v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
INTEREST INCOME        
Interest and fees on loans $ 28,103 $ 26,778 $ 55,417 $ 52,392
Interest on investment securities:        
Taxable 2,731 3,105 5,395 6,331
Tax exempt 561 581 1,137 1,149
Interest on Federal funds sold and other 1,829 2,048 3,182 3,713
TOTAL INTEREST INCOME 33,224 32,512 65,131 63,585
INTEREST EXPENSE        
Savings and NOW accounts 5,256 5,158 10,150 9,735
Time deposits 2,222 2,114 4,446 4,528
FHLB advances 375 890 1,306 3,141
Subordinated notes 231 231 461 461
TOTAL INTEREST EXPENSE 8,084 8,393 16,363 17,865
NET INTEREST INCOME 25,140 24,119 48,768 45,720
Provision (recovery) for credit losses - investments       (1,900)
Provision for credit losses - loans 2,113 2,210 2,315 2,470
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 23,027 21,909 46,453 45,150
NONINTEREST INCOME        
Service charges on deposit accounts 334 232 624 467
Trust income 1,573 1,309 3,247 2,621
Investment advisory income 1,823 1,650 3,589 3,225
Investment securities gains(losses), net (727)   (727)  
Earnings on bank owned life insurance 234 270 493 512
Proceeds from bank owned life insurance benefit 2,399   2,399  
Gain on sale of assets 1,236   1,236  
Other 444 346 811 668
TOTAL NONINTEREST INCOME 7,316 3,807 11,672 7,493
NONINTEREST EXPENSE        
Salaries 6,813 6,873 13,718 13,611
Employee benefits 2,338 2,304 4,788 4,426
Occupancy expense 1,299 1,164 2,576 2,325
Professional fees 1,666 1,337 3,013 2,773
Directors' fees and expenses 319 (125) 625 197
Computer software expense 2,117 1,430 4,099 2,665
FDIC assessment 330 350 660 768
Advertising expenses 481 438 870 802
Advisor expenses related to trust income 22 32 44 65
Telephone expenses 203 188 410 375
Intangible amortization 72 71 143 143
Other 1,094 1,425 2,302 2,647
TOTAL NONINTEREST EXPENSE 16,754 15,487 33,248 30,797
Income before income taxes 13,589 10,229 24,877 21,846
Provision for income taxes 3,128 2,016 5,712 4,343
NET INCOME $ 10,461 $ 8,213 $ 19,165 $ 17,503
Basic earnings per share (in dollars per share) $ 0.87 $ 0.73 $ 1.64 $ 1.55
Diluted earnings per share (in dollars per share) $ 0.87 $ 0.73 $ 1.64 $ 1.55
Weighted average shares outstanding, Basic (in shares) 11,994,815 11,282,868 11,665,181 11,276,370
Weighted average shares outstanding, Diluted (in shares) 11,994,815 11,282,868 11,665,181 11,276,370