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Consolidated Statements of Income - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest income        
Loans $ 6,042,000 $ 6,715,000 $ 11,891,000 $ 13,494,000
Investment securities 583,000 249,000 977,000 499,000
Federal funds sold 106,000 8,000 131,000 10,000
Total interest income 6,731,000 6,972,000 12,999,000 14,003,000
Interest expense        
Deposits 252,000 432,000 515,000 925,000
Borrowed funds 158,000 148,000 303,000 310,000
Total interest expense 410,000 580,000 818,000 1,235,000
Net interest income 6,321,000 6,392,000 12,181,000 12,768,000
Provision for (recovery of) loan losses   (500,000) (400,000) (500,000)
Net interest income after provision for (recovery of) loan losses 6,321,000 6,892,000 12,581,000 13,268,000
Noninterest income        
Service charges and fees 671,000 595,000 1,290,000 1,131,000
Mortgage banking income, net 1,090,000 2,165,000 1,969,000 5,656,000
Gain on sale of Small Business Administration loans 79,000   79,000  
Other 98,000 92,000 229,000 236,000
Total noninterest income 1,938,000 2,852,000 3,567,000 7,023,000
Noninterest expense        
Salaries and benefits 3,423,000 3,512,000 6,947,000 6,933,000
Occupancy 284,000 281,000 614,000 634,000
Equipment 270,000 264,000 558,000 521,000
Supplies 36,000 48,000 74,000 89,000
Professional and outside services 738,000 667,000 1,463,000 1,358,000
Advertising and marketing 92,000 130,000 204,000 247,000
Foreclosed assets, net   (8,000)   (8,000)
FDIC insurance premium 64,000 38,000 123,000 104,000
Other operating expense 607,000 615,000 1,213,000 1,183,000
Total noninterest expense 5,514,000 5,547,000 11,196,000 11,061,000
Income before income tax expense 2,745,000 4,197,000 4,952,000 9,230,000
Income tax expense 555,000 903,000 962,000 2,039,000
Net income $ 2,190,000 $ 3,294,000 $ 3,990,000 $ 7,191,000
Earnings per share, basic $ 1.48 $ 2.24 $ 2.71 $ 4.90
Earnings per share, diluted $ 1.48 $ 2.24 $ 2.70 $ 4.90