends on stock 148,000 59,000 326,000 116,000
Total interest and dividend income 23,070,000 13,567,000 66,212,000 38,648,000
INTEREST EXPENSE        
Deposits 5,632,000 812,000 12,472,000 2,247,000
Short-term borrowings 1,258,000 44,000 3,373,000 44,000
Other borrowings 213,000 112,000 539,000 262,000
Total interest expense 7,103,000 968,000 16,384,000 2,553,000
NET INTEREST INCOME 15,967,000 12,599,000 49,828,000 36,095,000
Provision for credit losses 1,127,000 0 2,449,000 0
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 14,840,000 12,599,000 47,379,000 36,095,000
NONINTEREST INCOME        
Gain (loss) on equity securities 48,000 (57,000) (157,000) (96,000)
Gain on sale of other real estate owned 0 0 2,000 0
Earnings on bank-owned life insurance [1] 207,000 108,000 627,000 322,000
Gain on sale of loans [1] 45,000 7,000 74,000 28,000
Revenue from investment services 190,000 233,000 550,000 527,000
Gross rental income 110,000 0 290,000 0
Total noninterest income 1,817,000 1,546,000 5,088,000 4,332,000
NONINTEREST EXPENSE        
Salaries and employee benefits 5,994,000 4,491,000 17,865,000 12,662,000
Occupancy expense 699,000 458,000 2,054,000 1,546,000
Equipment expense 297,000 233,000 969,000 822,000
Data processing and information technology costs 1,209,000 985,000 3,415,000 2,650,000
Ohio state franchise tax 398,000 293,000 1,180,000 878,000
Federal deposit insurance expense 207,000 84,000 576,000 224,000
Professional fees 545,000 280,000 1,633,000 1,118,000
Other real estate owned writedowns 0 0 0 200,000
Advertising expense 414,000 268,000 1,315,000 725,000
Software amortization expense 24,000 27,000 73,000 115,000
Core deposit intangible amortization 265,000 78,000 794,000 232,000
Gross other real estate owned expenses 195,000 1,000 390,000 15,000
Merger-related costs 22,000 390,000 472,000 969,000
Other expense 1,849,000 1,298,000 5,228,000 3,531,000
Total noninterest expense 12,118,000 8,886,000 35,964,000 25,687,000
Income before income taxes 4,539,000 5,259,000 16,503,000 14,740,000
Income taxes 703,000 1,010,000 2,678,000 2,569,000
NET INCOME $ 3,836,000 $ 4,249,000 $ 13,825,000 $ 12,171,000
EARNINGS PER SHARE        
Basic (in dollars per share) $ 0.47 $ 0.73 $ 1.71 $ 2.08
Diluted (in dollars per share) $ 0.47 $ 0.73 $ 1.7 $ 2.08
Deposit Account [Member]        
NONINTEREST INCOME        
Noninterest income revenue $ 954,000 $ 1,004,000 $ 2,880,000 $ 2,874,000
Financial Service, Other [Member]        
NONINTEREST INCOME        
Noninterest income revenue $ 263,000 $ 251,000 $ 822,000 $ 677,000
[1] Not within scope of ASC 606