XML 13 R4.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements Of Income (unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest income        
Loans, including fees $ 8,141,719 $ 5,848,522 $ 15,841,157 $ 11,385,602
Securities        
Taxable 996,338 932,714 2,047,598 1,569,835
Tax-exempt 20,232 46,282 65,134 67,278
Other interest-earning assets 248,914 83,682 470,503 167,495
Total interest income 9,407,203 6,911,200 18,424,392 13,190,210
Interest expense        
Deposits 4,210,984 849,808 7,925,981 1,675,992
FHLB advances 902,839 356,203 1,680,193 686,036
Total interest expense 5,113,823 1,206,011 9,606,174 2,362,028
Net interest income 4,293,380 5,705,189 8,818,218 10,828,182
(Recovery) provision for credit losses (125,000) 100,000 (125,000) 100,000
Net interest income after ( recovery) provision for credit losses 4,418,380 5,605,189 8,943,218 10,728,182
Non-interest income        
Fees and service charges 45,700 50,478 97,852 89,796
Gain (loss) on sale of loans 16,150 (217) 29,375 86,913
Bank-owned life insurance 190,147 169,449 376,200 325,442
Other 31,479 34,007 63,328 95,989
Total non-interest income 283,476 253,717 566,755 598,140
Non-interest expense        
Salaries and employee benefits 2,301,236 2,098,897 4,463,605 4,162,244
Occupancy and equipment 358,757 342,381 741,544 686,810
FDIC insurance assessment 127,119 54,000 187,119 108,000
Data processing 235,095 330,840 512,192 609,187
Advertising 96,083 91,145 243,383 212,290
Director fees 159,338 203,534 318,675 418,325
Professional fees 114,018 151,490 263,268 295,753
Other 240,562 321,585 419,770 642,538
Total non-interest expense 3,632,208 3,593,872 7,149,556 7,135,147
Income before income taxes 1,069,648 2,265,034 2,360,417 4,191,175
Income tax expense 213,007 623,027 511,069 1,148,271
Net income $ 856,641 $ 1,642,007 $ 1,849,348 $ 3,042,904
Earnings per Share - basic $ 0.07 $ 0.12 $ 0.14 $ 0.22
Earnings per Share - diluted $ 0.07 $ 0.12 $ 0.14 $ 0.22
Weighted average shares outstanding- basic 13,079,302 13,662,222 13,137,522 13,760,002
Weighted average shares outstanding - diluted 13,081,158 13,701,674 13,162,056 13,800,168