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Consolidated Statements Of Income - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Interest income    
Loans $ 26,264,486 $ 22,672,097
Securities    
Taxable 3,516,832 1,912,146
Tax-exempt 161,187 58,888
Other interest-earning assets 403,969 424,539
Total interest income 30,346,474 25,067,670
Interest expense    
Deposits 5,106,517 4,271,109
FHLB of New York advances 2,162,217 1,519,302
Total interest expense 7,268,734 5,790,411
Net interest income 23,077,740 19,277,259
Provision (credit) for loan losses 425,000 (88,000)
Net interest income after provision (credit) for loan losses 22,652,740 19,365,259
Non-interest income    
Fees and service charges 179,734 136,211
Gain on sale of loans 86,913 786,424
Bargain purchase gain   1,950,970
Bank owned life insurance 694,900 1,436,453
Other 162,126 183,454
Total non-interest income 1,123,673 4,493,512
Non-interest expenses    
Salaries and employee benefits 8,434,734 7,743,694
Occupancy and equipment 1,390,718 1,261,306
Federal Deposit Insurance Corporation ("FDIC") insurance premium 220,210 217,300
Data processing 1,132,790 1,036,203
Advertising 492,859 276,665
Director fees 800,611 873,008
Professional fees 546,004 735,067
Merger costs   392,197
Core conversion costs   730,000
Other 1,267,081 1,198,081
Total non-interest expenses 14,285,007 14,463,521
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total 9,491,406 9,395,250
Provision for income taxes 2,614,545 1,875,175
Net income $ 6,876,861 $ 7,520,075
Basic earnings per share - basic $ 0.51 $ 0.55
Earnings per share - diluted $ 0.51 $ 0.54
Weighted average shares outstanding 13,570,407 13,725,884
Weighted average shares outstanding - diluted 13,576,934 13,897,645