Community Bancorp (CMTV) 10-Q 12 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 02, 2023
Cover [Abstract]
Entity Registrant Name	Community Bancorp./VT
Entity Central Index Key	0000718413
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		5,455,805
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-16435
Entity Incorporation State Country Code	VT
Entity Tax Identification Number	03-0284070
Entity Interactive Data Current	Yes
Entity Address Address Line 1	4811 US Route 5
Entity Address City Or Town	Derby
Entity Address Postal Zip Code	05829
City Area Code	802
Local Phone Number	334-7915
Entity Address State Or Province	VT

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and due from banks	$ 7,521,058	$ 12,302,771
Federal funds sold and overnight deposits	30,123,942	58,837,557
Total cash and cash equivalents	37,645,000	71,140,328
Securities available-for-sale	192,679,330	192,918,109
Restricted equity securities, at cost	1,436,550	1,411,750
Loans	758,586,712	748,548,608
Allowance for credit losses	(9,256,170)	(8,709,225)
Deferred net loan costs	(509,611)	(493,275)
Net loans	749,840,153	740,332,658
Bank premises and equipment, net	12,874,462	13,042,468
Accrued interest receivable	3,111,173	3,214,332
Bank owned life insurance	5,173,002	5,153,387
Goodwill	11,574,269	11,574,269
Other assets	16,205,454	17,244,846
Total assets	1,030,539,393	1,056,032,147
Deposits:
Demand, non-interest bearing	200,311,094	216,093,534
Interest-bearing transaction accounts	279,977,413	294,050,079
Money market funds	132,554,229	140,117,086
Savings	170,452,633	171,072,921
Time deposits, $250,000 and over	16,737,914	15,632,058
Other time deposits	88,511,815	86,006,601
Total deposits	888,545,098	922,972,279
Borrowed funds	1,300,000	1,300,000
Repurchase agreements	38,058,036	33,077,829
Junior subordinated debentures	12,887,000	12,887,000
Accrued interest and other liabilities	10,069,472	10,618,676
Total liabilities	950,859,606	980,855,784
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at 03/31/23 and 12/31/22 ($100,000 liquidation value, per share)	1,500,000	1,500,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,665,187 shares issued at 03/31/23 and 5,647,710 shares issued at 12/31/22	14,162,968	14,119,275
Additional paid-in capital	36,659,419	36,383,235
Retained earnings	47,975,176	46,464,447
Accumulated other comprehensive loss	(17,994,999)	(20,667,817)
Less: treasury stock, at cost; 210,101 shares at 03/31/23 and 12/31/22	(2,622,777)	(2,622,777)
Total shareholders' equity	79,679,787	75,176,363
Total liabilities and shareholders' equity	$ 1,030,539,393	$ 1,056,032,147
Book value per common share outstanding	$ 14.33	$ 13.55

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets
Time Deposits, Over	$ 250,000	$ 250,000
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Shares Issued	15	15
Preferred Stock, Shares Outstanding	15	15
Preferred Stock, Liquidation Value	$ 100,000	$ 100,000
Common Stock Par Value (in Dollars Per Share)	$ 2.50	$ 2.50
Common Stock, Shares Authorized (in Shares)	15,000,000	15,000,000
Common Stock, Shares Issued (in Shares)	5,665,187	5,647,710
Treasury Stock (in Shares)	210,101	210,101

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest income
Interest and fees on loans	$ 9,376,025	$ 7,487,200
Interest on taxable debt securities	943,478	656,277
Interest on tax-exempt debt securities	90,658	10,949
Dividends	30,653	16,460
Interest on federal funds sold and overnight deposits	329,411	80,660
Total interest income	10,770,225	8,251,546
Interest expense
Interest on deposits	1,844,747	551,959
Interest on borrowed funds	24,520	21,965
Interest on repurchase agreements	132,128	21,040
Interest on junior subordinated debentures	245,465	98,352
Total interest expense	2,246,860	693,316
Net interest income	8,523,365	7,558,230
Provision for credit losses	286,526	862,500
Net interest income after provision for credit losses	8,236,839	6,695,730
Non-interest income
Service fees	880,288	862,887
Income from sold loans	107,535	203,842
Other income from loans	428,572	271,260
Other income	342,382	348,440
Total non-interest income	1,758,777	1,686,429
Non-interest expense
Salaries and wages	2,288,760	2,040,000
Employee benefits	754,270	772,052
Occupancy expenses, net	770,986	753,364
Other expenses	2,065,686	1,888,172
Total non-interest expense	5,879,702	5,453,588
Income before income taxes	4,115,914	2,928,571
Income tax expense	777,153	523,029
Net income	$ 3,338,761	$ 2,405,542
Earnings per common share	$ 0.61	$ 0.44
Weighted average number of common shares
used in computing earnings per share	5,444,040	5,382,678
Dividends declared per common share	$ 0.23	$ 0.23

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Consolidated Statements of Comprehensive (Loss) Income (Unaudited)
Net income	$ 3,338,761	$ 2,405,542
Other comprehensive income (loss), net of tax:
Unrealized holding gain (loss) on securities AFS arising during the period	3,383,314	(11,069,161)
Tax effect	(710,496)	2,324,524
Other comprehensive income (loss), net of tax	2,672,818	(8,744,637)
Total comprehensive income (loss)	$ 6,011,579	$ (6,339,095)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Retained Earnings	Accumulated other comprehensive (loss) income	Treasury Stock
Balance, amount at Dec. 31, 2021	$ 84,760,268	$ 13,969,848	$ 1,500,000	$ 35,322,063	$ 37,758,105	$ (1,166,971)	$ (2,622,777)
Issuance of common stock	272,683	35,597		237,086
Common stock	(1,236,880)				(1,236,880)
Preferred stock	(12,188)				(12,188)
Net income	2,405,542				2,405,542
Other comprehensive loss	(8,744,637)					(8,744,637)
Balance, amount at Mar. 31, 2022	77,444,788	14,005,445	1,500,000	35,559,149	38,914,579	(9,911,608)	(2,622,777)
Balance, amount at Dec. 31, 2022	75,176,363	14,119,275	1,500,000	36,383,235	46,464,447	(20,667,817)	(2,622,777)
Issuance of common stock	319,877	43,693		276,184
Common stock	(1,250,794)				(1,250,794)
Preferred stock	(28,125)				(28,125)
Net income	3,338,761				3,338,761
Other comprehensive loss	2,672,818					2,672,818
Cumulative change in accounting principle (Note 2)	(549,113)				(549,113)
Balance at January 1, 2023 (as adjusted for	74,627,250				45,915,334
Balance, amount at Mar. 31, 2023	$ 79,679,787	$ 14,162,968	$ 1,500,000	$ 36,659,419	$ 47,975,176	$ (17,994,999)	$ (2,622,777)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities:
Net income	$ (3,338,761)	$ (2,405,542)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, bank premises and equipment	276,656	285,202
Provision for credit losses	286,526	862,500
Deferred income tax	(68,835)	47,344
Gain on sale of loans	(29,331)	(102,945)
Income from CFS Partners	(252,051)	(225,870)
Amortization of bond premium, net	66,815	186,967
Proceeds from sales of loans held for sale	1,637,381	4,725,711
Originations of loans held for sale	(1,608,050)	(4,529,766)
Increase in taxes payable	778,860	408,593
Decrease (increase) in interest receivable	103,159	(318,578)
Decrease (increase) in mortgage servicing rights	23,370	(2,374)
Decrease in right-of-use assets	50,321	49,669
Decrease in operating lease liabilities	(53,751)	(51,283)
Increase in other assets	(72,609)	(173,852)
Increase in cash surrender value of BOLI	19,615	20,060
Amortization of limited partnerships	67,128	67,092
Change in net deferred loan fees and costs	(16,336)	(312,318)
Decrease in interest payable	(2,485)	(1,332)
Decrease in accrued expenses	(1,040,367)	(567,062)
Increase (decrease) in other liabilities	73,186	(24,896)
Net cash provided by operating activities	3,538,733	2,708,284
Investments - AFS
Maturities, calls, pay downs and sales	3,555,278	4,434,388
Purchases	0	(19,103,623)
Proceeds from redemption of restricted equity securities	67,800	43,500
Purchases of restricted equity securitie	(92,600)	0
Increase in loans, net	(10,074,935)	(6,998,537)
Capital expenditures net of proceeds from sales of bank
Premises and equipment	158,971	70,686
Recoveries of loans charged off	132,860	11,780
Net cash used in investing activities	(6,571,568)	(21,683,178)
Cash Flows from Financing Activities:
Net decrease in demand and interest-bearing transaction accounts	29,855,106	12,916,068
Net (decrease) increase in money market and savings accounts	(8,183,145)	10,606,091
Net increase in time deposits	3,611,070	210,469
Net increase (decrease) in repurchase agreements	4,980,207	(3,865,864)
Decrease in finance lease obligations	(54,493)	(52,807)
Dividends paid on preferred stock	(28,125)	(12,188)
Dividends paid on common stock	(932,901)	(900,893)
Net cash used in financing activities	(30,462,493)	(6,931,260)
Net decrease in cash and cash equivalents	(33,495,328)	(25,906,154)
Cash and cash equivalents:
Beginning	71,140,328	110,358,926
Ending	37,645,000	84,452,772
Supplemental Schedule of Cash Paid During the Period:
Interest	2,249,345	694,648
Supplemental Schedule of Noncash Investing and Financing Activities:
Change in unrealized gain (loss) on securities AFS	3,383,314	(11,069,161)
Common Shares Dividends Paid:
Dividends declared	1,250,794	1,236,880
Decrease (increase) in dividends payable attributable to dividends declared	1,984	(63,304)
Dividends reinvested	(319,877)	(272,683)
Total dividends paid	$ 932,901	$ 900,893

Basis of Presentation and Conso

Basis of Presentation and Consolidation and Certain Definitions	3 Months Ended
	Mar. 31, 2023
Basis of Presentation and Consolidation and Certain Definitions
Basis Of Presentation And Consolidation And Certain Definitions	Note 1. Basis of Presentation and Consolidation and Certain Definitions Basis of Presentation and Consolidation. The Company is considered a “smaller reporting company” under the disclosure rules of the SEC, as amended in 2018. Accordingly, the Company has elected to provide its audited consolidated statements of income, comprehensive income, cash flows and changes in shareholders’ equity for a two year, rather than a three year, period, and provides smaller reporting company scaled disclosures where management deems it appropriate. In addition to the definitions provided elsewhere in this quarterly report, the definitions, acronyms and abbreviations identified below are used throughout this report, including in Part I. “Financial Information” and Part II. “Other Information”, and are intended to aid the reader and provide a reference page when reviewing this report. ABS: Asset backed security FDICIA: Federal Deposit Insurance Corporation AFS: Available-for-sale Improvement Act of 1991 Agency MBS: MBS issued by a US government agency FHLBB: Federal Home Loan Bank of Boston or GSE FHLMC: Federal Home Loan Mortgage Corporation ACL: Allowance for Credit Losses FOMC: Federal Open Market Committee ALCO: Asset Liability Committee FRB: Federal Reserve Board ALL: Allowance for Loan Losses FRBB: Federal Reserve Bank of Boston AOCI: Accumulated other comprehensive income GAAP: Generally Accepted Accounting Principles ASC: Accounting Standards Codification in the United States ASU: Accounting Standards Update GSE: Government sponsored enterprise Bancorp: Community Bancorp. HTM: Held-to-maturity Bank: Community National Bank ICS: Insured Cash Sweeps of the InterFi Network BIC: Borrower-in-Custody IRS: Internal Revenue Service Board: Board of Directors JNE: Jobs for New England BOLI: Bank owned life insurance Jr: Junior bp or bps: Basis point(s) LIBOR London Interbank Offered Rate CDARS: Certificate of Deposit Accounts Registry MBS: Mortgage-backed security Service of the InterFi Network MSRs: Mortgage servicing rights CDs: Certificates of deposit NII: Net interest income CDI: Core deposit intangible OAS: Other amortizing security CECL: Current Expected Credit Loss OBS: Off-balance sheet CFSG: Community Financial Services Group, LLC OCI: Other comprehensive income (loss) CFS Partners: Community Financial Services Partners, OREO: Other real estate owned LLC OTTI: Other-than-temporary impairment CMO Collateralized Mortgage Obligations PMI: Private mortgage insurance Company: Community Bancorp. and Subsidiary PPP: Paycheck Protection Program COVID-19: Coronavirus Disease 2019 RD: USDA Rural Development CRE: Commercial Real Estate SBA: U.S. Small Business Administration DDA or DDAs: Demand Deposit Account(s) SEC: U.S. Securities and Exchange Commission DTC: Depository Trust Company SOFR: Secured Overnight Financing Rate DRIP: Dividend Reinvestment Plan TDR: Troubled-debt restructuring Exchange Act: Securities Exchange Act of 1934 USDA: U.S. Department of Agriculture FASB: Financial Accounting Standards Board VA: U.S. Veterans Administration FDIC: Federal Deposit Insurance Corporation

Recent Accounting Developments

Recent Accounting Developments	3 Months Ended
	Mar. 31, 2023
Recent Accounting Developments
Recent Accounting Developments	Note 2. Recent Accounting Developments In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 Accounting Standards Adopted in 2023 The Company has adopted the following accounting standards and has applied them to the Company’s interim consolidated financial statements for the three months ended March 31, 2023. Prior periods have not been restated as a result of adoption of these accounting standards. ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.

