v3.25.2
Consolidated Statements of Income - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Interest Income        
Loans, including fees $ 8,469,000 $ 7,693,000 $ 16,222,000 $ 15,279,000
Investment securities, taxable 151,000 198,000 315,000 405,000
Investment securities, tax-exempt 217,000 216,000 433,000 433,000
Interest-earning deposits 270,000 647,000 504,000 1,246,000
Total Interest Income 9,107,000 8,754,000 17,474,000 17,363,000
Interest Expense        
Deposits 2,948,000 3,371,000 5,790,000 6,615,000
Long-term debt 28,000 166,000 78,000 386,000
Finance lease 9,000 11,000 19,000 23,000
Total Interest Expense 2,985,000 3,548,000 5,887,000 7,024,000
Net Interest Income 6,122,000 5,206,000 11,587,000 10,339,000
(Credit) Provision for Credit Losses 0 (285,000) 48,000 (637,000)
Net Interest Income After (Credit) Provision for Credit Losses 6,122,000 5,491,000 11,539,000 10,976,000
Non-Interest Income        
Service charges and fees 273,000 287,000 510,000 552,000
Debit card fees 201,000 210,000 388,000 405,000
Earnings on bank-owned life insurance 221,000 220,000 438,000 435,000
Unrealized gain on equity securities 65,000   111,000 11,000
Recovery on previously impaired investment securities 1,000 3,000 2,000 3,000
Earnings on annuity assets 23,000   46,000  
Other 16,000 18,000 29,000 39,000
Total Non-Interest Income 800,000 738,000 1,524,000 1,445,000
Non-Interest Expense        
Salaries and employee benefits 2,854,000 2,656,000 5,768,000 5,413,000
Occupancy and equipment 615,000 681,000 1,291,000 1,384,000
Data processing 457,000 446,000 916,000 899,000
Professional services 251,000 397,000 565,000 724,000
Telephone and communications 79,000 104,000 171,000 206,000
FDIC insurance 74,000 284,000 146,000 563,000
Postage and supplies 57,000 65,000 137,000 140,000
Advertising 15,000 16,000 26,000 67,000
Other 223,000 248,000 483,000 496,000
Total Non-Interest Expense 4,625,000 4,897,000 9,503,000 9,892,000
Income before Income Taxes 2,297,000 1,332,000 3,560,000 2,529,000
Income Tax Expense 378,000 216,000 585,000 399,000
Net Income $ 1,919,000 $ 1,116,000 $ 2,975,000 $ 2,130,000
Earnings Per Common Share: Basic $ 0.34 $ 0.19 $ 0.53 $ 0.36
Earnings Per Common Share: Diluted 0.34 0.19 0.53 0.36
Dividends declared per share $ 0 $ 0.18 $ 0.18 $ 0.18