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Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest and dividend income        
Loans, including fees $ 13,349,000 $ 14,345,000 $ 26,702,000 $ 28,738,000
us-gaap_InterestAndDividendIncomeSecuritiesByTaxableStatusAbstract        
Taxable 50,000 50,000 101,000 99,000
Tax exempt 2,234,000 766,000 3,452,000 1,806,000
Other 2,022,000 1,017,000 4,745,000 1,695,000
Total interest income 17,655,000 16,178,000 35,000,000 32,338,000
Interest expense        
Deposits 4,624,000 2,761,000 8,960,000 5,061,000
Borrowings and Subordinated notes 455,000 474,000 937,000 834,000
Total interest expense 5,079,000 3,235,000 9,897,000 5,895,000
Net interest income 12,576,000 12,943,000 25,103,000 26,443,000
Recovery of credit losses - loans (98,000) (180,000) (37,000) (95,000)
Recovery of credit losses - unfunded commitments (24,000) (8,000) (73,000) (45,000)
Recovery of credit losses (122,000) (188,000) (110,000) (140,000)
Net interest income after recovery of credit losses 12,698,000 13,131,000 25,213,000 26,583,000
Noninterest income        
Deposit service charges and fees 834,000 830,000 1,643,000 1,646,000
Loan servicing fees [1] 97,000 141,000 253,000 270,000
Trust and insurance commissions and annuities income 349,000 276,000 799,000 643,000
Losses on sales of securities [1] 0 0 0 (454,000)
(Loss) gain on sale of premises and equipment (9,000) 13,000 (84,000) 9,000
Valuation adjustment on bank premises held-for-sale [1] 0 (32,000) 0 (585,000)
Loss on bank-owned life insurance (91,000) (87,000) (178,000) (171,000)
Gain on repurchase of Subordinated notes [1] 0 0 107,000 0
Other [1] 96,000 98,000 197,000 194,000
Total noninterest income 1,276,000 1,239,000 2,737,000 1,552,000
Noninterest expense        
Compensation and benefits 5,943,000 5,629,000 11,995,000 11,184,000
Office occupancy and equipment 1,861,000 2,031,000 4,102,000 4,069,000
Advertising and public relations 112,000 269,000 202,000 459,000
Information technology 1,049,000 965,000 2,051,000 1,814,000
Professional fees 382,000 348,000 836,000 665,000
Supplies, telephone, and postage 292,000 295,000 578,000 654,000
FDIC insurance premiums 144,000 282,000 305,000 436,000
Other 1,352,000 1,401,000 2,832,000 2,231,000
Total noninterest expense 11,135,000 11,220,000 22,901,000 21,512,000
Income before income taxes 2,839,000 3,150,000 5,049,000 6,623,000
Income tax expense 705,000 838,000 1,205,000 1,678,000
Net income $ 2,134,000 $ 2,312,000 $ 3,844,000 $ 4,945,000
Basic and diluted earnings per common share (in dollars per share) $ 0.17 $ 0.18 $ 0.31 $ 0.39
Basic and diluted weighted average common shares outstanding (in shares) 12,460,678 12,667,129 12,464,365 12,694,334
[1] Not within the scope of ASC 606