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Consolidated Statements of Net Income - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Interest and dividend income    
Loans receivable, including fees $ 32,507,000 $ 28,028,000
Securities:    
Taxable 2,258,000 1,792,000
Exempt from federal income tax 395,000 560,000
Federal bank stocks 419,000 298,000
Interest earning deposits with banks 566,000 284,000
Total interest and dividend income 36,145,000 30,962,000
Interest expense    
Deposits 7,087,000 4,724,000
Short-term borrowed funds 183,000 209,000
Long-term borrowed funds 813,000 453,000
Total interest expense 8,083,000 5,386,000
Net interest income 28,062,000 25,576,000
Provision for loan losses 715,000 1,280,000
Net interest income after provision for loan losses 27,347,000 24,296,000
Noninterest income    
Fees and service charges 2,157,000 2,031,000
Net gain (loss) on sales of available for sale securities 78,000 (9,000)
Net gain on sales of loans 114,000 19,000
Earnings on bank-owned life insurance 566,000 401,000
Other 1,476,000 1,766,000
Total noninterest income 4,391,000 4,208,000
Noninterest expense    
Compensation and employee benefits 11,738,000 10,320,000
Premises and equipment 3,373,000 3,165,000
Intangible asset amortization 176,000 266,000
Professional fees 928,000 969,000
Federal deposit insurance 273,000 533,000
Acquisition costs 3,592,000
Other 5,634,000 4,815,000
Total noninterest expense 22,122,000 23,660,000
Income before provision for income taxes 9,616,000 4,844,000
Provision for income taxes 1,662,000 633,000
Net income 7,954,000 4,211,000
Preferred stock dividends 182,000 91,000
Net income available to common stockholders $ 7,772,000 $ 4,120,000
Earnings per common share    
Basic (in dollars per share) $ 2.88 $ 1.73
Diluted (in dollars per share) $ 2.86 $ 1.72