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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
INTEREST INCOME        
Interest and fees on loans $ 2,145,000 $ 2,094,000 $ 6,368,000 $ 6,351,000
Interest and dividends on securities 1,101,000 943,000 3,065,000 2,435,000
Interest on deposits with banks and federal funds sold 104,000 271,000 469,000 468,000
Total Interest Income 3,350,000 3,308,000 9,902,000 9,254,000
INTEREST EXPENSE        
Interest on deposits 116,000 116,000 337,000 361,000
Interest on short-term borrowings 282,000 147,000 320,000 338,000
Interest on long-term borrowings   8,000   34,000
Total Interest Expense 398,000 271,000 657,000 733,000
Net Interest Income 2,952,000 3,037,000 9,245,000 8,521,000
(Release)/provision for credit losses (92,000) 39,000 (7,000) (178,000)
Net interest income after (release)/provision 3,044,000 2,998,000 9,252,000 8,699,000
NONINTEREST INCOME        
Gain on securities sold/redeemed       1,000
Income on life insurance 42,000 40,000 120,000 116,000
Total Noninterest Income 315,000 317,000 800,000 832,000
NONINTEREST EXPENSE        
Salary and benefits 1,691,000 1,647,000 5,089,000 4,783,000
Occupancy and equipment expenses 329,000 291,000 955,000 939,000
Legal, accounting and other professional fees 194,000 299,000 692,000 884,000
Data processing and item processing services 206,000 242,000 755,000 703,000
FDIC insurance costs 40,000 28,000 122,000 83,000
Advertising and marketing related expenses 26,000 21,000 72,000 64,000
Loan collection costs 10,000 4,000 13,000 (51,000)
Telephone costs 38,000 35,000 113,000 119,000
Other expenses 287,000 353,000 880,000 1,016,000
Total Noninterest Expenses 2,821,000 2,920,000 8,691,000 8,540,000
Income before income taxes 538,000 395,000 1,361,000 991,000
Income tax (benefit) expense (13,000) 20,000 99,000 76,000
NET INCOME $ 551,441 $ 375,009 $ 1,261,822 $ 915,274
Basic net income per share of common stock (in dollars per share) $ 0.19 $ 0.13 $ 0.44 $ 0.32
Diluted net income per share of common stock (in dollars per share) $ 0.19 $ 0.13 $ 0.44 $ 0.32
Service charges on deposit accounts        
NONINTEREST INCOME        
Service charges on deposit accounts $ 40,000 $ 37,000 $ 120,000 $ 119,000
Other fees and commissions        
NONINTEREST INCOME        
Other fees and commissions $ 233,000 $ 240,000 $ 560,000 $ 596,000