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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
INTEREST INCOME        
Interest and fees on loans $ 3,176,000 $ 2,958,000 $ 6,366,000 $ 5,830,000
Interest and dividends on securities 336,000 535,000 736,000 1,059,000
Interest on deposits with banks and federal funds sold 62,000 50,000 182,000 98,000
Total Interest Income 3,574,000 3,543,000 7,284,000 6,987,000
INTEREST EXPENSE        
Interest on deposits 333,000 325,000 665,000 634,000
Interest on short-term borrowings 117,000 165,000 355,000 308,000
Total Interest Expense 450,000 490,000 1,020,000 942,000
Net Interest Income 3,124,000 3,053,000 6,264,000 6,045,000
Provision for loan losses 30,000 (5,000) 204,000 355,000
Net interest income after provision for loan losses 3,094,000 3,058,000 6,060,000 5,690,000
NONINTEREST INCOME        
Gains on redemption of BOLI policies   101,000   308,000
Gain on securities sold     3,000  
Income on life insurance 41,000 45,000 81,000 89,000
Total Noninterest Income 282,000 386,000 564,000 872,000
NONINTEREST EXPENSE        
Salary and benefits 1,685,000 1,649,000 3,455,000 3,371,000
Occupancy and equipment expenses 386,000 316,000 700,000 615,000
Legal, accounting and other professional fees 304,000 281,000 535,000 510,000
Data processing and item processing services 44,000 103,000 219,000 241,000
FDIC insurance costs 60,000 65,000 116,000 122,000
Advertising and marketing related expenses 25,000 32,000 52,000 49,000
Loan collection costs 26,000 80,000 40,000 121,000
Telephone costs 55,000 67,000 121,000 124,000
Other expenses 405,000 418,000 829,000 693,000
Total Noninterest Expenses 2,990,000 3,011,000 6,067,000 5,846,000
Income before income taxes 386,000 433,000 557,000 716,000
Income tax expense (benefit) 67,000 (45,000) 103,000 (17,000)
NET INCOME $ 319,275 $ 477,685 $ 454,300 $ 733,154
Basic and diluted net income per share of common stock $ 0.11 $ 0.17 $ 0.16 $ 0.26
Service charges on deposit accounts        
NONINTEREST INCOME        
Noninterest Income $ 64,000 $ 61,000 $ 124,000 $ 128,000
Other fees and commissions        
NONINTEREST INCOME        
Noninterest Income $ 177,000 $ 179,000 $ 356,000 $ 347,000