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Consolidated Statements of Income - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Interest and dividend income:    
Loans $ 15,569,000 $ 11,656,000
Taxable investment income 3,152,000 1,817,000
Non-taxable investment income 111,000 121,000
Total interest income 18,832,000 13,594,000
Interest expense:    
Deposits 4,154,000 882,000
Borrowed funds 2,737,000 773,000
Total interest expense 6,891,000 1,655,000
Net interest income 11,941,000 11,939,000
Release of provision for credit losses (23,000) (952,000)
Net interest income after provision for credit losses 11,964,000 12,891,000
Non-interest income:    
Fees and service charges 262,000 800,000
Gain on sale of loans 135,000 0
Other income 87,000 127,000
Total non-interest income 484,000 927,000
Non-interest expense:    
Compensation and benefits 7,847,000 7,060,000
Occupancy and equipment 1,982,000 1,881,000
Data processing 1,601,000 1,478,000
Advertising 72,000 519,000
Professional services 980,000 1,291,000
Release of provision for commitments and letters of credit 0 (170,000)
Federal deposit insurance premiums 105,000 78,000
Other expense 1,070,000 1,079,000
Total non-interest expenses 13,657,000 13,216,000
(Loss) income before income tax expense (1,209,000) 602,000
Income tax expense 0 49,000
Net (loss) income $ (1,209,000) $ 553,000
Basic (loss) earnings per share (in dollars per share) $ (0.05) $ 0.02
Diluted (loss) earnings per share (in dollars per share) $ (0.05) $ 0.02
Weighted average shares outstanding - basic (in shares) 25,374,653 26,343,508
Weighted average shares outstanding - diluted (in shares) 25,374,653 26,343,508