Page 6 - Demo

4 | CONSOLIDATED STATEMENTS OF INCOMEDecember 31, 2024 (unaudited) and 2023(dollars in thousands except per share data)2024 2023INCOME & EXPENSESInterest IncomeLoans, including fees $ 41,470 $ 34,199 Debt securitiesTaxable 3,257 3,562 Tax-exempt 2,697 2,831 Dividends on Federal Reserve and Federal Home Loan Bank Stock 96 107 Federal funds sold and deposits with financial institutions 3,276 2,446 TOTAL INTEREST INCOME 50,796 43,145 Interest ExpenseDeposits 18,201 11,801 TOTAL INTEREST EXPENSE 18,201 11,801 Net Interest Income 32,595 31,344Provision for credit losses 1,239 1,312NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES 31,356 30,032Non-interest IncomeFiduciary activities 6,261 5,679 Customer service fees 5,385 5,135 Brokerage and insurance services 2,776 2,361 Net gain on mortgage loan sales 19 11 Net realized gains on available for sale securities 5 %u2014 Other 1,171 240 TOTAL NON-INTEREST INCOME 15,617 13,426 Non-Interest ExpenseSalaries and benefits 20,307 18,271 Occupancy 2,844 2,982 Data processing 3,354 2,686 Professional fees 1,007 790 Federal Deposit Insurance Corporation assessment 556 489 Net realized loss on available for sale securities %u2014 595 Other 4,364 3,607 TOTAL NON-INTEREST EXPENSE 32,432 29,420 Income Before Income Taxes 14,541 14,038Provision for Income Taxes 3,015 2,989NET INCOME $ 11,526 $ 11,049BASIC EARNINGS PER SHARE $ 13.40 $ 12.74