Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

v3.24.0.1
Consolidated Statements of Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Interest income    
Loans, including fees $ 69,537 $ 47,176
Securities    
Taxable 18,191 11,333
Tax-exempt 2,764 2,803
FHLB Stock 318 199
Federal funds sold and other short-term investments 23,001 13,395
Total interest income 113,811 74,906
Interest expense    
Deposits 25,730 3,773
Other borrowings 634 987
Total interest expense 26,364 4,760
Net interest income 87,447 70,146
Provision (benefit) for credit losses 550 [1] (1,125)
Net interest income after provision (benefit) for credit losses 86,897 71,271
Noninterest income    
Net gains on mortgage loans 65 706
BOLI income 903 878
Other 2,338 2,755
Total noninterest income 18,441 20,019
Noninterest expense    
Salaries and benefits 28,620 26,194
Occupancy of premises 4,208 4,200
Furniture and equipment 4,199 4,008
Legal and professional 1,425 961
Marketing and promotion 803 803
Data processing 3,953 3,756
FDIC assessment 1,320 789
Interchange and other card expense 1,633 1,586
Bond and D&O Insurance 490 518
Other 4,940 5,411
Total noninterest expenses 51,591 48,226
Income before income tax 53,747 43,064
Income tax expense 10,523 8,333
Net income $ 43,224 $ 34,731
Basic and diluted earnings per common share (in dollars per share) $ 1.26 $ 1.01
Cash dividends per common share (in dollars per share) $ 0.33 $ 0.32
Service [Member]    
Noninterest income    
Noninterest revenue $ 4,109 $ 4,769
Trust Fees [Member]    
Noninterest income    
Noninterest revenue 4,332 4,143
ATM and Debit Card Fees [Member]    
Noninterest income    
Noninterest revenue $ 6,694 $ 6,768
[1] Beginning January 1, 2023, calculation is based on CECL methodology. Prior to January 1, 2023, calculation was based on probable incurred loss methodology.