Quarterly report pursuant to Section 13 or 15(d)

Note 5 - Acquisition Activity (Tables)

v3.23.2
Note 5 - Acquisition Activity (Tables)
6 Months Ended
Jun. 30, 2023
Notes Tables  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

ASSETS

       

LIABILITIES

       

Cash and due from banks

  $ 52,524  

Deposits

       

Investment securities, available for sale

    -  

Non-interest bearing

  $ 32,095  

Certificate of deposit in other financial institutions

    245  

NOW accounts

    63,639  
         

Savings and money market

    184,149  

Total Loans

    450,757  

Certificates of deposits

    195,153  
         

Total Deposits

    475,036  

Premises and equipment, net

    13,896            

FHLB stock

    1,303  

Interest payable

    75  

Goodwill

    11,286  

Other liabilities

    11,228  

Core deposit intangible

    3,220            

Interest receivable

    1,836            

Other assets

    7,978            

Total assets purchased

  $ 543,045            

Common shares issued

    37,981            

Cash paid

    18,725            

Total purchase price

  $ 56,706  

Total liabilities assumed

  $ 486,339  
Business Acquisition, Pro Forma Information [Table Text Block]
   

For the three months ended

   

For the three months ended

   

For the six months ended

   

For the six months ended

 

(in thousands)

 

June 30, 2023

   

June 30, 2022

   

June 30, 2023

   

June 30, 2022

 

Selected Financial Data

                               

Interest income

  $ 21,613     $ 17,740     $ 41,749     $ 35,329  

Interest expense

    (7,574 )     (442 )     (13,042 )     (902 )

Provision for loan losses

    (514 )     -       (1,002 )     -  

Non-interest income

    3,006       2,896       5,614       6,179  

Non-interest expense (1)

    (13,995 )     (15,176 )     (28,222 )     (29,573 )

Income before provision for income taxes

    2,536       5,018       5,097       11,033  

Income tax expense

    (98 )     (587 )     (419 )     (1,619 )

Net income

  $ 2,438     $ 4,431     $ 4,678     $ 9,414  
                                 

Earnings per common share:

                               

Basic

  $ 0.57     $ 1.04     $ 1.10     $ 2.29  

Diluted

  $ 0.57     $ 1.04     $ 1.10     $ 2.28  
Business Combination, Separately Recognized Transactions [Table Text Block]

(in thousands)

 

Six months ended

 

Noninterest expense:

 

June 30, 2022

 

Compensation and benefits

  $ 132  

Data processing

    1,929  

Marketing

    135  

Other

    656  
         

Period merger expense

  $ 2,852