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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
INTEREST INCOME    
Interest and fees on loans $ 2,087,000 $ 2,168,000
Interest and dividends on securities 965,000 698,000
Interest on deposits with banks and federal funds sold 233,000 50,000
Total Interest Income 3,285,000 2,916,000
INTEREST EXPENSE    
Interest on deposits 107,000 124,000
Interest on short-term borrowings   102,000
Interest on long-term borrowings   8,000
Total Interest Expense 107,000 234,000
Net Interest Income 3,178,000 2,682,000
Provision (release) for credit losses (42,000) (100,000)
Net interest income after provision (release) 3,220,000 2,782,000
NONINTEREST INCOME    
Income on life insurance 39,000 38,000
Total Noninterest Income 245,000 254,000
NONINTEREST EXPENSE    
Salary and benefits 1,698,000 1,620,000
Occupancy and equipment expenses 327,000 331,000
Legal, accounting and other professional fees 263,000 324,000
Data processing and item processing services 267,000 226,000
FDIC insurance costs 45,000 26,000
Advertising and marketing related expenses 22,000 22,000
Loan collection costs 1,000 (75,000)
Telephone costs 41,000 44,000
Other expenses 280,000 266,000
Total Noninterest Expenses 2,944,000 2,784,000
Income before income taxes 521,000 252,000
Income tax expense 86,000 21,000
NET INCOME $ 435,021 $ 230,733
Basic net income per share of common stock (in dollars per share) $ 0.15 $ 0.08
Diluted net income per share of common stock (in dollars per share) $ 0.15 $ 0.08
Service charges on deposit accounts    
NONINTEREST INCOME    
Service charges on deposit accounts $ 42,000 $ 42,000
Other fees and commissions    
NONINTEREST INCOME    
Other fees and commissions $ 164,000 $ 174,000