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Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest Income    
Loans, including fees $ 14,377,000 $ 13,094,000
Interest-bearing time deposits in other banks 16,000 68,000
Debt securities, taxable 364,000 0
Debt securities, tax-exempt 98,000 0
Other interest and dividend income 70,000 26,000
Total interest income 14,925,000 13,188,000
Interest Expense    
Deposits 717,000 875,000
Total interest expense 717,000 875,000
Net Interest Income 14,208,000 12,313,000
Provision for Loan Losses 276,000 1,275,000
Net Interest Income After Provision for Loan Losses 13,932,000 11,038,000
Noninterest Income    
Secondary market income 166,000 14,000
Loss on sales of available-for-sale debt securities (includes accumulated other comprehensive loss reclassification of $144 and $0, respectively) (127,000) 0
Service charges on deposit accounts 249,000 120,000
Other 387,000 203,000
Total noninterest income 675,000 337,000
Noninterest Expense    
Salaries and employee benefits 4,026,000 2,790,000
Furniture and equipment 358,000 202,000
Occupancy 551,000 472,000
Data and item processing 387,000 279,000
Accounting, marketing and legal fees 233,000 148,000
Regulatory assessments 196,000 141,000
Advertising and public relations 110,000 34,000
Travel, lodging and entertainment 48,000 89,000
Other 511,000 390,000
Total noninterest expense 6,420,000 4,545,000
Income Before Taxes 8,187,000 6,830,000
Income tax expense 2,003,000 1,726,000
Net Income $ 6,184,000 $ 5,104,000
Earnings per common share - basic (in dollars per share) $ 0.68 $ 0.56
Earnings per common share - diluted (in dollars per share) $ 0.67 $ 0.56
Weighted average common shares outstanding - basic (in shares) 9,088,975 9,049,007
Weighted average common shares outstanding - diluted (in shares) 9,182,055 9,058,685
Other Comprehensive Income (Loss)    
Unrealized losses on securities, net of tax benefit of $1,500 $ (3,995,000) $ 0
Reclassification adjustment for realized loss included in net income, net of tax of $17 (144,000) 0
Other comprehensive loss, net of tax benefit of $1,500 (4,139,000) 0
Comprehensive Income (Loss) $ 2,045,000 $ 5,104,000