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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Interest Income        
Interest on loans, including fees $ 4,060,000 $ 3,325,000 $ 11,423,000 $ 9,662,000
Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock 163,000 213,000 504,000 755,000
Total Interest Income 4,223,000 3,538,000 11,927,000 10,417,000
Interest Expense        
Interest on deposits 1,032,000 1,093,000 3,222,000 3,185,000
Interest on Federal Home Loan Bank short-term borrowings 7,000 31,000 101,000
Interest on Federal Home Loan Bank long-term borrowings 152,000 137,000 452,000 336,000
Interest on Federal Reserve Bank long-term borrowings 43,000 66,000
Interest on subordinated debt 130,000 130,000 390,000 389,000
Total Interest Expense 1,357,000 1,367,000 4,161,000 4,011,000
Net Interest Income 2,866,000 2,171,000 7,766,000 6,406,000
Provision for Loan Losses 201,000 157,000 621,000 318,000
Net Interest Income after Provision for Loan Losses 2,665,000 2,014,000 7,145,000 6,088,000
Non-Interest Income        
Insurance commissions 130,000 109,000 347,000 307,000
Income from bank-owned life insurance 20,000 21,000 59,000 60,000
Net gain on loans held for sale 1,209,000 996,000 2,816,000 2,296,000
Net loss on sales of other real estate owned (110,000) (92,000)
Gain on the sale of SBA loans 19,000 98,000 71,000 238,000
Total Non-Interest Income 1,880,000 1,645,000 4,555,000 3,933,000
Non-Interest Expense        
Salaries and employee benefits 2,145,000 1,776,000 5,908,000 5,173,000
Directors' fees and expenses 61,000 54,000 175,000 167,000
Occupancy and equipment 251,000 181,000 673,000 515,000
Data processing 177,000 121,000 474,000 341,000
Professional fees 112,000 108,000 339,000 282,000
FDIC deposit insurance assessment 38,000 85,000 40,000
Other real estate owned expenses 11,000 12,000 34,000 23,000
Advertising 75,000 70,000 224,000 212,000
Amortization of other intangible 12,000 12,000 36,000 36,000
Other 259,000 200,000 714,000 579,000
Total Non-Interest Expense 3,141,000 2,535,000 8,663,000 7,369,000
Income before Income Taxes 1,404,000 1,124,000 3,037,000 2,652,000
Income Taxes 396,000 322,000 866,000 772,000
Net Income $ 1,008,000 $ 802,000 $ 2,171,000 $ 1,880,000
Earnings per share - basic (in dollars per share) $ 0.51 $ 0.41 $ 1.10 $ 0.96
Average shares outstanding - basic (in shares) 1,982,697 1,966,003 1,975,111 1,953,367
Earnings per share - diluted (in dollars per share) $ 0.50 $ 0.40 $ 1.08 $ 0.94
Average shares outstanding - diluted (in shares) 2,010,815 2,011,575 2,010,648 1,999,794
Mortgage Banking and Abstract Fees [Member]        
Non-Interest Income        
Non-interest revenue $ 400,000 $ 349,000 $ 1,045,000 $ 819,000
Real Estate Sales Commissions [Member]        
Non-Interest Income        
Non-interest revenue 68,000 77,000 131,000 128,000
Other Fees and Services Fees [Member]        
Non-Interest Income        
Non-interest revenue $ 144,000 $ (5,000) $ 178,000 $ 85,000