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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
INTEREST INCOME        
Interest and fees on loans $ 2,568,000 $ 2,980,000 $ 5,205,000 $ 6,051,000
Interest and dividends on securities 698,000 317,000 1,203,000 698,000
Interest on deposits with banks and federal funds sold 24,000 39,000 43,000 86,000
Total Interest Income 3,290,000 3,336,000 6,451,000 6,835,000
INTEREST EXPENSE        
Interest on deposits 158,000 289,000 325,000 614,000
Interest on short-term borrowings 116,000 109,000 232,000 235,000
Total Interest Expense 274,000 398,000 557,000 849,000
Net Interest Income 3,016,000 2,938,000 5,894,000 5,986,000
(Release) provision for credit losses (67,000) 487,000 (471,000) 407,000
Net interest income after release/provision 3,083,000 2,451,000 6,365,000 5,579,000
NONINTEREST INCOME        
Gain on securities sold/redeemed       1,000
Income on life insurance 39,000 39,000 77,000 78,000
Gains on sale of OREO 14,000   14,000  
Total Noninterest Income 280,000 228,000 527,000 484,000
NONINTEREST EXPENSE        
Salary and benefits 1,588,000 1,597,000 3,218,000 3,302,000
Occupancy and equipment expenses 304,000 295,000 606,000 626,000
Legal, accounting and other professional fees 183,000 252,000 395,000 504,000
Data processing and item processing services 248,000 184,000 505,000 417,000
FDIC insurance costs 40,000 48,000 83,000 99,000
Advertising and marketing related expenses 24,000 19,000 45,000 44,000
Loan collection costs 22,000 21,000 28,000 88,000
Telephone costs 54,000 43,000 131,000 90,000
Other expenses 329,000 348,000 610,000 676,000
Total Noninterest Expenses 2,792,000 2,807,000 5,621,000 5,846,000
Income (loss) before income taxes 571,000 (128,000) 1,271,000 217,000
Income tax expense (benefit) 91,000 (32,000) 197,000 43,000
NET INCOME (LOSS) $ 480,000 $ (96,000) $ 1,074,000 $ 174,000
Basic net income (loss) per share (in dollars per share) $ 0.17 $ (0.03) $ 0.38 $ 0.06
Diluted net income (loss) per share (in dollars per share) $ 0.17 $ (0.03) $ 0.38 $ 0.06
Service charges on deposit accounts        
NONINTEREST INCOME        
Noninterest Income $ 37,000 $ 38,000 $ 77,000 $ 94,000
Other fees and commissions        
NONINTEREST INCOME        
Noninterest Income $ 190,000 $ 151,000 $ 359,000 $ 311,000