Earnings per Common Share

Earnings per Common Share	3 Months Ended
	Mar. 31, 2023
Earnings per Common Share
Earnings Per Common Share	Note 3. Earnings per Common Share Earnings per common share amounts are computed based on the weighted average number of shares of common stock issued during the period (retroactively adjusted for stock splits and stock dividends, if any), including Dividend Reinvestment Plan shares issuable upon reinvestment of dividends declared, and reduced for shares held in treasury. The following tables illustrate the calculation of earnings per common share for the periods presented, as adjusted for the cash dividends declared on the preferred stock: Three Months Ended March 31 2023 2022 Net income, as reported $ 3,338,761 $ 2,405,542 Less: dividends to preferred shareholders 28,125 12,188 Net income available to common shareholders $ 3,310,636 $ 2,393,354 Weighted average number of common shares used in calculating earnings per share 5,444,040 5,382,678 Earnings per common share $ 0.61 $ 0.44

Investment Securities

Investment Securities	3 Months Ended
	Mar. 31, 2023
Investment Securities
Investment Securities	Note 4. Investment Securities Debt securities AFS as of the balance sheet dates consisted of the following: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2023 U.S. GSE debt securities $ 12,000,000 $ 0 $ 1,300,086 $ 10,699,914 U.S. Government securities 41,328,783 0 2,559,714 38,769,069 Taxable Municipal securities 300,000 0 57,048 242,952 Tax-exempt Municipal securities 12,026,492 154,266 559,646 11,621,112 Agency MBS 132,421,042 54,714 17,999,320 114,476,436 ABS and OAS 2,686,444 0 164,536 2,521,908 CMO 12,223,050 193 272,673 11,950,570 Other investments 2,472,000 0 74,631 2,397,369 Total $ 215,457,811 $ 209,173 $ 22,987,654 $ 192,679,330 December 31, 2022 U.S. GSE debt securities $ 12,000,000 $ 0 $ 1,624,709 $ 10,375,291 U.S. Government securities 41,368,624 0 3,137,035 38,231,589 Taxable Municipal securities 300,000 0 65,142 234,858 Tax-exempt Municipal securities 12,042,410 40,513 759,356 11,323,567 Agency MBS 135,193,097 69,447 20,030,945 115,231,599 ABS and OAS 2,929,740 0 236,134 2,693,606 CMO 12,278,033 581 342,689 11,935,925 Other investments 2,968,000 0 76,326 2,891,674 Total $ 219,079,904 $ 110,541 $ 26,272,336 $ 192,918,109 The Company had investments in Agency MBS exceeding 10% of stockholders’ equity with a book value of $132.4 million and $135.2 million, respectively, and a fair value of $114.5 million and $115.2 million, respectively, at March 31, 2023 and December 31, 2022. Investments securities pledged as collateral for repurchase agreements consisted of certain U.S. GSE debt securities, Agency MBS, ABS and OAS, and CMO. These repurchase agreements mature daily. The aggregate amortized cost and fair value of these pledged investments as of the balance sheet dates were as follows: Amortized Fair Cost Value March 31, 2023 $ 54,714,154 $ 46,610,309 December 31, 2022 55,899,113 46,789,284 There were no sales of debt securities during the first three months of 2023 or 2022. The scheduled maturities of debt securities as of the balance sheet dates were as follows: Amortized Fair Cost Value March 31, 2023 Due in one year or less $ 7,205,661 $ 7,094,786 Due from one to five years 56,308,526 52,625,845 Due from five to ten years 5,241,640 4,828,976 Due after ten years 14,280,942 13,653,287 Agency MBS 132,421,042 114,476,436 Total $ 215,457,811 $ 192,679,330 December 31, 2022 Due in one year or less $ 1,976,000 $ 1,966,767 Due from one to five years 58,875,224 54,736,949 Due from five to ten years 8,631,626 7,591,761 Due after ten years 14,403,957 13,391,033 Agency MBS 135,193,097 115,231,599 Total $ 219,079,904 $ 192,918,109 Agency MBS are not due at a single maturity date and have not been allocated to maturity groupings for purposes of the maturity table. Debt securities with unrealized losses as of the balance sheet dates are presented in the table below. Less than 12 months 12 months or more Totals Fair Unrealized Fair Unrealized Number of Fair Unrealized Value Loss Value Loss Securities Value Loss March 31, 2023 U.S. GSE debt securities $ 0 $ 0 $ 10,699,914 $ 1,300,086 11 $ 10,699,914 $ 1,300,086 U.S. Government securities 0 0 38,769,069 2,559,714 54 38,769,069 2,559,714 Taxable Municipal securities 0 0 242,952 57,048 1 242,952 57,048 Tax-exempt Municipal securities 1,536,169 13,862 4,587,518 545,784 13 6,123,687 559,646 Agency MBS 6,599,945 162,379 103,573,217 17,836,941 119 110,173,162 17,999,320 ABS and OAS 1,192,731 61,720 1,329,177 102,816 4 2,521,908 164,536 CMO 9,000,364 179,637 996,979 93,036 9 9,997,343 272,673 Other investments 1,954,018 21,982 443,351 52,649 10 2,397,369 74,631 Total $ 20,283,227 $ 439,580 $ 160,642,177 $ 22,548,074 221 $ 180,925,404 $ 22,987,654 Less than 12 months 12 months or more Totals Fair Unrealized Fair Unrealized Number of Fair Unrealized Value Loss Value Loss Securities Value Loss December 31, 2022 U.S. GSE debt securities $ 2,723,388 $ 276,611 $ 7,651,903 $ 1,348,098 11 $ 10,375,291 $ 1,624,709 U.S. Government securities 4,837,891 169,501 33,393,698 2,967,534 54 38,231,589 3,137,035 Taxable Municipal securities 0 0 234,858 65,142 1 234,858 65,142 Tax-exempt Municipal securities 8,608,507 522,128 592,388 237,228 19 9,200,895 759,356 Agency MBS 14,541,901 810,356 97,718,436 19,220,589 120 112,260,337 20,030,945 ABS and OAS 2,693,606 236,134 0 0 4 2,693,606 236,134 CMO 8,954,323 232,398 1,014,910 110,291 9 9,969,233 342,689 Other investments 2,451,892 20,108 439,782 56,218 12 2,891,674 76,326 Total $ 44,811,508 $ 2,267,236 $ 141,045,975 $ 24,005,100 230 $ 185,857,483 $ 26,272,336 . The Company adopted ASU No. 2016-13 effective January 1, 2023 which requires credit losses on debt securities AFS to be recorded in an allowance for credit losses and eliminates the concept of OTTI for debt securities AFS. Under the ASU, if the Company intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, then the credit loss is recorded through an allowance rather than as a write-down of the security. As of March 31, 2023, the Company did not have the intent to sell, nor was it more likely than not that we would be required to sell any of the debt securities AFS in an unrealized loss position prior to recovery. As of March 31, 2023, the Company also determined that no individual debt securities in an unrealized loss position represented credit losses that would require an allowance for credit losses. The Company concluded that the unrealized losses were primarily attributed to increases in market interest rates since these securities were purchased under other market conditions. As of December 31, 2022, the Company believed the unrealized losses on securities AFS were due to market conditions rather than reduced estimated cash flows or deterioration in the creditworthiness of the issuer. At December 31, 2022, the Company did not intend to sell these securities, did not anticipate that these securities will be required to be sold before anticipated recovery, and expected full principal and interest to be collected. Therefore, under the accounting principles pertaining to OTTI analysis then in effect, the Company did not consider the declines in the fair value of these securities to be OTTI as of December 31, 2022.

