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Consolidated Statements of Income - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Interest income        
Loans $ 6,210,000 $ 6,655,000 $ 18,101,000 $ 20,148,000
Investment securities 559,000 244,000 1,535,000 743,000
Federal funds sold 186,000 22,000 318,000 32,000
Total interest income 6,955,000 6,921,000 19,954,000 20,923,000
Interest expense        
Deposits 240,000 349,000 755,000 1,275,000
Borrowed funds 180,000 143,000 483,000 453,000
Total interest expense 420,000 492,000 1,238,000 1,728,000
Net interest income 6,535,000 6,429,000 18,716,000 19,195,000
Recovery of loan losses 100,000   (300,000) (500,000)
Net interest income after provision for (recovery of) loan losses 6,435,000 6,429,000 19,016,000 19,695,000
Noninterest income        
Service charges and fees 670,000 580,000 1,960,000 1,711,000
Mortgage banking income, net 973,000 2,171,000 2,942,000 7,827,000
Gain on sale of Small Business Administration loans     79,000  
Other 107,000 108,000 336,000 344,000
Total noninterest income 1,750,000 2,859,000 5,317,000 9,882,000
Noninterest expense        
Salaries and benefits 3,446,000 3,607,000 10,394,000 10,541,000
Occupancy 305,000 315,000 919,000 948,000
Equipment 260,000 267,000 818,000 788,000
Supplies 46,000 49,000 120,000 138,000
Professional and outside services 655,000 730,000 2,118,000 2,085,000
Advertising and marketing 67,000 99,000 271,000 347,000
Foreclosed assets, net       (8,000)
FDIC insurance premium 64,000 38,000 187,000 142,000
Other operating expense 681,000 532,000 1,893,000 1,716,000
Total noninterest expense 5,524,000 5,637,000 16,720,000 16,697,000
Income before income tax expense 2,661,000 3,651,000 7,613,000 12,880,000
Income tax expense 508,000 752,000 1,470,000 2,790,000
Net income $ 2,153,000 $ 2,899,000 $ 6,143,000 $ 10,090,000
Earnings per share, basic $ 1.46 $ 1.97 $ 4.16 $ 6.88
Earnings per share, diluted $ 1.46 $ 1.97 $ 4.16 $ 6.88