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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Interest income:        
Loans $ 15,225,000 $ 16,003,000 $ 30,682,000 $ 31,611,000
Investment securities 2,610,000 2,847,000 5,390,000 5,718,000
Other investments 170,000 264,000 514,000 490,000
Total interest income 18,005,000 19,114,000 36,586,000 37,819,000
Interest expense:        
Deposits 2,364,000 3,514,000 5,488,000 6,738,000
Advances from the Federal Home Loan Bank 829,000 897,000 1,724,000 1,452,000
Securities sold under agreements to repurchase 46,000 41,000 91,000 131,000
Total interest expense 3,239,000 4,452,000 7,303,000 8,321,000
Net interest income 14,766,000 14,662,000 29,283,000 29,498,000
Provision (reversal of provision) for loan losses 1,395,000 (51,000) 1,612,000 (46,000)
Net interest income after provision (reversal of provision) for loan losses 13,371,000 14,713,000 27,671,000 29,544,000
Noninterest income:        
Service fees on loan and deposit accounts 535,000 485,000 988,000 923,000
Income on bank-owned life insurance 201,000 210,000 403,000 417,000
Gain on sale of investment securities 419,000 70,000 597,000 2,787,000
Gain on sale of loans 259,000   666,000 6,000
Other 47,000 508,000 108,000 580,000
Total noninterest income 1,461,000 1,273,000 2,762,000 4,713,000
Noninterest expense:        
Salaries and employee benefits 5,264,000 5,730,000 10,948,000 11,416,000
Occupancy 1,626,000 1,578,000 3,271,000 3,170,000
Equipment 1,164,000 1,018,000 2,284,000 2,111,000
Federal deposit insurance premiums 74,000 143,000 74,000 287,000
Other general and administrative expenses 843,000 1,042,000 1,932,000 2,301,000
Total noninterest expense 8,971,000 9,511,000 18,509,000 19,285,000
Income before income taxes 5,861,000 6,475,000 11,924,000 14,972,000
Income taxes 1,570,000 1,415,000 3,160,000 3,388,000
Net income $ 4,291,000 $ 5,060,000 $ 8,764,000 $ 11,584,000
Basic earnings per share (in dollars per share) $ 0.47 $ 0.55 $ 0.95 $ 1.26
Diluted earnings per share (in dollars per share) 0.47 0.54 0.94 1.24
Cash dividends declared per common share (in dollars per share) $ 0.23 $ 0.32 $ 0.46 $ 0.54
Basic weighted-average shares outstanding (in shares) 9,092,287 9,172,376 9,164,877 9,170,825
Diluted weighted-average shares outstanding (in shares) 9,139,135 9,276,680 9,228,421 9,294,327