Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.23.3
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        
Loans, including fees $ 18,065 $ 12,164 $ 50,900 $ 32,905
Securities        
Taxable 4,565 3,323 13,643 7,375
Tax-exempt 671 668 2,048 2,102
FHLB Stock 80 53 217 155
Federal funds sold and other short-term investments 6,406 4,667 17,366 6,915
Total interest income 29,787 20,875 84,174 49,452
Interest expense        
Deposits 7,383 944 17,693 1,346
Other borrowings 160 160 474 827
Total interest expense 7,543 1,104 18,167 2,173
Net interest income 22,244 19,771 66,007 47,279
Provision for credit losses (1) [1] (150) 0 150 (1,500)
Net interest income after provision for credit losses 22,394 19,771 65,857 48,779
Noninterest income        
Net gains on mortgage loans 5 166 37 673
Bank owned life insurance ("BOLI") income 239 217 660 687
Other 527 550 1,633 1,695
Total noninterest income 4,616 4,889 13,756 14,985
Noninterest expense        
Salaries and benefits 6,949 6,639 20,490 19,331
Occupancy of premises 1,024 989 3,260 3,232
Furniture and equipment 1,050 1,014 3,145 3,017
Legal and professional 355 268 973 733
Marketing and promotion 225 196 648 586
Data processing 1,002 984 2,963 2,792
FDIC assessment 330 201 990 578
Interchange and other card expense 426 405 1,212 1,184
Bond and D&O Insurance 123 129 366 389
Other 1,305 1,302 3,580 3,936
Total noninterest expenses 12,789 12,127 37,627 35,778
Income before income tax 14,221 12,533 41,986 27,986
Income tax expense 2,808 2,488 8,257 5,372
Net income $ 11,413 $ 10,045 $ 33,729 $ 22,614
Basic earnings per common share (in dollars per share) $ 0.33 $ 0.29 $ 0.98 $ 0.66
Diluted earnings per common share (in dollars per share) 0.33 0.29 0.98 0.66
Cash dividends per common share (in dollars per share) $ 0.08 $ 0.08 $ 0.24 $ 0.24
Service [Member]        
Noninterest income        
Noninterest revenue $ 1,061 $ 1,263 $ 3,072 $ 3,693
Trust Fees [Member]        
Noninterest income        
Noninterest revenue 1,109 969 3,277 3,153
ATM and Debit Card Fees [Member]        
Noninterest income        
Noninterest revenue $ 1,675 $ 1,724 $ 5,077 $ 5,084
[1] Beginning January 1, 2023, calculation is based on CECL methodology. Prior to January 1, 2023, calculation was based on probable incurred loss methodology.