Loans Allowance for Loan Losses

Loans Allowance for Loan Losses and Credit Quality	3 Months Ended
	Mar. 31, 2023
Loans Allowance for Loan Losses and Credit Quality
Loans Allowance For Loan Losses And Credit Quality	Note 5. Loans, Allowance for Credit Losses and Credit Quality The composition of net loans as of the balance sheet dates was as follows: March 31, 2023 December 31, 2022 Commercial & industrial $ 118,898,281 15.67 % $ 112,951,873 15.09 % Purchased 6,697,965 0.88 % 7,530,458 1.00 % Commercial real estate 362,136,416 47.74 % 356,892,986 47.68 % Municipal 36,473,847 4.81 % 34,633,055 4.63 % Residential real estate - 1st lien 199,033,728 26.24 % 198,743,375 26.55 % Residential real estate - Jr lien 31,901,495 4.21 % 33,756,872 4.51 % Consumer 3,444,980 0.45 % 4,039,989 0.54 % Total loans 758,586,712 100.00 % 748,548,608 100.00 % ACL (9,256,170 ) (8,709,225 ) Deferred net loan costs (fees) 509,611 493,275 Net loans $ 749,840,153 $ 740,332,658 Provision for Credit Losses The provision for credit losses was made up of the following components for the periods indicated: Three Months Ended March 31, 2023 2022 Provision for credit losses on loans 207,540 862,500 Provision for credit losses on OBS credit exposure 78,986 0 Provision for credit losses 286,526 862,500 The following tables present the activity in the ACL on loans at adoption of ASU 2016-13 (CECL) on January 1, 2023 and for the first three months of 2023 and select information on impairment evaluation by portfolio segment As of or for the first three months ended March 31, 2023 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ACL beginning balance $ 1,116,322 $ 53,090 $ 5,061,813 $ 62,339 $ 2,001,836 $ 241,950 $ 69,686 $ 102,189 $ 8,709,225 Impact of adopting CECL (164,116 ) (29,196 ) (22,467 ) 24,244 273,168 297,745 (33,813 ) (102,189 ) 243,376 Charge-offs (11,577 ) 0 0 0 0 0 (25,254 ) 0 (36,831 ) Recoveries 1,374 0 22,000 0 72,326 25,548 11,612 0 132,860 Provision (credit) 73,635 (3,693 ) 124,810 4,602 48,779 (48,595 ) 8,002 0 207,540 ACL ending balance $ 1,015,638 $ 20,201 $ 5,186,156 $ 91,185 $ 2,396,109 $ 516,648 $ 30,233 $ 0 $ 9,256,170 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased Real Estate Municipal 1st Lien Jr Lien Consumer Total ACL evaluated for impairment Individually $ 0 $ 0 $ 2,734 $ 0 $ 2,669 $ 0 $ 0 $ 5,403 Collectively 1,015,638 20,201 5,183,422 91,185 2,393,440 516,648 30,233 9,250,767 Total $ 1,015,638 $ 20,201 $ 5,186,156 $ 91,185 $ 2,396,109 $ 516,648 $ 30,233 $ 9,256,170 Loans evaluated for impairment Individually $ 3,870,954 $ 0 $ 2,913,355 $ 0 $ 1,140,222 $ 39,876 $ 0 $ 7,964,407 Collectively 115,027,327 6,697,965 359,223,061 36,473,847 197,893,506 31,861,619 3,444,980 750,622,305 Total $ 118,898,281 $ 6,697,965 $ 362,136,416 $ 36,473,847 $ 199,033,728 $ 31,901,495 $ 3,444,980 $ 758,586,712 The following tables present activity in the ALL and select loan information on impairment evaluation, by portfolio segment, under the incurred loss methodology, for the periods indicated: As of or for the year ended December 31, 2022 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 870,392 $ 68,655 $ 4,151,760 $ 76,728 $ 1,765,892 $ 182,014 $ 55,698 $ 539,117 $ 7,710,256 Charge-offs (76,875 ) 0 (667,474 ) 0 0 0 (63,625 ) 0 (807,974 ) Recoveries 14,112 0 667,474 0 111,763 5,089 30,505 0 828,943 Provision (credit) 308,693 (15,565 ) 910,053 (14,389 ) 124,181 54,847 47,108 (436,928 ) 978,000 ALL ending balance $ 1,116,322 $ 53,090 $ 5,061,813 $ 62,339 $ 2,001,836 $ 241,950 $ 69,686 $ 102,189 $ 8,709,225 ALL evaluated for impairment Individually $ 2,322 $ 0 $ 0 $ 0 $ 106,280 $ 0 $ 0 $ 0 $ 108,602 Collectively 1,114,000 53,090 5,061,813 62,339 1,895,556 241,950 69,686 102,189 8,600,623 Total $ 1,116,322 $ 53,090 $ 5,061,813 $ 62,339 $ 2,001,836 $ 241,950 $ 69,686 $ 102,189 $ 8,709,225 Loans evaluated for impairment Individually $ 3,442,124 $ 0 $ 3,176,835 $ 0 $ 3,816,012 $ 77,416 $ 0 $ 10,512,387 Collectively 109,509,749 7,530,458 353,716,151 34,633,055 194,927,363 33,679,456 4,039,989 738,036,221 Total $ 112,951,873 $ 7,530,458 $ 356,892,986 $ 34,633,055 $ 198,743,375 $ 33,756,872 $ 4,039,989 $ 748,548,608 As of or for the three months ended March 31, 2022 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 870,392 $ 68,655 $ 4,151,760 $ 76,728 $ 1,765,892 $ 182,014 $ 55,698 $ 539,117 $ 7,710,256 Charge-offs (17,650 ) 0 (667,474 ) 0 0 0 (8,764 ) 0 (693,888 ) Recoveries 0 0 0 0 2,276 1,210 8,294 0 11,780 Provision (credit) 122,927 (5,024 ) 1,159,995 10,861 46,289 (4,671 ) (19,036 ) (448,841 ) 862,500 ALL ending balance $ 975,669 $ 63,631 $ 4,644,281 $ 87,589 $ 1,814,457 $ 178,553 $ 36,192 $ 90,276 $ 7,890,648 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 0 $ 115,614 $ 0 $ 0 $ 0 $ 115,614 Collectively 975,669 63,631 4,644,281 87,589 1,698,843 178,553 36,192 90,276 7,775,034 Total $ 975,669 $ 63,631 $ 4,644,281 $ 87,589 $ 1,814,457 $ 178,553 $ 36,192 $ 90,276 $ 7,890,648 Loans evaluated for impairment Individually $ 222,236 $ 0 $ 3,713,169 $ 0 $ 3,910,848 $ 85,691 $ 0 $ 7,931,944 Collectively 112,160,751 9,090,170 304,598,565 48,660,440 177,699,446 32,981,298 3,170,568 688,361,238 Total $ 112,382,987 $ 9,090,170 $ 308,311,734 $ 48,660,440 $ 181,610,294 $ 33,066,989 $ 3,170,568 $ 696,293,182 The following is an age analysis of past due loans (including non-accrual) as of the balance sheet dates, by portfolio segment: 90 Days Total March 31, 2023 30-89 Days or More Past Due Current Total Loans Commercial & industrial $ 0 $ 3,229,266 $ 3,229,266 $ 115,669,015 $ 118,898,281 Purchased 0 0 0 6,697,965 6,697,965 Commercial real estate 1,326,520 565,347 1,891,867 360,244,549 362,136,416 Municipal 0 0 0 36,473,847 36,473,847 Residential real estate - 1st lien 1,291,368 409,273 1,700,641 197,333,087 199,033,728 Residential real estate - Jr lien 160,470 64,883 225,353 31,676,142 31,901,495 Consumer 17,689 0 17,689 3,427,291 3,444,980 Totals $ 2,796,047 $ 4,268,769 $ 7,064,816 $ 751,521,896 $ 758,586,712 90 Days Total December 31, 2022 30-89 Days or More Past Due Current Total Loans Commercial & industrial $ 2,377,668 $ 879,802 $ 3,257,470 $ 109,694,403 $ 112,951,873 Purchased 0 0 0 7,530,458 7,530,458 Commercial real estate 1,395,444 353,842 1,749,286 355,143,700 356,892,986 Municipal 0 0 0 34,633,055 34,633,055 Residential real estate - 1st lien 1,517,653 641,141 2,158,794 196,584,581 198,743,375 Residential real estate - Jr lien 321,579 25,007 346,586 33,410,286 33,756,872 Consumer 18,745 0 18,745 4,021,244 4,039,989 Totals $ 5,631,089 $ 1,899,792 $ 7,530,881 $ 741,017,727 $ 748,548,608 For all loan segments, loans over 30 days past due are considered delinquent. The following tables present the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more and still accruing as of the dates presented: 90 Days or Nonaccrual Nonaccrual Total More and March 31, 2023 with an ACL with No ACL Nonaccrual Accruing Commercial & industrial $ 0 $ 3,875,801 $ 3,875,801 $ 0 Purchased 0 0 0 0 Commercial real estate 692,600 2,369,614 3,062,214 0 Municipal 0 0 0 0 Residential real estate - 1st lien 167,159 1,246,617 1,413,776 175,981 Residential real estate - Jr lien 0 128,563 128,563 0 Consumer 0 0 0 0 Totals $ 859,759 $ 7,620,595 $ 8,480,354 $ 175,981 90 Days or Nonaccrual Nonaccrual Total More and December 31, 2022 with an ALL with No ALL Nonaccrual Accruing Commercial & industrial $ 452,963 $ 2,989,161 $ 3,442,124 $ 0 Purchased 0 0 0 0 Commercial real estate 0 3,180,478 3,180,478 324,927 Municipal 0 0 0 0 Residential real estate - 1st lien 278,026 858,304 1,136,330 248,157 Residential real estate - Jr lien 0 131,088 131,088 0 Consumer 0 0 0 0 Totals $ 730,989 $ 7,159,031 $ 7,890,020 $ 573,084 As of March 31, 2023, there were no loans in process of foreclosure, compared to 5 loans with an aggregate balance of $195,082 at December 31, 2022. Allowance for credit losses The ACL is established through a provision for credit losses charged to earnings. Credit losses are charged against the allowance when management believes that future payments of a loan balance are unlikely. Subsequent recoveries, if any, are credited to the allowance. Unsecured loans are charged off when they become uncollectible and no later than 120 days past due. Unsecured loans to customers who subsequently file bankruptcy are charged off within 30 days of receipt of the notification of filing or by the end of the month in which the loans become 120 days past due, whichever occurs first. For secured loans, both residential and commercial, the potential loss on impaired loans is carried as a loan loss reserve specific allocation; the loss portion is charged off when collection of the full loan appears unlikely. The unsecured portion of a real estate loan is that portion of the loan exceeding the "fair value" of the collateral less the estimated cost to sell. Value of the collateral is determined in accordance with the Company’s appraisal policy. The unsecured portion of an impaired real estate secured loan is charged off by the end of the month in which the loan becomes 180 days past due. As described below, the allowance consists of general and specific components. However, the entire allowance is available to absorb losses in the loan portfolio, regardless of general or specific components considered in determining the amount of the allowance. General component The general component of the ACL is based on methodologies, inputs, and assumptions utilized to estimate lifetime credit losses when applied to the following loan segments: commercial and industrial, purchased loans, CRE, municipal, residential real estate 1st lien, residential real estate Jr lien and consumer loans. The Company does not disaggregate its portfolio segments further into classes. The Company utilizes a discounted cash flow (DCF) approach to calculate the expected loss for each portfolio segment. Within the DCF model, a probability of default (PD) and loss given default (LGD) assumption is applied to calculate the expected loss for each segment. PD is the probability the asset will default within a given timeframe and LGD is the percentage of assets not expected to be collected due to default. The Company's PD and LGD assumptions may be derived from internal historical default and loss experience or from external data where there are not statistically meaningful loss events for a loan segment or it does not have default and loss data that covers a full economic cycle. As of March 31, 2023, the primary macroeconomic drivers used within the DCF model included forecasts of Civilian unemployment and changes in National gross domestic product (GDP). Management monitors and assesses its macroeconomic drivers at least annually (generally in the fourth quarter) to determine if or that they continue to be the most predictive indicator of losses within the Company's loan portfolio, and these macroeconomic drivers may change from time to time. To determine its reasonable and supportable forecast, management may leverage macroeconomic forecasts obtained from various reputable sources, which may include, but is not limited to, the FOMC forecast and other publicly available forecasts from well recognized, leading economists or firms. The Company's reasonable and supportable forecast period generally ranges from one to three years, depending on the facts and circumstances of the current state of the economy, portfolio segment, and management's judgment of what can be reasonably supported. The model reversion period generally ranges from one to six years, and it also depends on the current state of the economy and management's judgments of such. Management monitors and assesses the forecast and reversion period at least annually. The Company used a one-year forecast and reversion period to calculate the ACL on loans as of March 31, 2023. When the DCF method is used to determine the ACL, management does not adjust the effective interest rate used to discount expected cash flows to incorporate expected prepayments. Expected credit losses are estimated over the contractual term of the loans. For term loans, the contractual life is calculated based on the maturity date. For commercial revolving loans with no stated maturity date, the contractual life is calculated based on the internal review date. For all other revolving loans, the contractual life is based on either the estimated maturity date or a default date. The contractual term excludes expected extensions, renewals, and modifications. In calculating the ACL on loans, the contractual life of a loan must be adjusted for prepayments to arrive at expected cash flows. The Company models term loans using an annualized prepayment. When the Company has a specific expectation of differing payment behavior for a given loan, the loan may be evaluated individually. For revolving loans that do not have a principal payment schedule, a curtailment rate is factored into the cash flow. Management has elected loss rate methodologies appropriate for each loan segment. The DCF method was chosen for the commercial and industrial, CRE, residential real estate 1 st Qualitative factors are also applied to include the levels of and trends in delinquencies and non-performing loans, levels of and trends in loan risk groups, trends in volumes and terms of loans, effects of any changes in loan related policies, experience, ability and the depth of management, documentation and credit data exception levels, national and local economic trends, external factors such as competition and regulation and lastly, concentrations of credit risk in a variety of areas, including portfolio product mix, the level of loans to individual borrowers and their related interests, loans to industry segments, and the geographic distribution of CRE loans. This evaluation is inherently subjective as it requires estimates that are susceptible to revision as more information becomes available. The qualitative factors are determined based on the various risk characteristics of each loan segment. The Company has policies, procedures and internal controls that management believes are commensurate with the risk profile of each of these segments. Major risk characteristics relevant to each portfolio segment are as follows: Commercial & Industrial – Purchased – Commercial Real Estate – Municipal – Residential Real Estate - 1 st Residential Real Estate – Jr