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Consolidated Statements Of Income - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
INTEREST INCOME        
Loans $ 21,936 $ 17,988 $ 64,424 $ 50,540
Interest-bearing deposits at banks 132 217 308 513
Securities:        
Taxable 2,173 2,190 6,719 5,851
Non-taxable 51 92 194 197
Total interest income 24,292 20,487 71,645 57,101
INTEREST EXPENSE        
Deposits 7,544 755 17,840 1,903
Other borrowings 1,932 83 4,917 172
Subordinated debt 560 461 1,626 1,285
Total interest expense 10,036 1,299 24,383 3,360
NET INTEREST INCOME 14,256 19,188 47,262 53,741
PROVISION FOR CREDIT LOSSES 506 1,328 (264) 1,816
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 13,750 17,860 47,526 51,925
NON-INTEREST INCOME        
Deposit service charges 665 782 1,923 2,177
Insurance service and fees 3,498 3,383 8,648 8,249
Bank-owned life insurance 239 161 702 486
Interchange fee income 516 532 1,537 1,563
Other 638 909 1,561 2,335
Total non-interest income 5,556 5,767 14,371 14,810
NON-INTEREST EXPENSE        
Salaries and employee benefits 8,735 10,450 26,796 29,356
Occupancy 1,109 1,118 3,428 3,429
Advertising and public relations 348 417 911 1,034
Professional services 869 839 2,560 2,554
Technology and communications 1,517 1,339 4,414 3,750
Amortization of intangibles 100 100 300 300
FDIC insurance 350 255 1,050 775
Other 1,379 1,273 3,623 3,837
Total non-interest expense 14,407 15,791 43,082 45,035
INCOME BEFORE INCOME TAXES 4,899 7,836 18,815 21,700
INCOME TAX PROVISION 1,281 1,972 4,465 5,354
NET INCOME $ 3,618 $ 5,864 $ 14,350 $ 16,346
Net income per common share-basic $ 0.66 $ 1.06 $ 2.63 $ 2.97
Net income per common share-diluted $ 0.66 $ 1.06 $ 2.62 $ 2.95
Weighted average number of common shares outstanding 5,481,566 5,510,118 5,464,741 5,505,936
Weighted average number of diluted shares outstanding 5,490,600 5,546,764 5,481,514 5,548,508