Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.23.2
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income        
Loans, including fees $ 17,176 $ 10,344 $ 32,835 $ 20,741
Securities        
Taxable 4,596 2,618 9,077 4,052
Tax-exempt 678 702 1,376 1,434
FHLB Stock 71 51 137 102
Federal funds sold and other short-term investments 4,599 1,720 10,961 2,249
Total interest income 27,120 15,435 54,386 28,578
Interest expense        
Deposits 5,816 245 10,310 403
Other borrowings 158 347 314 667
Total interest expense 5,974 592 10,624 1,070
Net interest income 21,146 14,843 43,762 27,508
Provision for credit losses [1] 300 0 300 (1,500)
Net interest income after provision for credit losses 20,846 14,843 43,462 29,008
Noninterest income        
Net gains on mortgage loans 21 199 32 508
Bank owned life insurance ("BOLI") income 221 230 420 470
Other 477 626 1,106 1,144
Total noninterest income 4,613 5,131 9,141 10,096
Noninterest expense        
Salaries and benefits 6,843 6,402 13,541 12,691
Occupancy of premises 1,098 1,071 2,235 2,243
Furniture and equipment 1,064 988 2,095 2,004
Legal and professional 271 271 619 465
Marketing and promotion 205 195 423 390
Data processing 1,006 924 1,961 1,808
FDIC assessment 330 197 660 377
Interchange and other card expense 402 406 786 779
Bond and D&O Insurance 122 129 243 259
Other 1,332 1,330 2,275 2,636
Total noninterest expenses 12,673 11,913 24,838 23,652
Income before income tax 12,786 8,061 27,765 15,452
Income tax expense 2,474 1,493 5,449 2,884
Net income $ 10,312 $ 6,568 $ 22,316 $ 12,568
Basic earnings per common share (in dollars per share) $ 0.30 $ 0.19 $ 0.65 $ 0.37
Diluted earnings per common share (in dollars per share) 0.30 0.19 0.65 0.37
Cash dividends per common share (in dollars per share) $ 0.08 $ 0.08 $ 0.16 $ 0.16
Service [Member]        
Noninterest income        
Noninterest revenue $ 1,018 $ 1,218 $ 2,012 $ 2,430
Trust Fees [Member]        
Noninterest income        
Noninterest revenue 1,136 1,096 2,168 2,184
ATM and Debit Card Fees [Member]        
Noninterest income        
Noninterest revenue $ 1,740 $ 1,762 $ 3,403 $ 3,360
[1] Beginning January 1, 2023, calculation is based on CECL methodology. Prior to January 1, 2023, calculation was based on probable incurred loss methodology.