Lien – Consumer – Specific component Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. In general, loans individually evaluated for estimated credit losses include those (i) greater than $100,000 and that are on nonaccrual or (ii) have other unique characteristics differing from the portfolio segment. Specific reserves are established when appropriate for such loans based on the present value of expected future cash flows of the loan. However, when management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer loans for impairment evaluation. Allowance for loan losses (prior to adoption of CECL) Please refer to Note 4 to the audited consolidated financial statements contained in the Company’s 2022 Annual Report on 10-K for the description on disclosure of the ALL in periods prior to adoption of CECL. The following table presents the amortized cost basis of collateral-dependent loans as of March 31, 2023 by collateral type: Business Commercial Residential Assets (1) Real Estate Real Estate Total Commercial $ 1,777,018 $ 1,777,018 Commercial real estate 776,329 776,329 Residential real estate - 1st lien 326,922 326,922 Total collateral-dependent loans $ 1,777,018 $ 776,329 $ 326,922 $ 2,880,268 (1) Including, but not limited to, inventory, equipment and accounts receivable. Impaired loans, by portfolio segment, prior to adoption of ASU 2022-02 (Troubled Debt Restructurings and Vintage Disclosures), were as follows: As of December 31, 2022 Unpaid Recorded Principal Related Investment(1) Balance Allowance Related allowance recorded Commercial & industrial $ 452,963 $ 462,745 $ 2,322 Residential real estate – 1st lien 1,041,730 1,073,350 106,280 Total with related allowance 1,494,693 1,536,095 108,602 No related allowance recorded Commercial & industrial 2,989,161 3,078,769 Commercial real estate 3,176,962 3,671,196 Residential real estate - 1st lien 2,785,669 3,805,682 Residential real estate - Jr lien 77,419 126,250 Total with no related allowance 9,029,211 10,681,897 Total impaired loans $ 10,523,904 $ 12,217,992 $ 108,602 (1) Recorded investment in impaired loans in the table above includes accrued interest receivable and deferred net loan costs of $11,517. As of March 31, 2022 Unpaid Recorded Principal Related Investment(1) Balance Allowance Related allowance recorded Residential real estate - 1st lien $ 1,113,112 $ 1,129,082 $ 115,614 Total with related allowance 1,113,112 1,129,082 115,614 No related allowance recorded Commercial & industrial 222,236 261,011 Commercial real estate 3,713,309 4,861,145 Residential real estate - 1st lien 2,836,069 3,845,577 Residential real estate - Jr lien 85,697 131,069 Total with no related allowance 6,857,311 9,098,802 Total impaired loans $ 7,970,423 $ 10,227,884 $ 115,614 (1 ) Recorded investment in impaired loans in the table above includes accrued interest receivable of $38,479. As of March 31, 2022 Three Months Ended Average Interest Recorded Income Investment Recognized Related allowance recorded Residential real estate - 1st lien $ 907,849 $ 14,387 Residential real estate - Jr lien 0 51 Total with related allowance 907,849 14,438 No related allowance recorded Commercial & industrial 157,799 204 Commercial real estate 4,133,691 1,670 Residential real estate - 1st lien 2,943,358 42,714 Residential real estate - Jr lien 87,133 37 Total with no related allowance 7,321,981 44,625 Total impaired loans $ 8,229,830 $ 59,063 For all loan segments, the accrual of interest is discontinued when a loan is specifically determined to be impaired or when the loan is delinquent 90 days and management believes, after considering collection efforts and other factors, that the borrower's financial condition is such that collection of interest is considered by management to be doubtful. Any unpaid interest previously accrued on those loans is reversed from income. Interest income is generally not recognized on specific impaired loans unless the likelihood of further loss is considered by management to be remote. Interest payments received on impaired loans are generally applied as a reduction of the loan principal balance. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and a satisfactory payment performance of six or more months has occurred. Credit Quality Grouping In developing the ACL, management uses credit quality groupings to help evaluate trends in credit quality. The Company groups credit risk into Groups A, B and C. The manner the Company utilizes to assign risk grouping is driven by loan purpose. Commercial purpose loans are individually risk graded while the retail portion of the portfolio is generally grouped by delinquency pool. Group A loans - Pass Group B loans – Special Mention Group C loans – Substandard/Doubtful Commercial purpose loan ratings are assigned by the commercial account officer; for larger and more complex commercial loans, the credit rating is a collaborative assignment by the lender and the credit analyst. The credit risk rating is based on the borrower's expected performance, i.e., the likelihood that the borrower will be able to service its obligations in accordance with the loan terms. Credit risk ratings are meant to measure risk versus simply record history. Assessment of expected future payment performance requires consideration of numerous factors. While past performance is part of the overall evaluation, expected performance is based on an analysis of the borrower's financial strength, and historical and projected factors such as size and financing alternatives, capacity and cash flow, balance sheet and income statement trends, the quality and timeliness of financial reporting, and the quality of the borrower’s management. Other factors influencing the credit risk rating to a lesser degree include collateral coverage and control, guarantor strength and commitment, documentation, structure and covenants and industry conditions. There are uncertainties inherent in this process. Credit risk ratings are dynamic and require updating whenever relevant information is received. Risk ratings are assessed on an ongoing basis and at various points, including at delinquency or at the time of other adverse events. For larger, more complex or adversely rated loans, risk ratings are also assessed at the time of annual or periodic review. Lenders are required to make immediate disclosure to the Chief Lending Officer of any known increase in loan risk, even if considered temporary in nature. The risk ratings within the loan portfolio and current period gross charge-offs, by loan segment and origination year, as of March 31, 2023 were as follows: As of March 31, 2023 Revolving Revolving (In thousands) Loans Loans Amortized Converted 2023 2022 2021 2020 2019 Prior Cost Basis to Term Total Commercial: Pass $ 5,305 $ 23,235 $ 16,023 $ 3,648 $ 5,225 $ 6,797 $ 46,878 $ 0 $ 107,111 Special mention 0 134 959 248 0 68 5,627 0 7,036 Substandard/Doubtful 0 398 0 277 307 1,549 2,220 0 4,751 Total commercial $ 5,305 $ 23,767 $ 16,982 $ 4,173 $ 5,532 $ 8,414 $ 54,725 $ 0 $ 118,898 Current period gross charge-offs $ 0 $ 12 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 12 Purchased: Pass $ 169 $ 103 $ 1,990 $ 1,707 $ 2,729 $ 0 $ 0 $ 0 $ 6,698 Total purchased $ 169 $ 103 $ 1,990 $ 1,707 $ 2,729 $ 0 $ 0 $ 0 $ 6,698 Commercial Real Estate: Pass $ 10,897 $ 94,652 $ 40,651 $ 51,252 $ 36,336 $ 96,120 $ 22,309 $ 0 $ 352,217 Special mention 0 383 1,512 0 0 1,616 0 0 3,511 Substandard/Doubtful 0 0 0 1,675 1,422 2,524 788 0 6,409 Total commercial real estate $ 10,897 $ 95,035 $ 42,163 $ 52,927 $ 37,758 $ 100,260 $ 23,097 $ 0 $ 362,137 Municipal: Pass $ 3,514 $ 10,020 $ 3,598 $ 5,332 $ 682 $ 11,766 $ 1,562 $ 0 $ 36,474 Total municipal $ 3,514 $ 10,020 $ 3,598 $ 5,332 $ 682 $ 11,766 $ 1,562 $ 0 $ 36,474 Residential real estate - 1st lien: Pass $ 6,828 $ 40,869 $ 44,113 $ 34,995 $ 11,024 $ 57,324 $ 1,445 $ 0 $ 196,598 Substandard/Doubtful 0 0 0 1,867 42 527 0 0 2,436 Total residential real estate - 1st lien $ 6,828 $ 40,869 $ 44,113 $ 36,862 $ 11,066 $ 57,851 $ 1,445 $ 0 $ 199,034 Residential real estate - Jr lien: Pass $ 77 $ 2,024 $ 420 $ 638 $ 689 $ 1,356 $ 24,869 $ 1,794 $ 31,867 Substandard/Doubtful 0 0 0 0 0 34 0 0 34 Total residential real estate - Jr lien $ 77 $ 2,024 $ 420 $ 638 $ 689 $ 1,390 $ 24,869 $ 1,794 $ 31,901 Consumer Pass $ 697 $ 1,362 $ 656 $ 395 $ 208 $ 127 $ 0 $ 0 $ 3,445 Total consumer $ 697 $ 1,362 $ 656 $ 395 $ 208 $ 127 $ 0 $ 0 $ 3,445 Current period gross charge-offs $ 0 $ 8 $ 0 $ 0 $ 0 $ 17 $ 0 $ 0 $ 25 Total Loans $ 27,487 $ 173,180 $ 109,922 $ 102,034 $ 58,664 $ 179,808 $ 105,698 $ 1,794 $ 758,587 There were no current period gross charge-offs within the Purchased, CRE, Municipal, Residential real estate 1st lien and Residential real estate Jr lien loan segments. There were no Special mention loans within the Residential real estate 1st lien or Jr lien loan segments. There were no Special mention or Substandard/Doubtful loans within the Purchased, Municipal and Consumer loan segments. Before the adoption of ASC 326 (CECL), the risk ratings within the loan portfolio, by segment, as of December 31, 2022 were as follows: Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 104,697,047 $ 7,530,458 $ 347,732,935 $ 34,633,055 $ 195,269,893 $ 33,538,767 $ 4,039,989 $ 727,442,144 Group B 6,296,411 0 2,754,649 0 0 0 0 9,051,060 Group C 1,958,415 0 6,405,402 0 3,473,482 218,105 0 12,055,404 Total $ 112,951,873 $ 7,530,458 $ 356,892,986 $ 34,633,055 $ 198,743,375 $ 33,756,872 $ 4,039,989 $ 748,548,608 Modifications of Loans A loan is considered modified if, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession to the borrower that it would not otherwise consider. The Company is deemed to have granted such a concession if it has modified a loan in any of the following ways: · Reduced accrued interest; · Reduced the original contractual interest rate to a rate that is below the current market rate for the borrower; · Converted a variable-rate loan to a fixed-rate loan; · Extended the term of the loan beyond an insignificant delay; · Deferred or forgiven principal in an amount greater than three months of payments; · Performed a refinancing and deferred or forgiven principal on the original loan; · Capitalized protective advance to pay delinquent real estate taxes; or · Capitalized delinquent accrued interest. An insignificant delay or insignificant shortfall in the amount of payments typically would not require the loan to be accounted for as modified. However, pursuant to regulatory guidance, any payment delay longer than three months is generally not considered insignificant. Management’s assessment of whether a concession has been granted also takes into account payments expected to be received from third parties, including third-party guarantors, provided that the third party has the ability to perform on the guarantee. The Company’s modified loans are principally a result of extending loan repayment terms to relieve cash flow difficulties. The Company has only, on a limited basis, reduced interest rates for borrowers below the current market rate for the borrower. The Company has not forgiven principal or reduced accrued interest within the terms of original restructurings, nor has it converted variable rate terms to fixed rate terms. However, the Company evaluates each potential loan modification on its own merits and does not foreclose the granting of any particular type of concession. There were no new loan modifications for the first three months of 2023. Prior to adoption of ASU 2022-02, new TDRs, by portfolio segment, during the periods presented below were as follows: Year ended December 31, 2022 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate – 1st lien 2 $ 562,592 $ 562,592 Three months ended March 31, 2022 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate – 1st lien 1 $ 292,592 $ 292,592 There were no TDRs for which there was a payment default during the twelve month period ended December 31, 2022. The TDRs for which there was a payment default during the twelve month periods presented below were as follows: For the twelve months ended March 31, 2022 Number of Recorded Contracts Investment Commercial real estate 2 $ 2,422,965 Prior to adoption of ASU 2022-02, TDRs were treated as other impaired loans and carried individual specific reserves with respect to the calculation of the ALL. These loans were categorized as non-performing, may have been past due, and were generally adversely risk rated. The TDRs that had defaulted under their restructured terms were generally in collection status and their ALL reserve was typically calculated using the fair value of collateral method. Prior to adoption of ASU 2022-02, the specific allowances within the ALL related to TDRs as of December 31, 2022 totaled $106,280. As of the balance sheet dates, the Company evaluates whether it is contractually committed to lend additional funds to debtors with impaired, non-accrual or modified loans. The Company is contractually committed to lend on one SBA guaranteed line of credit to a borrower whose lending relationship was previously modified. OBS Credit Exposures: In the ordinary course of business, the Company enters into commitments to extend credit, including commercial letters of credit and standby letters of credit. Such financial instruments are recorded as loans when they are funded. Allowance for Credit Losses on OBS Credit Exposures: The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The ACL on OBS credit exposures is adjusted through credit loss expense. To appropriately measure expected credit losses, management disaggregates the loan portfolio into similar risk characteristics, identical to those determined for the loan portfolio. An estimated funding rate is then applied to the qualifying unfunded loan commitments and letters of credit using the Company's own historical experience to estimate the expected funded amount for each loan segment as of the reporting date. Once the expected funded amount for each loan segment is determined, the loss rate, which is the calculated expected loan loss as a percent of the amortized cost basis for each loan segment, is applied to calculate the ACL on OBS credit exposures as of the reporting date. The ACL on OBS credit exposures is presented within accrued interest and other liabilities on the consolidated balance sheets.

