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Consolidated Income Statements - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Interest income        
Loans, including fees $ 12,508,000 $ 12,847,000 $ 37,772,000 $ 39,504,000
Investments available-for-sale 814,000 751,000 2,400,000 2,466,000
Investments held-to-maturity 4,000 6,000 20,000 17,000
Interest-earning deposits with banks 24,000 8,000 53,000 45,000
Dividends on FHLB stock 84,000 82,000 247,000 240,000
Total interest income 13,434,000 13,694,000 40,492,000 42,272,000
Interest expense        
Deposits 1,612,000 3,206,000 5,826,000 11,238,000
Borrowings 431,000 400,000 1,263,000 1,214,000
Total interest expense 2,043,000 3,606,000 7,089,000 12,452,000
Net interest income 11,391,000 10,088,000 33,403,000 29,820,000
(Recapture of provision) provision for loan losses     (300,000)  
Provision (recapture of provision) for loan losses 100,000 700,000   1,300,000
Net interest income after provision (recapture of provision) for loan losses 11,291,000 9,388,000 33,703,000 28,520,000
Noninterest income        
Net gain on sale of investments 0 18,000 0 86,000
BOLI income 377,000 269,000 891,000 778,000
Wealth management revenue, net 64,000 145,000 391,000 493,000
Deposit related fees 228,000 201,000 654,000 560,000
Loan related fees 300,000 376,000 714,000 865,000
Other 30,000 2,000 86,000 7,000
Total noninterest income 999,000 1,011,000 2,736,000 2,789,000
Noninterest expense        
Salaries and employee benefits 4,856,000 4,880,000 14,863,000 14,893,000
Occupancy and equipment 1,116,000 987,000 3,403,000 3,090,000
Professional fees 502,000 371,000 1,423,000 1,257,000
Data processing 626,000 731,000 2,003,000 2,112,000
OREO related expenses, net 207,000 1,000 208,000 7,000
Regulatory assessments 121,000 134,000 356,000 405,000
Insurance and bond premiums 106,000 116,000 341,000 339,000
Marketing 64,000 41,000 116,000 133,000
Other general and administrative 735,000 606,000 1,938,000 1,843,000
Total noninterest expense 8,333,000 7,867,000 24,651,000 24,079,000
Income before federal income tax provision 3,957,000 2,532,000 11,788,000 7,230,000
Federal income tax provision 758,000 450,000 2,281,000 1,320,000
Net income $ 3,199,000 $ 2,082,000 $ 9,507,000 $ 5,910,000
Earnings per common share        
Basic earnings per share (in dollars per share) $ 0.34 $ 0.22 $ 1.01 $ 0.60
Diluted earnings per share (in dollars per share) $ 0.34 $ 0.21 $ 0.99 $ 0.60
Weighted average number of common shares outstanding        
Basic shares outstanding (in shares) 9,314,456 9,661,498 9,412,196 9,788,397
Diluted shares outstanding (in shares) 9,446,702 9,675,567 9,514,165 9,811,602