Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF INCOME

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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest income    
Loans, including fees $ 15,660 $ 10,397
Securities    
Taxable 4,481 1,434
Tax-exempt 698 732
FHLB Stock 65 51
Federal funds sold and other short-term investments 6,362 529
Total interest income 27,266 13,143
Interest expense    
Deposits 4,494 158
Other borrowings 156 320
Total interest expense 4,650 478
Net interest income 22,616 12,665
Provision for credit losses [1] 0 (1,500)
Net interest income after provision for credit losses 22,616 14,165
Noninterest income    
Service charges and fees 994 1,211
Net gains on mortgage loans 11 308
Trust fees 1,033 1,088
ATM and debit card fees 1,662 1,599
Bank owned life insurance ("BOLI") income 199 240
Other 629 519
Total noninterest income 4,528 4,965
Noninterest expense    
Salaries and benefits 6,698 6,289
Occupancy of premises 1,137 1,172
Furniture and equipment 1,031 1,016
Legal and professional 348 194
Marketing and promotion 219 195
Data processing 955 884
FDIC assessment 330 180
Interchange and other card expense 384 373
Bond and D&O Insurance 122 130
Other 941 1,306
Total noninterest expenses 12,165 11,739
Income before income tax 14,979 7,391
Income tax expense 2,975 1,391
Net income $ 12,004 $ 6,000
Basic earnings per common share (in dollars per share) $ 0.35 $ 0.18
Diluted earnings per common share (in dollars per share) 0.35 0.18
Cash dividends per common share (in dollars per share) $ 0.08 $ 0.08
[1] Beginning January 1, 2023, calculation is based on CECL methodology.  Prior to January 1, 2023, calculation was based on probable incurred loss methodology.