Goodwill And Other Intangible A

Goodwill And Other Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets	Note 6. Goodwill and Other Intangible Assets As a result of a merger with LyndonBank on December 31, 2007, the Company recorded goodwill amounting to $11,574,269. The goodwill is not amortizable and is not deductible for tax purposes. As of December 31, 2022, the most recent evaluation, management concluded that no impairment existed. Management evaluates its goodwill intangible for impairment at least annually, or more frequently as circumstances warrant.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2023
Fair Value
Fair Value	Note 7. Fair Value Certain assets and liabilities are recorded at fair value to provide additional insight into the Company’s quality of earnings and comprehensive income. The fair values of some of these assets and liabilities are measured on a recurring basis while others are measured on a non-recurring basis, with the determination based upon applicable existing accounting pronouncements. For example, securities available-for-sale are recorded at fair value on a recurring basis. Other assets, such as MSRs, loans held-for-sale, impaired loans, and OREO are recorded at fair value on a non-recurring basis using the lower of cost or market methodology to determine impairment of individual assets. The Company groups assets and liabilities which are recorded at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement (with Level 1 considered highest and Level 3 considered lowest). A brief description of each level follows. Level 1 Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as U.S. Treasury and other U.S. Government debt securities that are highly liquid and are actively traded in over-the-counter markets. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes MSRs, collateral-dependent impaired loans and OREO. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. The following methods and assumptions were used by the Company in estimating its fair value measurements: Debt Securities AFS: Individually analyzed loans: Loans held-for-sale: MSRs: Assets and Liabilities Recorded at Fair Value on a Recurring Basis Assets measured at fair value on a recurring basis and reflected in the consolidated balance sheets at the dates presented, segregated by fair value hierarchy, are summarized below. There were no Level 3 assets or liabilities measured on a recurring basis as of the balance sheet dates presented, nor were there any transfers of assets between Levels during either of the periods presented for 2023 or 2022. March 31, December 31, Assets: (market approach) 2023 2022 Level 1 U.S. Government securities $ 38,769,069 $ 38,231,589 Level 2 U.S. GSE debt securities $ 10,699,914 $ 10,375,291 Taxable Municipal securities 242,952 234,858 Tax-exempt Municipal securities 11,621,112 11,323,567 Agency MBS 114,476,436 115,231,599 ABS and OAS 2,521,908 2,693,606 CMO 11,950,570 11,935,925 Other investments 2,397,369 2,891,674 Level 2 Total $ 153,910,261 $ 154,686,520 Grand Total $ 192,679,330 $ 192,918,109 Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis The following table includes assets measured at fair value on a non-recurring basis that have had a fair value adjustment since their initial recognition. Individually analyzed loans measured at fair value only include those loans with a partial write-down or with a related specific ACL and are presented net of the specific allowances as disclosed in Note 5. Assets measured at fair value on a non-recurring basis and reflected in the consolidated balance sheets at the dates presented, segregated by fair value hierarchy level, are summarized below. There were no Level 1 or Level 3 assets or liabilities measured on a non-recurring basis as of the balance sheet dates presented, nor were there any transfers of assets between levels during either of the periods presented for 2023 or 2022. March 31, December 31, Level 2 2023 2022 Assets: (market approach) Individually analyzed loans, net of related allowance $ 0 $ 94,458 MSRs (1) 839,223 862,593 (1) Represents MSRs at lower of cost or fair value. FASB ASC Topic 825, “Financial Instruments”, requires disclosures of fair value information about financial instruments, whether or not recognized in the balance sheet, if the fair values can be reasonably determined. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques using observable inputs when available. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument. Topic 825 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented may not necessarily represent the underlying fair value of the Company. The estimated fair values of commitments to extend credit and letters of credit were immaterial as of the dates presented in the tables below. The estimated fair values of the Company's financial instruments as of the balance sheet dates were as follows: March 31, 2023 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 37,645 $ 37,645 $ 0 $ 0 $ 37,645 Debt securities AFS 192,679 38,769 153,910 0 192,679 Restricted equity securities 1,437 0 1,437 0 1,437 Loans and loans held-for-sale, net of ACL Commercial & industrial 117,856 0 0 115,447 115,447 Purchased 6,678 0 0 6,279 6,279 Commercial real estate 356,913 0 0 338,459 338,459 Municipal 36,383 0 0 34,231 34,231 Residential real estate - 1st lien 197,211 0 0 180,754 180,754 Residential real estate - Jr lien 31,384 0 0 31,050 31,050 Consumer 3,415 0 0 3,408 3,408 MSRs (1) 839 0 1,307 0 1,307 Accrued interest receivable 3,111 0 3,111 0 3,111 Financial liabilities: Deposits Other deposits 888,296 0 885,157 0 885,157 Brokered deposits 249 0 228 0 228 Long-term borrowings 1,300 0 1,044 0 1,044 Repurchase agreements 38,058 0 38,058 0 38,058 Operating lease obligations 605 0 605 0 605 Finance lease obligations 3,590 0 3,590 0 3,590 Subordinated debentures 12,887 0 12,711 0 12,711 Accrued interest payable 72 0 72 0 72 (1) Reported fair value represents all MSRs for loans serviced by the Company, regardless of carrying amount. 26 Table of Contents December 31, 2022 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 71,140 $ 71,140 $ 0 $ 0 $ 71,140 Debt securities AFS 192,918 38,232 154,686 0 192,918 Restricted equity securities 1,412 0 1,412 0 1,412 Loans and loans held-for-sale, net of ACL Commercial & industrial 111,792 0 0 109,534 109,534 Purchased 7,476 0 0 7,119 7,119 Commercial real estate 351,738 0 29 340,254 340,283 Municipal 34,566 0 0 34,558 34,558 Residential real estate - 1st lien 197,281 0 65 180,879 180,944 Residential real estate - Jr lien 33,510 0 0 33,218 33,218 Consumer 3,970 0 0 3,949 3,949 MSRs (1) 863 0 1,287 0 1,287 Accrued interest receivable 3,214 0 3,214 0 3,214 Financial liabilities: Deposits Other deposits 922,723 0 918,882 0 918,882 Brokered deposits 249 0 225 0 225 Long-term borrowings 1,300 0 1,025 0 1,025 Repurchase agreements 33,078 0 33,078 0 33,078 Operating lease obligations 658 0 658 0 658 Finance lease obligations 3,645 0 3,645 0 3,645 Subordinated debentures 12,887 0 12,740 0 12,740 Accrued interest payable 74 0 74 0 74 (1) Reported fair value represents all MSRs for loans serviced by the Company, regardless of carrying amount.

Loan Servicing

Loan Servicing	3 Months Ended
	Mar. 31, 2023
Loan Servicing
Loan Servicing	Note 8. Loan Servicing The following table shows the changes in the carrying amount of the MSRs, included in other assets in the consolidated balance sheets, for the periods indicated: Three Months Ended Year Ended March 31, 2023 December 31, 2022 Balance at beginning of year $ 862,593 $ 897,720 MSRs capitalized 15,814 120,629 MSRs amortized (39,184 ) (155,756 ) Change in valuation allowance 0 0 Balance at end of period $ 839,223 $ 862,593

Legal Proceedings

Legal Proceedings	3 Months Ended
	Mar. 31, 2023
Legal Proceedings
Legal Proceedings	Note 9. Legal Proceedings In the normal course of business, the Company is involved in litigation that is considered incidental to its business. Management does not expect that any such litigation will be material to the Company's consolidated financial condition or results of operations.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events
Subsequent Events	Note 10. Subsequent Events The Company has evaluated events and transactions through the date that the financial statements were issued for potential recognition or disclosure in these financial statements, as required by GAAP. On March 15, 2023, the Company’s Board declared a cash dividend of $0.23 per common share, payable May 1, 2023 to shareholders of record as of April 15, 2023. This dividend has been recorded in the Company’s consolidated financial statements as of the declaration date, including shares issuable under the DRIP.

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings per Common Share
Schedule Of Earnings Per Common Share	Three Months Ended March 31 2023 2022 Net income, as reported $ 3,338,761 $ 2,405,542 Less: dividends to preferred shareholders 28,125 12,188 Net income available to common shareholders $ 3,310,636 $ 2,393,354 Weighted average number of common shares used in calculating earnings per share 5,444,040 5,382,678 Earnings per common share $ 0.61 $ 0.44

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2023
Investment Securities
Schedule Of Available For Debt Securities	Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2023 U.S. GSE debt securities $ 12,000,000 $ 0 $ 1,300,086 $ 10,699,914 U.S. Government securities 41,328,783 0 2,559,714 38,769,069 Taxable Municipal securities 300,000 0 57,048 242,952 Tax-exempt Municipal securities 12,026,492 154,266 559,646 11,621,112 Agency MBS 132,421,042 54,714 17,999,320 114,476,436 ABS and OAS 2,686,444 0 164,536 2,521,908 CMO 12,223,050 193 272,673 11,950,570 Other investments 2,472,000 0 74,631 2,397,369 Total $ 215,457,811 $ 209,173 $ 22,987,654 $ 192,679,330 December 31, 2022 U.S. GSE debt securities $ 12,000,000 $ 0 $ 1,624,709 $ 10,375,291 U.S. Government securities 41,368,624 0 3,137,035 38,231,589 Taxable Municipal securities 300,000 0 65,142 234,858 Tax-exempt Municipal securities 12,042,410 40,513 759,356 11,323,567 Agency MBS 135,193,097 69,447 20,030,945 115,231,599 ABS and OAS 2,929,740 0 236,134 2,693,606 CMO 12,278,033 581 342,689 11,935,925 Other investments 2,968,000 0 76,326 2,891,674 Total $ 219,079,904 $ 110,541 $ 26,272,336 $ 192,918,109
Schedule Of Investments Pledged For Collateral	Amortized Fair Cost Value March 31, 2023 $ 54,714,154 $ 46,610,309 December 31, 2022 55,899,113 46,789,284
Schedule Of Maturities Of Debt Securities Available For Sale	Amortized Fair Cost Value March 31, 2023 Due in one year or less $ 7,205,661 $ 7,094,786 Due from one to five years 56,308,526 52,625,845 Due from five to ten years 5,241,640 4,828,976 Due after ten years 14,280,942 13,653,287 Agency MBS 132,421,042 114,476,436 Total $ 215,457,811 $ 192,679,330 December 31, 2022 Due in one year or less $ 1,976,000 $ 1,966,767 Due from one to five years 58,875,224 54,736,949 Due from five to ten years 8,631,626 7,591,761 Due after ten years 14,403,957 13,391,033 Agency MBS 135,193,097 115,231,599 Total $ 219,079,904 $ 192,918,109
Schedule Of Unrealized Loss	Less than 12 months 12 months or more Totals Fair Unrealized Fair Unrealized Number of Fair Unrealized Value Loss Value Loss Securities Value Loss March 31, 2023 U.S. GSE debt securities $ 0 $ 0 $ 10,699,914 $ 1,300,086 11 $ 10,699,914 $ 1,300,086 U.S. Government securities 0 0 38,769,069 2,559,714 54 38,769,069 2,559,714 Taxable Municipal securities 0 0 242,952 57,048 1 242,952 57,048 Tax-exempt Municipal securities 1,536,169 13,862 4,587,518 545,784 13 6,123,687 559,646 Agency MBS 6,599,945 162,379 103,573,217 17,836,941 119 110,173,162 17,999,320 ABS and OAS 1,192,731 61,720 1,329,177 102,816 4 2,521,908 164,536 CMO 9,000,364 179,637 996,979 93,036 9 9,997,343 272,673 Other investments 1,954,018 21,982 443,351 52,649 10 2,397,369 74,631 Total $ 20,283,227 $ 439,580 $ 160,642,177 $ 22,548,074 221 $ 180,925,404 $ 22,987,654 Less than 12 months 12 months or more Totals Fair Unrealized Fair Unrealized Number of Fair Unrealized Value Loss Value Loss Securities Value Loss December 31, 2022 U.S. GSE debt securities $ 2,723,388 $ 276,611 $ 7,651,903 $ 1,348,098 11 $ 10,375,291 $ 1,624,709 U.S. Government securities 4,837,891 169,501 33,393,698 2,967,534 54 38,231,589 3,137,035 Taxable Municipal securities 0 0 234,858 65,142 1 234,858 65,142 Tax-exempt Municipal securities 8,608,507 522,128 592,388 237,228 19 9,200,895 759,356 Agency MBS 14,541,901 810,356 97,718,436 19,220,589 120 112,260,337 20,030,945 ABS and OAS 2,693,606 236,134 0 0 4 2,693,606 236,134 CMO 8,954,323 232,398 1,014,910 110,291 9 9,969,233 342,689 Other investments 2,451,892 20,108 439,782 56,218 12 2,891,674 76,326 Total $ 44,811,508 $ 2,267,236 $ 141,045,975 $ 24,005,100 230 $ 185,857,483 $ 26,272,336

