XML 13 R4.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements Of Income - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest Income        
Loans $ 7,835,000 $ 6,174,000 $ 15,261,000 $ 12,079,000
Securities        
US Government and agency obligations 321,000 322,000 641,000 580,000
Mortgage backed securities 406,000 452,000 820,000 759,000
Municipals - taxable 285,000 270,000 567,000 541,000
Municipals - tax exempt 19,000 19,000 37,000 37,000
Dividends 33,000 27,000 41,000 31,000
Corporates 141,000 143,000 284,000 251,000
Interest bearing deposits 93,000 27,000 241,000 34,000
Federal Funds sold 450,000 164,000 789,000 201,000
Total interest income 9,583,000 7,598,000 18,681,000 14,513,000
Deposits        
NOW, money market savings 662,000 115,000 1,022,000 241,000
Time deposits 1,374,000 146,000 2,235,000 324,000
FHLB borrowings     31,000  
Finance leases 21,000 24,000 44,000 49,000
Other borrowings 100,000 108,000 199,000 222,000
Capital notes 81,000 81,000 163,000 163,000
Total interest expense 2,238,000 474,000 3,694,000 999,000
Net interest income 7,345,000 7,124,000 14,987,000 13,514,000
Recovery of credit losses (254,000) (300,000) (114,000) (600,000)
Net interest income after recovery of credit losses 7,599,000 7,424,000 15,101,000 14,114,000
Noninterest income        
Gain on sales of loans held for sale 1,153,000 1,299,000 2,076,000 3,203,000
Service charges, fees and commissions 955,000 658,000 1,938,000 1,250,000
Wealth management fees 1,042,000 961,000 2,048,000 1,976,000
Life insurance income 134,000 112,000 266,000 225,000
Other 160,000 4,000 160,000 11,000
Total noninterest income 3,444,000 3,034,000 6,488,000 6,665,000
Noninterest expenses        
Salaries and employee benefits 4,345,000 4,533,000 8,613,000 8,522,000
Occupancy 459,000 432,000 931,000 903,000
Equipment 636,000 617,000 1,312,000 1,223,000
Supplies 133,000 122,000 281,000 264,000
Professional, data processing, and other outside expense 1,412,000 871,000 2,783,000 1,925,000
Marketing 285,000 247,000 479,000 439,000
Credit expense 209,000 259,000 405,000 521,000
Other real estate expenses, net 7,000 6,000 33,000 12,000
FDIC insurance expense 91,000 131,000 195,000 261,000
Amortization of intangibles 234,000 140,000 373,000 280,000
Other 65,000 234,000 546,000 890,000
Total noninterest expenses 7,876,000 7,592,000 15,951,000 15,240,000
Income before income taxes 3,167,000 2,866,000 5,638,000 5,539,000
Income tax expense 633,000 574,000 1,120,000 1,108,000
Net Income $ 2,534,000 $ 2,292,000 $ 4,518,000 $ 4,431,000
Weighted average shares outstanding - basic 4,545,173 4,740,657 4,581,726 4,740,657
Weighted average shares outstanding - diluted 4,545,173 4,740,657 4,581,726 4,740,657
Earnings per common share – basic $ 0.56 $ 0.48 $ 0.99 $ 0.93
Earnings per common share – diluted $ 0.56 $ 0.48 $ 0.99 $ 0.93