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Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest and dividend income        
Loans, including fees $ 12,300,000 $ 14,276,000 $ 39,002,000 $ 43,014,000
us-gaap_InterestAndDividendIncomeSecuritiesByTaxableStatusAbstract        
Taxable 47,000 48,000 148,000 147,000
Tax exempt 2,572,000 716,000 6,024,000 2,522,000
Other 1,967,000 1,854,000 6,712,000 3,549,000
Total interest income 16,886,000 16,894,000 51,886,000 49,232,000
Interest expense        
Deposits 4,775,000 3,470,000 13,735,000 8,531,000
Borrowings and Subordinated notes 450,000 470,000 1,387,000 1,304,000
Total interest expense 5,225,000 3,940,000 15,122,000 9,835,000
Net interest income 11,661,000 12,954,000 36,764,000 39,397,000
Provision for credit losses - loans 472,000 180,000 435,000 85,000
Provision for (recovery of) credit losses - unfunded commitments 13,000 (44,000) (60,000) (89,000)
Provision for (recovery of) credit losses 485,000 136,000 375,000 (4,000)
Net interest income after provision for (recovery of) credit losses 11,176,000 12,818,000 36,389,000 39,401,000
Noninterest income        
Deposit service charges and fees 915,000 836,000 2,558,000 2,482,000
Loan servicing fees [1] 97,000 98,000 350,000 368,000
Trust and insurance commissions and annuities income 405,000 290,000 1,204,000 933,000
Losses on sales of securities [1] 0 0 0 (454,000)
(Loss) gain on sale of premises and equipment (20,000) 0 (104,000) 9,000
Valuation adjustment on bank premises held-for-sale [1] 0 0 0 (585,000)
Loss on bank-owned life insurance (14,000) (88,000) (192,000) (259,000)
Gain on repurchase of Subordinated notes [1] 0 0 107,000 0
Other [1] 99,000 104,000 296,000 298,000
Total noninterest income 1,482,000 1,240,000 4,219,000 2,792,000
Noninterest expense        
Compensation and benefits 5,441,000 5,369,000 17,436,000 16,553,000
Office occupancy and equipment 1,532,000 2,046,000 5,634,000 6,115,000
Advertising and public relations 117,000 171,000 319,000 623,000
Information technology 971,000 944,000 3,022,000 2,758,000
Professional fees 299,000 366,000 1,135,000 1,038,000
Supplies, telephone, and postage 281,000 311,000 859,000 965,000
FDIC insurance premiums 156,000 222,000 461,000 658,000
Other 1,287,000 1,361,000 4,119,000 3,592,000
Total noninterest expense 10,084,000 10,790,000 32,985,000 32,302,000
Income before income taxes 2,574,000 3,268,000 7,623,000 9,891,000
Income tax expense 581,000 899,000 1,786,000 2,577,000
Net income $ 1,993,000 $ 2,369,000 $ 5,837,000 $ 7,314,000
Basic and diluted earnings per common share (in dollars per share) $ 0.16 $ 0.19 $ 0.47 $ 0.58
Basic and diluted weighted average common shares outstanding (in shares) 12,460,678 12,578,494 12,463,127 12,655,305
[1] Not within the scope of ASC 606