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Consolidated Statements of Income - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Interest Income    
Interest and fees on loans $ 78,872,000 $ 61,743,000
Interest and dividends on investments securities    
U.S. government agencies and corporations 37,000 62,000
Mortgage-backed securities 438,000 350,000
Other 874,000 643,000
Interest on federal funds sold 2,312,000 134,000
Total Interest Income 83,845,000 64,199,000
Interest Expense    
Interest on interest bearing DDA deposits 601,000 229,000
Interest on savings and NOW deposits 203,000 165,000
Interest on money market deposits 1,547,000 772,000
Interest on time deposits 8,202,000 7,613,000
Interest on Federal Home Loan Bank advances 347,000 0
Interest on subordinated debt 2,936,000 1,884,000
Total Interest Expense 13,836,000 10,663,000
Net Interest Income 70,009,000 53,536,000
Provision for (recovery of) loan losses 2,398,000 (1,175,000)
Net interest income after provision for (recovery of) loan losses 67,611,000 54,711,000
Non-Interest Income    
Deposit account service charges 2,420,000 2,426,000
Bank owned life insurance income 1,008,000 900,000
Loan swap fee income 619,000 83,000
Net gain on held-to-maturity securities 4,000 6,000
Net gain (loss) on sale of loans (168,000) 847,000
Other fee income 951,000 1,848,000
Total Non-Interest Income 4,834,000 6,110,000
Non-Interest Expense    
Salaries and employee benefits 23,801,000 19,305,000
Furniture and equipment expenses 2,786,000 2,468,000
Advertising and marketing 2,304,000 1,565,000
Occupancy expenses 1,471,000 1,541,000
Outside services 2,075,000 1,394,000
Franchise tax 1,430,000 1,544,000
FDIC insurance 637,000 1,051,000
Data processing 1,303,000 1,189,000
Administrative expenses 872,000 685,000
Other real estate expenses, net 38,000 84,000
Other operating expenses 2,340,000 2,039,000
Total Non-Interest Expense 39,057,000 32,865,000
Income before income taxes 33,388,000 27,956,000
Income Tax Expense 6,714,000 5,785,000
Net Income 26,674,000 22,171,000
Preferred Stock Dividends 2,156,000 2,156,000
Net Income available to common shareholders $ 24,518,000 $ 20,015,000
Net Income per common share:    
Basic (in dollars per share) $ 3.26 $ 2.65
Diluted (in dollars per share) $ 3.26 $ 2.65
US States and Political Subdivisions Debt Securities [Member]    
Interest and dividends on investments securities    
Tax-exempt securities $ 1,058,000 $ 1,060,000
Taxable securities $ 254,000 $ 207,000