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Consolidated Statements of Earnings (unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income:        
Loans, including fees $ 7,332,000 $ 8,526,000 $ 24,424,000 $ 22,046,000
Investment securities, including dividends 237,000 109,000 529,000 392,000
Interest-earning deposits 53,000 36,000 134,000 185,000
Total interest income 7,622,000 8,671,000 25,087,000 22,623,000
Interest expense:        
Deposits 629,000 1,163,000 2,110,000 3,789,000
Borrowings 132,000 257,000 365,000 649,000
Total interest expense 761,000 1,420,000 2,475,000 4,438,000
Net interest income before provision for loan losses 6,861,000 7,251,000 22,612,000 18,185,000
Provision for loan losses 225,000 600,000 975,000 1,400,000
Net interest income after provision for loan losses 6,636,000 6,651,000 21,637,000 16,785,000
Noninterest income:        
Service charges on deposit accounts 416,000 351,000 1,126,000 1,009,000
Gain on sales of investment securities available-for-sale     0 20,000
Other 355,000 195,000 980,000 569,000
Total noninterest income 771,000 546,000 2,106,000 1,598,000
Noninterest expenses:        
Salaries and employee benefits 2,715,000 2,415,000 7,609,000 8,767,000
Deferred compensation 62,000 70,000 188,000 211,000
Occupancy 633,000 734,000 2,329,000 2,071,000
Advertising 116,000 40,000 296,000 173,000
Data processing 520,000 523,000 1,518,000 1,773,000
Other real estate owned   9,000 19,000 11,000
Net (gain) loss on sale of other real estate owned   159,000 (127,000) 188,000
Legal and accounting 153,000 230,000 555,000 1,196,000
Organizational dues and subscriptions 105,000 70,000 266,000 238,000
Director compensation 50,000 51,000 150,000 153,000
Federal deposit insurance premiums 61,000 51,000 201,000 304,000
Writedown of premises and equipment 14,000   888,000 0
Other 598,000 400,000 1,700,000 1,324,000
Total noninterest expenses 5,027,000 4,752,000 15,592,000 16,409,000
Income before income taxes 2,380,000 2,445,000 8,151,000 1,974,000
Income tax expense 575,000 575,000 1,896,000 324,000
Net income $ 1,805,000 $ 1,870,000 $ 6,255,000 $ 1,650,000
Basic earnings per share [1] $ 0.26 $ 0.25 $ 0.90 $ 0.22
Diluted earnings per share [1] $ 0.26 $ 0.25 $ 0.89 $ 0.22
[1] Amounts related to periods prior to the date of the Conversion (January 20, 2021) have been restated to give the retroactive recognition to the exchange ratio applied in the Conversion (0.90686-to-one) (see Note 1).