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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
INTEREST INCOME    
Interest and fees on loans $ 8,437,000 $ 10,738,000
Interest and dividends on securities 3,403,000 2,657,000
Interest on deposits with banks and federal funds sold 872,000 122,000
Total Interest Income 12,712,000 13,517,000
INTEREST EXPENSE    
Interest on deposits 471,000 609,000
Interest on short-term borrowings 348,000 465,000
Interest on long-term borrowings 34,000  
Total Interest Expense 853,000 1,074,000
Net Interest Income 11,859,000 12,443,000
Release of credit loss provision (112,000) (975,000)
Net interest income after provision for credit losses 11,971,000 13,418,000
NONINTEREST INCOME    
Service charges on deposit accounts 159,000 160,000
Other fees and commissions 831,000 884,000
Gain (loss) on securities called or sold 2,000 (588,000)
Income on life insurance 156,000 157,000
Gain on swap contract termination 206,000  
Gain on sale of OREO   14,000
Total Noninterest Income 1,354,000 627,000
NONINTEREST EXPENSE    
Salary and employee benefits 6,406,000 6,504,000
Occupancy and equipment expenses 1,272,000 1,227,000
Legal, accounting and other professional fees 1,044,000 701,000
Data processing and item processing services 997,000 933,000
FDIC insurance costs 112,000 169,000
Advertising and marketing related expenses 86,000 88,000
Loan collection costs (39,000) 12,000
Telephone costs 159,000 209,000
Other expenses 1,303,000 1,109,000
Total Noninterest Expenses 11,340,000 10,952,000
Income before income taxes 1,985,000 3,093,000
Income tax expense 240,000 577,000
NET INCOME $ 1,745,182 $ 2,516,387
Basic net income per share of common stock (in dollars per share) $ 0.61 $ 0.88
Diluted net income per share of common stock (in dollars per share) $ 0.61 $ 0.88