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Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest and dividend income    
Loans, including fees $ 14,393,000 $ 10,813,000
Securities 1,114,000 299,000
Other 653,000 306,000
Total interest income 16,160,000 11,418,000
Interest expense    
Deposits 2,300,000 445,000
Borrowings and Subordinated notes 360,000 198,000
Total interest expense 2,660,000 643,000
Net interest income 13,500,000 10,775,000
Provision for credit losses - loans 85,000 276,000
Recovery of credit losses - unfunded commitments (37,000) 0
Provision for credit losses 48,000 276,000
Net interest income after provision for credit losses 13,452,000 10,499,000
Noninterest income    
Deposit service charges and fees 816,000 781,000
Loan servicing fees [1] 129,000 101,000
Trust and insurance commissions and annuities income 367,000 338,000
(Loss) earnings on bank-owned life insurance [1] (84,000) 28,000
Losses on sales of securities [1] (454,000) 0
Valuation adjustment on bank premises held-for-sale [1] (553,000) 0
Other [1] 92,000 196,000
Total noninterest income 313,000 1,444,000
Noninterest expense    
Compensation and benefits 5,555,000 5,480,000
Office occupancy and equipment 2,038,000 2,134,000
Advertising and public relations 190,000 142,000
Information technology 849,000 851,000
Professional fees 317,000 373,000
Supplies, telephone, and postage 359,000 347,000
FDIC insurance premiums 154,000 116,000
Other 830,000 846,000
Total noninterest expense 10,292,000 10,289,000
Income before income taxes 3,473,000 1,654,000
Income tax expense 840,000 386,000
Net income $ 2,633,000 $ 1,268,000
Basic and diluted earnings per common share (in dollars per share) $ 0.21 $ 0.10
Basic and diluted weighted average common shares outstanding (in shares) 12,721,841 13,204,041
[1] Not within the scope of ASC 606