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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 $ 7,266,000 $ 6,042,000 $ 14,029,000 $ 11,891,000
Investment securities 719,000 583,000 1,446,000 977,000
Federal funds sold 114,000 106,000 207,000 131,000
Total interest income 8,099,000 6,731,000 15,682,000 12,999,000
Interest expense        
Deposits 1,186,000 252,000 1,810,000 515,000
Borrowed funds 789,000 158,000 1,383,000 303,000
Total interest expense 1,975,000 410,000 3,193,000 818,000
Net interest income 6,124,000 6,321,000 12,489,000 12,181,000
Provision for (recovery of) credit losses       (400,000)
Net interest income after provision for (recovery of) credit losses 6,124,000 6,321,000 12,489,000 12,581,000
Noninterest income        
Service charges and fees 711,000 671,000 1,380,000 1,290,000
Mortgage banking income, net 386,000 1,090,000 864,000 1,969,000
Gain on sale of Small Business Administration loans   79,000   79,000
Other 124,000 98,000 234,000 229,000
Total noninterest income 1,221,000 1,938,000 2,478,000 3,567,000
Noninterest expense        
Salaries and benefits 3,415,000 3,423,000 6,863,000 6,947,000
Occupancy 307,000 284,000 618,000 614,000
Equipment 280,000 270,000 565,000 558,000
Supplies 35,000 36,000 84,000 74,000
Professional and outside services 838,000 738,000 1,651,000 1,463,000
Advertising and marketing 140,000 92,000 251,000 204,000
FDIC insurance premium 84,000 64,000 134,000 123,000
Other operating expense 733,000 607,000 1,423,000 1,213,000
Total noninterest expense 5,832,000 5,514,000 11,589,000 11,196,000
Income before income tax expense 1,513,000 2,745,000 3,378,000 4,952,000
Income tax expense 274,000 555,000 599,000 962,000
Net income $ 1,239,000 $ 2,190,000 $ 2,779,000 $ 3,990,000
Earnings per share, basic $ 0.83 $ 1.48 $ 1.87 $ 2.71
Earnings per share, diluted $ 0.83 $ 1.48 $ 1.87 $ 2.70