Loans Allowance for Loan Loss_2

Loans Allowance for Loan Losses and Credit Quality (Tables)	3 Months Ended
	Mar. 31, 2023
Loans Allowance for Loan Losses and Credit Quality
Schedule Of Composition Of Net Loans	March 31, 2023 December 31, 2022 Commercial & industrial $ 118,898,281 15.67 % $ 112,951,873 15.09 % Purchased 6,697,965 0.88 % 7,530,458 1.00 % Commercial real estate 362,136,416 47.74 % 356,892,986 47.68 % Municipal 36,473,847 4.81 % 34,633,055 4.63 % Residential real estate - 1st lien 199,033,728 26.24 % 198,743,375 26.55 % Residential real estate - Jr lien 31,901,495 4.21 % 33,756,872 4.51 % Consumer 3,444,980 0.45 % 4,039,989 0.54 % Total loans 758,586,712 100.00 % 748,548,608 100.00 % ACL (9,256,170 ) (8,709,225 ) Deferred net loan costs (fees) 509,611 493,275 Net loans $ 749,840,153 $ 740,332,658
provision for credit losses	Three Months Ended March 31, 2023 2022 Provision for credit losses on loans 207,540 862,500 Provision for credit losses on OBS credit exposure 78,986 0 Provision for credit losses 286,526 862,500
impairment evaluation by portfolio segment	Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ACL beginning balance $ 1,116,322 $ 53,090 $ 5,061,813 $ 62,339 $ 2,001,836 $ 241,950 $ 69,686 $ 102,189 $ 8,709,225 Impact of adopting CECL (164,116 ) (29,196 ) (22,467 ) 24,244 273,168 297,745 (33,813 ) (102,189 ) 243,376 Charge-offs (11,577 ) 0 0 0 0 0 (25,254 ) 0 (36,831 ) Recoveries 1,374 0 22,000 0 72,326 25,548 11,612 0 132,860 Provision (credit) 73,635 (3,693 ) 124,810 4,602 48,779 (48,595 ) 8,002 0 207,540 ACL ending balance $ 1,015,638 $ 20,201 $ 5,186,156 $ 91,185 $ 2,396,109 $ 516,648 $ 30,233 $ 0 $ 9,256,170 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased Real Estate Municipal 1st Lien Jr Lien Consumer Total ACL evaluated for impairment Individually $ 0 $ 0 $ 2,734 $ 0 $ 2,669 $ 0 $ 0 $ 5,403 Collectively 1,015,638 20,201 5,183,422 91,185 2,393,440 516,648 30,233 9,250,767 Total $ 1,015,638 $ 20,201 $ 5,186,156 $ 91,185 $ 2,396,109 $ 516,648 $ 30,233 $ 9,256,170 Loans evaluated for impairment Individually $ 3,870,954 $ 0 $ 2,913,355 $ 0 $ 1,140,222 $ 39,876 $ 0 $ 7,964,407 Collectively 115,027,327 6,697,965 359,223,061 36,473,847 197,893,506 31,861,619 3,444,980 750,622,305 Total $ 118,898,281 $ 6,697,965 $ 362,136,416 $ 36,473,847 $ 199,033,728 $ 31,901,495 $ 3,444,980 $ 758,586,712 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 870,392 $ 68,655 $ 4,151,760 $ 76,728 $ 1,765,892 $ 182,014 $ 55,698 $ 539,117 $ 7,710,256 Charge-offs (76,875 ) 0 (667,474 ) 0 0 0 (63,625 ) 0 (807,974 ) Recoveries 14,112 0 667,474 0 111,763 5,089 30,505 0 828,943 Provision (credit) 308,693 (15,565 ) 910,053 (14,389 ) 124,181 54,847 47,108 (436,928 ) 978,000 ALL ending balance $ 1,116,322 $ 53,090 $ 5,061,813 $ 62,339 $ 2,001,836 $ 241,950 $ 69,686 $ 102,189 $ 8,709,225 ALL evaluated for impairment Individually $ 2,322 $ 0 $ 0 $ 0 $ 106,280 $ 0 $ 0 $ 0 $ 108,602 Collectively 1,114,000 53,090 5,061,813 62,339 1,895,556 241,950 69,686 102,189 8,600,623 Total $ 1,116,322 $ 53,090 $ 5,061,813 $ 62,339 $ 2,001,836 $ 241,950 $ 69,686 $ 102,189 $ 8,709,225 Loans evaluated for impairment Individually $ 3,442,124 $ 0 $ 3,176,835 $ 0 $ 3,816,012 $ 77,416 $ 0 $ 10,512,387 Collectively 109,509,749 7,530,458 353,716,151 34,633,055 194,927,363 33,679,456 4,039,989 738,036,221 Total $ 112,951,873 $ 7,530,458 $ 356,892,986 $ 34,633,055 $ 198,743,375 $ 33,756,872 $ 4,039,989 $ 748,548,608 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased Real Estate Municipal 1st Lien Jr Lien Consumer Unallocated Total ALL beginning balance $ 870,392 $ 68,655 $ 4,151,760 $ 76,728 $ 1,765,892 $ 182,014 $ 55,698 $ 539,117 $ 7,710,256 Charge-offs (17,650 ) 0 (667,474 ) 0 0 0 (8,764 ) 0 (693,888 ) Recoveries 0 0 0 0 2,276 1,210 8,294 0 11,780 Provision (credit) 122,927 (5,024 ) 1,159,995 10,861 46,289 (4,671 ) (19,036 ) (448,841 ) 862,500 ALL ending balance $ 975,669 $ 63,631 $ 4,644,281 $ 87,589 $ 1,814,457 $ 178,553 $ 36,192 $ 90,276 $ 7,890,648 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 0 $ 115,614 $ 0 $ 0 $ 0 $ 115,614 Collectively 975,669 63,631 4,644,281 87,589 1,698,843 178,553 36,192 90,276 7,775,034 Total $ 975,669 $ 63,631 $ 4,644,281 $ 87,589 $ 1,814,457 $ 178,553 $ 36,192 $ 90,276 $ 7,890,648 Loans evaluated for impairment Individually $ 222,236 $ 0 $ 3,713,169 $ 0 $ 3,910,848 $ 85,691 $ 0 $ 7,931,944 Collectively 112,160,751 9,090,170 304,598,565 48,660,440 177,699,446 32,981,298 3,170,568 688,361,238 Total $ 112,382,987 $ 9,090,170 $ 308,311,734 $ 48,660,440 $ 181,610,294 $ 33,066,989 $ 3,170,568 $ 696,293,182
Schedule Of Past Due Loans By Segment	90 Days Total March 31, 2023 30-89 Days or More Past Due Current Total Loans Commercial & industrial $ 0 $ 3,229,266 $ 3,229,266 $ 115,669,015 $ 118,898,281 Purchased 0 0 0 6,697,965 6,697,965 Commercial real estate 1,326,520 565,347 1,891,867 360,244,549 362,136,416 Municipal 0 0 0 36,473,847 36,473,847 Residential real estate - 1st lien 1,291,368 409,273 1,700,641 197,333,087 199,033,728 Residential real estate - Jr lien 160,470 64,883 225,353 31,676,142 31,901,495 Consumer 17,689 0 17,689 3,427,291 3,444,980 Totals $ 2,796,047 $ 4,268,769 $ 7,064,816 $ 751,521,896 $ 758,586,712 90 Days Total December 31, 2022 30-89 Days or More Past Due Current Total Loans Commercial & industrial $ 2,377,668 $ 879,802 $ 3,257,470 $ 109,694,403 $ 112,951,873 Purchased 0 0 0 7,530,458 7,530,458 Commercial real estate 1,395,444 353,842 1,749,286 355,143,700 356,892,986 Municipal 0 0 0 34,633,055 34,633,055 Residential real estate - 1st lien 1,517,653 641,141 2,158,794 196,584,581 198,743,375 Residential real estate - Jr lien 321,579 25,007 346,586 33,410,286 33,756,872 Consumer 18,745 0 18,745 4,021,244 4,039,989 Totals $ 5,631,089 $ 1,899,792 $ 7,530,881 $ 741,017,727 $ 748,548,608
Schedule Of amortized cost basis of loans	90 Days or Nonaccrual Nonaccrual Total More and March 31, 2023 with an ACL with No ACL Nonaccrual Accruing Commercial & industrial $ 0 $ 3,875,801 $ 3,875,801 $ 0 Purchased 0 0 0 0 Commercial real estate 692,600 2,369,614 3,062,214 0 Municipal 0 0 0 0 Residential real estate - 1st lien 167,159 1,246,617 1,413,776 175,981 Residential real estate - Jr lien 0 128,563 128,563 0 Consumer 0 0 0 0 Totals $ 859,759 $ 7,620,595 $ 8,480,354 $ 175,981 90 Days or Nonaccrual Nonaccrual Total More and December 31, 2022 with an ALL with No ALL Nonaccrual Accruing Commercial & industrial $ 452,963 $ 2,989,161 $ 3,442,124 $ 0 Purchased 0 0 0 0 Commercial real estate 0 3,180,478 3,180,478 324,927 Municipal 0 0 0 0 Residential real estate - 1st lien 278,026 858,304 1,136,330 248,157 Residential real estate - Jr lien 0 131,088 131,088 0 Consumer 0 0 0 0 Totals $ 730,989 $ 7,159,031 $ 7,890,020 $ 573,084
Changes In Allowances For Loan Losses	Business Commercial Residential Assets (1) Real Estate Real Estate Total Commercial $ 1,777,018 $ 1,777,018 Commercial real estate 776,329 776,329 Residential real estate - 1st lien 326,922 326,922 Total collateral-dependent loans $ 1,777,018 $ 776,329 $ 326,922 $ 2,880,268
Impaired Loans By Portfolio Segment	As of December 31, 2022 Unpaid Recorded Principal Related Investment(1) Balance Allowance Related allowance recorded Commercial & industrial $ 452,963 $ 462,745 $ 2,322 Residential real estate – 1st lien 1,041,730 1,073,350 106,280 Total with related allowance 1,494,693 1,536,095 108,602 No related allowance recorded Commercial & industrial 2,989,161 3,078,769 Commercial real estate 3,176,962 3,671,196 Residential real estate - 1st lien 2,785,669 3,805,682 Residential real estate - Jr lien 77,419 126,250 Total with no related allowance 9,029,211 10,681,897 Total impaired loans $ 10,523,904 $ 12,217,992 $ 108,602 As of March 31, 2022 Unpaid Recorded Principal Related Investment(1) Balance Allowance Related allowance recorded Residential real estate - 1st lien $ 1,113,112 $ 1,129,082 $ 115,614 Total with related allowance 1,113,112 1,129,082 115,614 No related allowance recorded Commercial & industrial 222,236 261,011 Commercial real estate 3,713,309 4,861,145 Residential real estate - 1st lien 2,836,069 3,845,577 Residential real estate - Jr lien 85,697 131,069 Total with no related allowance 6,857,311 9,098,802 Total impaired loans $ 7,970,423 $ 10,227,884 $ 115,614 As of March 31, 2022 Three Months Ended Average Interest Recorded Income Investment Recognized Related allowance recorded Residential real estate - 1st lien $ 907,849 $ 14,387 Residential real estate - Jr lien 0 51 Total with related allowance 907,849 14,438 No related allowance recorded Commercial & industrial 157,799 204 Commercial real estate 4,133,691 1,670 Residential real estate - 1st lien 2,943,358 42,714 Residential real estate - Jr lien 87,133 37 Total with no related allowance 7,321,981 44,625 Total impaired loans $ 8,229,830 $ 59,063
Risk Ratings Portfolio Segment	As of March 31, 2023 Revolving Revolving (In thousands) Loans Loans Amortized Converted 2023 2022 2021 2020 2019 Prior Cost Basis to Term Total Commercial: Pass $ 5,305 $ 23,235 $ 16,023 $ 3,648 $ 5,225 $ 6,797 $ 46,878 $ 0 $ 107,111 Special mention 0 134 959 248 0 68 5,627 0 7,036 Substandard/Doubtful 0 398 0 277 307 1,549 2,220 0 4,751 Total commercial $ 5,305 $ 23,767 $ 16,982 $ 4,173 $ 5,532 $ 8,414 $ 54,725 $ 0 $ 118,898 Current period gross charge-offs $ 0 $ 12 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 12 Purchased: Pass $ 169 $ 103 $ 1,990 $ 1,707 $ 2,729 $ 0 $ 0 $ 0 $ 6,698 Total purchased $ 169 $ 103 $ 1,990 $ 1,707 $ 2,729 $ 0 $ 0 $ 0 $ 6,698 Commercial Real Estate: Pass $ 10,897 $ 94,652 $ 40,651 $ 51,252 $ 36,336 $ 96,120 $ 22,309 $ 0 $ 352,217 Special mention 0 383 1,512 0 0 1,616 0 0 3,511 Substandard/Doubtful 0 0 0 1,675 1,422 2,524 788 0 6,409 Total commercial real estate $ 10,897 $ 95,035 $ 42,163 $ 52,927 $ 37,758 $ 100,260 $ 23,097 $ 0 $ 362,137 Municipal: Pass $ 3,514 $ 10,020 $ 3,598 $ 5,332 $ 682 $ 11,766 $ 1,562 $ 0 $ 36,474 Total municipal $ 3,514 $ 10,020 $ 3,598 $ 5,332 $ 682 $ 11,766 $ 1,562 $ 0 $ 36,474 Residential real estate - 1st lien: Pass $ 6,828 $ 40,869 $ 44,113 $ 34,995 $ 11,024 $ 57,324 $ 1,445 $ 0 $ 196,598 Substandard/Doubtful 0 0 0 1,867 42 527 0 0 2,436 Total residential real estate - 1st lien $ 6,828 $ 40,869 $ 44,113 $ 36,862 $ 11,066 $ 57,851 $ 1,445 $ 0 $ 199,034 Residential real estate - Jr lien: Pass $ 77 $ 2,024 $ 420 $ 638 $ 689 $ 1,356 $ 24,869 $ 1,794 $ 31,867 Substandard/Doubtful 0 0 0 0 0 34 0 0 34 Total residential real estate - Jr lien $ 77 $ 2,024 $ 420 $ 638 $ 689 $ 1,390 $ 24,869 $ 1,794 $ 31,901 Consumer Pass $ 697 $ 1,362 $ 656 $ 395 $ 208 $ 127 $ 0 $ 0 $ 3,445 Total consumer $ 697 $ 1,362 $ 656 $ 395 $ 208 $ 127 $ 0 $ 0 $ 3,445 Current period gross charge-offs $ 0 $ 8 $ 0 $ 0 $ 0 $ 17 $ 0 $ 0 $ 25 Total Loans $ 27,487 $ 173,180 $ 109,922 $ 102,034 $ 58,664 $ 179,808 $ 105,698 $ 1,794 $ 758,587 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased Real Estate Municipal 1st Lien Jr Lien Consumer Total Group A $ 104,697,047 $ 7,530,458 $ 347,732,935 $ 34,633,055 $ 195,269,893 $ 33,538,767 $ 4,039,989 $ 727,442,144 Group B 6,296,411 0 2,754,649 0 0 0 0 9,051,060 Group C 1,958,415 0 6,405,402 0 3,473,482 218,105 0 12,055,404 Total $ 112,951,873 $ 7,530,458 $ 356,892,986 $ 34,633,055 $ 198,743,375 $ 33,756,872 $ 4,039,989 $ 748,548,608
Loans Modified As Tdrs By Portfolio Segment	Year ended December 31, 2022 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate – 1st lien 2 $ 562,592 $ 562,592 Three months ended March 31, 2022 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded Contracts Investment Investment Residential real estate – 1st lien 1 $ 292,592 $ 292,592 Number of Recorded Contracts Investment Commercial real estate 2 $ 2,422,965

