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Consolidated Statements of Income - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Interest Income    
Loans and leases $ 58,793,495 $ 44,593,660
Investment securities 8,054,095 7,111,383
Other 562,323 152,958
Total interest income 67,409,913 51,858,001
Interest Expense    
Deposits 22,809,866 7,128,195
Borrowings 6,937,656 3,091,146
Total interest expense 29,747,522 10,219,341
Net Interest Income 37,662,391 41,638,660
Provision for credit losses 531,974 600,000
Net Interest Income After Provision for Credit Losses 37,130,417 41,038,660
Non-interest Income    
Service charges on deposit accounts 1,115,079 1,049,777
Card fee income 1,258,718 1,209,528
Loan and lease servicing fees, including mortgage servicing right impairment 448,027 861,758
Net gains on loan and lease sales 517,883 639,274
Other income 1,271,072 1,106,436
Total non-interest income 4,610,779 4,866,773
Non-interest Expenses    
Salaries and employee benefits 17,438,599 18,478,020
Net occupancy expenses 1,333,625 1,425,018
Equipment expenses 1,127,770 1,268,812
Data processing fees 3,348,543 2,712,950
Deposit insurance expense 1,163,060 494,000
Printing and office supplies 163,339 194,462
Legal and professional fees 1,598,453 1,420,352
Advertising expense 385,471 459,478
Bank service charges 204,161 137,601
Real estate owned expense 58,759 30,067
Other expenses 3,916,699 3,535,767
Total non-interest expenses 30,738,479 30,156,527
Income Before Income Tax Expense 11,002,717 15,748,906
Provision for income taxes 1,515,881 2,783,467
Net Income $ 9,486,836 $ 12,965,439
Earnings Per Share    
Basic (in USD per share) $ 0.91 $ 1.20
Diluted (in USD per share) $ 0.91 $ 1.17