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 |
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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 |
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- Definition Deposit Service Charges No definition available.
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- Definition Interchange Fee Income No definition available.
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- Definition The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Earnings on or other increases in the value of the cash surrender value of bank owned life insurance policies. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of expense in the period for communications and data processing expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of expense for Federal Deposit Insurance Corporation (FDIC) insurance. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Income from agency and brokerage operations (includes sales of annuities and supplemental contracts); service charges, commissions, and fees from the sale of insurance and related services; and management fees from separate accounts, deferred annuities, and universal life products. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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- Definition The aggregate interest and fee income generated by: (1) loans the Entity has positive intent and ability to hold for the foreseeable future, or until maturity or payoff, including commercial and consumer loans, whether domestic or foreign, which may consist of: (a) industrial and agricultural; (b) real estate; and (c) real estate construction loans; (d) trade financing; (e) lease financing; (f) home equity lines-of-credit; (g) automobile and other vehicle loans; and (h) credit card and other revolving-type loans and (2) loans and leases held-for-sale which may include mortgage loans, direct financing, and sales-type leases. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition Aggregate amount of interest expense on all deposits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of interest expense classified as other. No definition available.
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- Definition Interest expense incurred during the reporting period on subordinated notes and debentures. Includes amortization of expenses incurred in the issuance of subordinated notes and debentures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Interest earned on deposits in United States money market accounts and other United States interest earning accounts. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of interest income or expense, including any amortization and accretion (as applicable) of discounts and premiums, including consideration of the provisions for loan, lease, credit, and other related losses. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The net amount of operating interest income (expense). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on securities exempt from state, federal and other income tax. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on securities subject to state, federal and other income tax. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of expense for salary, wage, profit sharing; incentive and equity-based compensation; and other employee benefit. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The total expense recognized in the period for promotion, public relations, and brand or product advertising. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Total aggregate amount of all noninterest expense. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition The total amount of noninterest income which may be derived from: (1) fees and commissions; (2) premiums earned; (3) insurance policy charges; (4) the sale or disposal of assets; and (5) other sources not otherwise specified. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of revenue earned, classified as other, excluding interest income. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of net occupancy expense that may include items, such as depreciation of facilities and equipment, lease expenses, property taxes and property and casualty insurance expense. Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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- Definition Amount of noninterest expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of credit loss expense (reversal of expense) for financing receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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