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value
Schedule Of Fair Value Assets And Liabilities On Recurring Basis	March 31, December 31, Assets: (market approach) 2023 2022 Level 1 U.S. Government securities $ 38,769,069 $ 38,231,589 Level 2 U.S. GSE debt securities $ 10,699,914 $ 10,375,291 Taxable Municipal securities 242,952 234,858 Tax-exempt Municipal securities 11,621,112 11,323,567 Agency MBS 114,476,436 115,231,599 ABS and OAS 2,521,908 2,693,606 CMO 11,950,570 11,935,925 Other investments 2,397,369 2,891,674 Level 2 Total $ 153,910,261 $ 154,686,520 Grand Total $ 192,679,330 $ 192,918,109
Schedule Of Fair Value Assets And Liabilities Non-recurring Basis	March 31, December 31, Level 2 2023 2022 Assets: (market approach) Individually analyzed loans, net of related allowance $ 0 $ 94,458 MSRs (1) 839,223 862,593
Schedule Of Estimated Fair Values Of Financial Instruments	March 31, 2023 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 37,645 $ 37,645 $ 0 $ 0 $ 37,645 Debt securities AFS 192,679 38,769 153,910 0 192,679 Restricted equity securities 1,437 0 1,437 0 1,437 Loans and loans held-for-sale, net of ACL Commercial & industrial 117,856 0 0 115,447 115,447 Purchased 6,678 0 0 6,279 6,279 Commercial real estate 356,913 0 0 338,459 338,459 Municipal 36,383 0 0 34,231 34,231 Residential real estate - 1st lien 197,211 0 0 180,754 180,754 Residential real estate - Jr lien 31,384 0 0 31,050 31,050 Consumer 3,415 0 0 3,408 3,408 MSRs (1) 839 0 1,307 0 1,307 Accrued interest receivable 3,111 0 3,111 0 3,111 Financial liabilities: Deposits Other deposits 888,296 0 885,157 0 885,157 Brokered deposits 249 0 228 0 228 Long-term borrowings 1,300 0 1,044 0 1,044 Repurchase agreements 38,058 0 38,058 0 38,058 Operating lease obligations 605 0 605 0 605 Finance lease obligations 3,590 0 3,590 0 3,590 Subordinated debentures 12,887 0 12,711 0 12,711 Accrued interest payable 72 0 72 0 72 December 31, 2022 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 71,140 $ 71,140 $ 0 $ 0 $ 71,140 Debt securities AFS 192,918 38,232 154,686 0 192,918 Restricted equity securities 1,412 0 1,412 0 1,412 Loans and loans held-for-sale, net of ACL Commercial & industrial 111,792 0 0 109,534 109,534 Purchased 7,476 0 0 7,119 7,119 Commercial real estate 351,738 0 29 340,254 340,283 Municipal 34,566 0 0 34,558 34,558 Residential real estate - 1st lien 197,281 0 65 180,879 180,944 Residential real estate - Jr lien 33,510 0 0 33,218 33,218 Consumer 3,970 0 0 3,949 3,949 MSRs (1) 863 0 1,287 0 1,287 Accrued interest receivable 3,214 0 3,214 0 3,214 Financial liabilities: Deposits Other deposits 922,723 0 918,882 0 918,882 Brokered deposits 249 0 225 0 225 Long-term borrowings 1,300 0 1,025 0 1,025 Repurchase agreements 33,078 0 33,078 0 33,078 Operating lease obligations 658 0 658 0 658 Finance lease obligations 3,645 0 3,645 0 3,645 Subordinated debentures 12,887 0 12,740 0 12,740 Accrued interest payable 74 0 74 0 74

Loan Servicing (Tables)

Loan Servicing (Tables)	3 Months Ended
	Mar. 31, 2023
Loan Servicing
Schedule Of Mortgage Servicing Rights	Three Months Ended Year Ended March 31, 2023 December 31, 2022 Balance at beginning of year $ 862,593 $ 897,720 MSRs capitalized 15,814 120,629 MSRs amortized (39,184 ) (155,756 ) Change in valuation allowance 0 0 Balance at end of period $ 839,223 $ 862,593

Recent Accounting Developments

Recent Accounting Developments (Details Narrative)	Jan. 01, 2023 USD ($)
Recent Accounting Developments
Reduction to retained earnings	$ 549,113
Corresponding adjustment on loans	243,376
Other liabilities	451,704
Deferred tax assets	$ 145,967

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings per Common Share
Net income	$ 3,338,761	$ 2,405,542
Less: dividends to preferred shareholders	28,125	12,188
Net income available to common shareholders	$ 3,310,636	$ 2,393,354
Weighted average number of common shares used in computing earnings per share	5,444,040	5,382,678
Earnings per common share	$ 0.61	$ 0.44

Investment Securities (Details)

Investment Securities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost	$ 215,457,811	$ 219,079,904
Gross Unrealized Gains	209,173	110,541
Gross Unrealized Losses	22,987,654	26,272,336
Fair Value	192,679,330	192,918,109
Taxable municipal securities
Amortized Cost	300,000	300,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	57,048	65,142
Fair Value	242,952	234,858
Tax-exempt municipal securities
Amortized Cost	12,026,492	12,042,410
Gross Unrealized Gains	154,266	40,513
Gross Unrealized Losses	559,646	759,356
Fair Value	11,621,112	11,323,567
Agency mortgage-backed securities (Agency MBS) [Member]
Amortized Cost	132,421,042	135,193,097
Gross Unrealized Gains	54,714	69,447
Gross Unrealized Losses	17,999,320	20,030,945
Fair Value	114,476,436	115,231,599
ABS and OAS [Member]
Amortized Cost	2,686,444	2,929,740
Gross Unrealized Gains	0	0
Gross Unrealized Losses	164,536	236,134
Fair Value	2,521,908	2,693,606
CMO [Member]
Amortized Cost	12,223,050	12,278,033
Gross Unrealized Gains	193	581
Gross Unrealized Losses	272,673	342,689
Fair Value	11,950,570	11,935,925
U.S. Governments securities
Amortized Cost	41,328,783	41,368,624
Gross Unrealized Gains	0	0
Gross Unrealized Losses	2,559,714	3,137,035
Fair Value	38,769,069	38,231,589
Other investment [Member]
Amortized Cost	2,472,000	2,968,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	74,631	76,326
Fair Value	2,397,369	2,891,674
U.S. Government securities
Amortized Cost	12,000,000	12,000,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	1,300,086	1,624,709
Fair Value	$ 10,699,914	$ 10,375,291

Investment Securities (Details

Investment Securities (Details 1) - U.S. GSE debt securities, Agency MBS, ABS and OAS, CMO and CDs [Member] - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost	$ 54,714,154	$ 55,899,113
Fair Value	$ 46,610,309	$ 46,789,284

Investment Securities (Detail_2

Investment Securities (Details 2) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Total, Fair Value	$ 192,679,330	$ 192,918,109
Available for sale Securities [Member]
Due In One Year Or Less, Amortized Cost	7,205,661	1,976,000
Due From One To Five Years, Amortized Cost	56,308,526	58,875,224
Due From Five To Ten Years, Amortized Cost	5,241,640	8,631,626
Due After Ten Years, Amortized Cost	14,280,942	14,403,957
Agency Mbs, Amortized Cost	132,421,042	135,193,097
Total, Amortized Cost	215,457,811	219,079,904
Due In One Year Or Less, Fair Value	7,094,786	1,966,767
Due From One To Five Years, Fair Value	52,625,845	54,736,949
Due From Five To Ten Years, Fair Value	4,828,976	7,591,761
Due After Ten Years, Fair Value	13,653,287	13,391,033
Agency Mbs, Fair Value	114,476,436	115,231,599
Total, Fair Value	$ 192,679,330	$ 192,918,109

Investment Securities (Detail_3

Investment Securities (Details 3)	Mar. 31, 2023 USD ($) integer	Dec. 31, 2022 USD ($) integer
Fair Value Less Than 12 Months	$ 20,283,227	$ 44,811,508
Unrealized Loss Less Than 12 Months	439,580	2,267,236
Fair Value 12 Months Or More	160,642,177	141,045,975
Unrealized Loss 12 Months Or More	$ 22,548,074	$ 24,005,100
Number Of Securities | integer	221	230
Fair Value	$ 180,925,404	$ 185,857,483
Unrealized Loss	22,987,654	26,272,336
Other investments [Member]
Fair Value Less Than 12 Months	1,954,018	2,451,892
Unrealized Loss Less Than 12 Months	21,982	20,108
Fair Value 12 Months Or More	443,351	439,782
Unrealized Loss 12 Months Or More	$ 52,649	$ 56,218
Number Of Securities | integer	10	12
Fair Value	$ 2,397,369	$ 2,891,674
Unrealized Loss	74,631	76,326
Taxable municipal securities
Fair Value Less Than 12 Months	0	0
Unrealized Loss Less Than 12 Months	0	0
Fair Value 12 Months Or More	242,952	234,858
Unrealized Loss 12 Months Or More	$ 57,048	$ 65,142
Number Of Securities | integer	1	1
Fair Value	$ 242,952	$ 234,858
Unrealized Loss	57,048	65,142
Tax-exempt municipal securities
Fair Value Less Than 12 Months	1,536,169	8,608,507
Unrealized Loss Less Than 12 Months	13,862	522,128
Fair Value 12 Months Or More	4,587,518	592,388
Unrealized Loss 12 Months Or More	$ 545,784	$ 237,228
Number Of Securities | integer	13	19
Fair Value	$ 6,123,687	$ 9,200,895
Unrealized Loss	559,646	759,356
Agency mortgage-backed securities (Agency MBS) [Member]
Fair Value Less Than 12 Months	6,599,945	14,541,901
Unrealized Loss Less Than 12 Months	162,379	810,356
Fair Value 12 Months Or More	103,573,217	97,718,436
Unrealized Loss 12 Months Or More	$ 17,836,941	$ 19,220,589
Number Of Securities | integer	119	120
Fair Value	$ 110,173,162	$ 112,260,337
Unrealized Loss	17,999,320	20,030,945
ABS and OAS [Member]
Fair Value Less Than 12 Months	1,192,731	2,693,606
Unrealized Loss Less Than 12 Months	61,720	236,134
Fair Value 12 Months Or More	1,329,177	0
Unrealized Loss 12 Months Or More	$ 102,816	$ 0
Number Of Securities | integer	4	4
Fair Value	$ 2,521,908	$ 2,693,606
Unrealized Loss	164,536	236,134
CMO [Member]
Fair Value Less Than 12 Months	9,000,364	8,954,323
Unrealized Loss Less Than 12 Months	179,637	232,398
Fair Value 12 Months Or More	996,979	1,014,910
Unrealized Loss 12 Months Or More	$ 93,036	$ 110,291
Number Of Securities | integer	9	9
Fair Value	$ 9,997,343	$ 9,969,233
Unrealized Loss	272,673	342,689
U.S. Government securities
Fair Value Less Than 12 Months	0	4,837,891
Unrealized Loss Less Than 12 Months	0	169,501
Fair Value 12 Months Or More	38,769,069	33,393,698
Unrealized Loss 12 Months Or More	$ 2,559,714	$ 2,967,534
Number Of Securities | integer	54	54
Fair Value	$ 38,769,069	$ 38,231,589
Unrealized Loss	2,559,714	3,137,035
U.S. GSE debts securities [Member]
Fair Value Less Than 12 Months	0	2,723,388
Unrealized Loss Less Than 12 Months	0	276,611
Fair Value 12 Months Or More	10,699,914	7,651,903
Unrealized Loss 12 Months Or More	$ 1,300,086	$ 1,348,098
Number Of Securities | integer	11	11
Fair Value	$ 10,699,914	$ 10,375,291
Unrealized Loss	$ 1,300,086	$ 1,624,709

Investment Securities (Detail_4

Investment Securities (Details Narrative) - Agency mortgage-backed securities (Agency MBS) [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Exceeding of investments	10%
Investments book value	$ 132.4	$ 135.2
Investments at fair value	$ 114.5	$ 115.2

Loans Allowance for Loan Loss_3

Loans Allowance for Loan Losses and Credit Quality (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Loans Allowance for Loan Losses and Credit Quality
Commercial & industrial	$ 118,898,281	$ 112,951,873
Purchased loans	6,697,965	7,530,458
Commercial Real Estate	362,136,416	356,892,986
Municipal	36,473,847	34,633,055
Residential Real Estate - 1st Lien	199,033,728	198,743,375
Residential Real Estate - Jr Lien	31,901,495	33,756,872
Consumer	3,444,980	4,039,989
Total Loans	$ 758,586,712	$ 748,548,608
Composition of Commercial & industrial	15.67%	15.09%
Composition of Purchased loans	0.88%	1%
Composition of commercial Real Estate	47.74%	47.68%
Composition of municipal	4.81%	4.63%
Composition of residential Real Estate - 1st Lien	26.24%	26.55%
Composition of residential Real Estate - Jr Lien	4.21%	4.51%
Composition of consumer	0.45%	0.54%
Total Loan percentage	100%	100%
Deduct (add):
ACL	$ (9,256,170)	$ (8,709,225)
Deferred net loan costs (fees)	509,611	493,275
Net Loans	$ 749,840,153	$ 740,332,658

Loans Allowance for Loan Loss_4

Loans Allowance for Loan Losses and Credit Quality (Details 1) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Loans Allowance for Loan Losses and Credit Quality
Provision for credit losses on loans	$ 207,540	$ 862,500
Provision for credit losses on OBS credit exposure	78,986	0
Provision for credit losses	$ 286,526	$ 862,500

Loans Allowance for Loan Loss_5

Loans Allowance for Loan Losses and Credit Quality (Details 2) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Allowance For Loan Losses, Beginning Balance	$ 8,709,225	$ 7,710,256	$ 7,710,256
Impact of adopting CECL	243,376
Charge-offs	(36,831)	(693,888)	(807,974)
Recoveries	132,860	11,780	828,943
Provision For Loan Losses	207,540	862,500	978,000
Allowance For Loan Losses, Ending balance	9,256,170	7,890,648	8,709,225
Allowance For Loan Losses, Evaluated For Impairment, Individually	5,403	115,614	108,602
Allowance For Loan Losses Evaluated For Impairment, Collectively	9,250,767	7,775,034	8,600,623
Total All Evaluted For Impairment	9,256,170	7,890,648	8,709,225
Loans Evaluated For Impairment, Individually	7,964,407	7,931,944	10,512,387
Loans Evaluated For Impairment Collectively	750,622,305	688,361,238	738,036,221
Total, Loans Evaluted For Impairment	758,586,712	696,293,182	748,548,608
Unallocated [Member]
Allowance For Loan Losses, Beginning Balance	102,189	539,117	539,117
Impact of adopting CECL	(102,189)
Charge-offs	0	0	0
Recoveries	0	0	0
Provision For Loan Losses	0	(448,841)	(436,928)
Allowance For Loan Losses, Ending balance	0	90,276	102,189
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	0	90,276	102,189
Total All Evaluted For Impairment	0	90,276	102,189
Commercial Real Estates [Member]
Allowance For Loan Losses, Beginning Balance	5,061,813	4,151,760	4,151,760
Impact of adopting CECL	(22,467)
Charge-offs	0	(667,474)	(667,474)
Recoveries	22,000	0	667,474
Provision For Loan Losses	124,810	1,159,995	910,053
Allowance For Loan Losses, Ending balance	5,186,156	4,644,281	5,061,813
Allowance For Loan Losses, Evaluated For Impairment, Individually	2,734	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	5,183,422	4,644,281	5,061,813
Total All Evaluted For Impairment	5,186,156	4,644,281	5,061,813
Loans Evaluated For Impairment, Individually	2,913,355	3,713,169	3,176,835
Loans Evaluated For Impairment Collectively	359,223,061	304,598,565	353,716,151
Total, Loans Evaluted For Impairment	362,136,416	308,311,734	356,892,986
Residential real estate - 1st lien [Member]
Allowance For Loan Losses, Beginning Balance	2,001,836	1,765,892	1,765,892
Impact of adopting CECL	273,168
Charge-offs	0	0	0
Recoveries	72,326	2,276	111,763
Provision For Loan Losses	48,779	46,289	124,181
Allowance For Loan Losses, Ending balance	2,396,109	1,814,457	2,001,836
Allowance For Loan Losses, Evaluated For Impairment, Individually	2,669	115,614	106,280
Allowance For Loan Losses Evaluated For Impairment, Collectively	2,393,440	1,698,843	1,895,556
Total All Evaluted For Impairment	2,396,109	1,814,457	2,001,836
Loans Evaluated For Impairment, Individually	1,140,222	3,910,848	3,816,012
Loans Evaluated For Impairment Collectively	197,893,506	177,699,446	194,927,363
Total, Loans Evaluted For Impairment	199,033,728	181,610,294	198,743,375
Purchased Loan [Member]
Allowance For Loan Losses, Beginning Balance	53,090	68,655	68,655
Impact of adopting CECL	(29,196)
Charge-offs	0	0	0
Recoveries	0	0	0
Provision For Loan Losses	(3,693)	(5,024)	(15,565)
Allowance For Loan Losses, Ending balance	20,201	63,631	53,090
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	20,201	63,631	53,090
Total All Evaluted For Impairment	20,201	63,631	53,090
Loans Evaluated For Impairment, Individually	0	0	0
Loans Evaluated For Impairment Collectively	6,697,965	9,090,170	7,530,458
Total, Loans Evaluted For Impairment	6,697,965	9,090,170	7,530,458
Municipal [Member]
Allowance For Loan Losses, Beginning Balance	62,339	76,728	76,728
Impact of adopting CECL	24,244
Charge-offs	0	0	0
Recoveries	0	0	0
Provision For Loan Losses	4,602	10,861	(14,389)
Allowance For Loan Losses, Ending balance	91,185	87,589	62,339
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	91,185	87,589	62,339
Total All Evaluted For Impairment	91,185	87,589	62,339
Loans Evaluated For Impairment, Individually	0	0	0
Loans Evaluated For Impairment Collectively	36,473,847	48,660,440	34,633,055
Total, Loans Evaluted For Impairment	36,473,847	48,660,440	34,633,055
Residential real estate - Jr lien [Member]
Allowance For Loan Losses, Beginning Balance	241,950	182,014	182,014
Impact of adopting CECL	297,745
Charge-offs	0	0	0
Recoveries	25,548	1,210	5,089
Provision For Loan Losses	(48,595)	(4,671)	54,847
Allowance For Loan Losses, Ending balance	516,648	178,553	241,950
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	516,648	178,553	241,950
Total All Evaluted For Impairment	516,648	178,553	241,950
Loans Evaluated For Impairment, Individually	39,876	85,691	77,416
Loans Evaluated For Impairment Collectively	31,861,619	32,981,298	33,679,456
Total, Loans Evaluted For Impairment	31,901,495	33,066,989	33,756,872
Consumer [Member]
Allowance For Loan Losses, Beginning Balance	69,686	55,698	55,698
Impact of adopting CECL	(33,813)
Charge-offs	(25,254)	(8,764)	(63,625)
Recoveries	11,612	8,294	30,505
Provision For Loan Losses	8,002	(19,036)	47,108
Allowance For Loan Losses, Ending balance	30,233	36,192	69,686
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	30,233	36,192	69,686
Total All Evaluted For Impairment	30,233	36,192	69,686
Loans Evaluated For Impairment, Individually	0	0	0
Loans Evaluated For Impairment Collectively	3,444,980	3,170,568	4,039,989
Total, Loans Evaluted For Impairment	3,444,980	3,170,568	4,039,989
Commercial & industrial [Member]
Allowance For Loan Losses, Beginning Balance	1,116,322	870,392	870,392
Impact of adopting CECL	(164,116)
Charge-offs	(11,577)	(17,650)	(76,875)
Recoveries	1,374	0	14,112
Provision For Loan Losses	73,635	122,927	308,693
Allowance For Loan Losses, Ending balance	1,015,638	975,669	1,116,322
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	2,322
Allowance For Loan Losses Evaluated For Impairment, Collectively	1,015,638	975,669	1,114,000
Total All Evaluted For Impairment	1,015,638	975,669	1,116,322
Loans Evaluated For Impairment, Individually	3,870,954	222,236	3,442,124
Loans Evaluated For Impairment Collectively	115,027,327	112,160,751	109,509,749
Total, Loans Evaluted For Impairment	$ 118,898,281	$ 112,382,987	$ 112,951,873

Loans Allowance for Loan Loss_6

Loans Allowance for Loan Losses and Credit Quality (Details 3) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
30-89 Days	$ 2,796,047	$ 5,631,089
90 Days Or More	4,268,769	1,899,792
Total Past Due	7,064,816	7,530,881
Current	751,521,896	741,017,727
Total Loans	758,586,712	748,548,608
Non-accrual with an ACL	859,759	730,989
Non-accrual with no ACL	7,620,595	7,159,031
Non-accrual Loans	8,480,354	7,890,020
90 Days Or More And Accruing	175,981	573,084
Commercial Real Estates [Member]
30-89 Days	1,326,520	1,395,444
90 Days Or More	565,347	353,842
Total Past Due	1,891,867	1,749,286
Current	360,244,549	355,143,700
Total Loans	362,136,416	356,892,986
Non-accrual with an ACL	692,600	0
Non-accrual with no ACL	2,369,614	3,180,478
Non-accrual Loans	3,062,214	3,180,478
90 Days Or More And Accruing	0	324,927
Residential real estate - 1st lien [Member]
30-89 Days	1,291,368	1,517,653
90 Days Or More	409,273	641,141
Total Past Due	1,700,641	2,158,794
Current	197,333,087	196,584,581
Total Loans	199,033,728	198,743,375
Non-accrual with an ACL	167,159	278,026
Non-accrual with no ACL	1,246,617	858,304
Non-accrual Loans	1,413,776	1,136,330
90 Days Or More And Accruing	175,981	248,157
Purchased Loan [Member]
30-89 Days	0	0
90 Days Or More	0	0
Total Past Due	0	0
Current	6,697,965	7,530,458
Total Loans	6,697,965	7,530,458
Non-accrual with an ACL	0	0
Non-accrual with no ACL	0	0
Non-accrual Loans	0	0
90 Days Or More And Accruing	0	0
Municipal [Member]
30-89 Days	0	0
90 Days Or More	0	0
Total Past Due	0	0
Current	36,473,847	34,633,055
Total Loans	36,473,847	34,633,055
Non-accrual with an ACL	0	0
Non-accrual with no ACL	0	0
Non-accrual Loans	0	0
90 Days Or More And Accruing	0	0
Residential real estate - Jr lien [Member]
30-89 Days	160,470	321,579
90 Days Or More	64,883	25,007
Total Past Due	225,353	346,586
Current	31,676,142	33,410,286
Total Loans	31,901,495	33,756,872
Non-accrual with an ACL	0	0
Non-accrual with no ACL	128,563	131,088
Non-accrual Loans	128,563	131,088
90 Days Or More And Accruing	0	0
Consumer [Member]
30-89 Days	17,689	18,745
90 Days Or More	0	0
Total Past Due	17,689	18,745
Current	3,427,291	4,021,244
Total Loans	3,444,980	4,039,989
Non-accrual with an ACL	0	0
Non-accrual with no ACL	0	0
Non-accrual Loans	0	0
90 Days Or More And Accruing	0	0
Commercial & industrial [Member]
30-89 Days	0	2,377,668
90 Days Or More	3,229,266	879,802
Total Past Due	3,229,266	3,257,470
Current	115,669,015	109,694,403
Total Loans	118,898,281	112,951,873
Non-accrual with an ACL	0	452,963
Non-accrual with no ACL	3,875,801	2,989,161
Non-accrual Loans	3,875,801	3,442,124
90 Days Or More And Accruing	$ 0	$ 0

Loans Allowance for Loan Loss_7

Loans Allowance for Loan Losses and Credit Quality (Details 4)	Mar. 31, 2023 USD ($)
Business assets loan	$ 1,777,018
Commercial real estate loan	776,329
Residential real estate loan	326,922
Total collateral-dependent loans	2,880,268
Commercial [Member]
Business assets loan	1,777,018
Total collateral-dependent loans	1,777,018
Commercial Real Estate [Member]
Commercial real estate loan	776,329
Total collateral-dependent loans	776,329
Residential real estate - 1st lien [Member]
Residential real estate loan	326,922
Total collateral-dependent loans	$ 326,922

Loans Allowance for Loan Loss_8

Loans Allowance for Loan Losses and Credit Quality (Details 5) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2022
Interest income
Recorded Investment Allowance Recorded	$ 7,970,423	$ 10,523,904
Unpaid Principal Balance Allowance Recorded	10,227,884	12,217,992
Average recorded investment	8,229,830
Non-interest expense
Interest income recognized	59,063
Total Related Allowance
Interest income
Related Allowance With An Allowance Recorded	115,614
Average Recorded Investment With An Allowance Recorded	907,849
Interest Income Recognized With An Allowance Recorded	14,438
Recorded Investment With An Allowance Recorded	1,113,112	1,494,693
Unpaid Principal Balance With An Allowance Recorded	1,129,082	1,536,095
Total No Related Allowance [Member]
Interest income
Recorded Investment With No Related Allowance Recorded	6,857,311	9,029,211
Average recorded investment	7,321,981
Non-interest expense
Unpaid Principal Balance With No Related Allowance Recorded	9,098,802	10,681,897
Interest income recognized	44,625
Residential real estate - Jr lien [Member]
Interest income
Average Recorded Investment With An Allowance Recorded	0
Interest Income Recognized With An Allowance Recorded	51
Recorded Investment With No Related Allowance Recorded	85,697	77,419
Average recorded investment	87,133
Non-interest expense
Unpaid Principal Balance With No Related Allowance Recorded	131,069	126,250
Interest income recognized	37
Commercial & industrial [Member]
Interest income
Related Allowance With An Allowance Recorded		2,322
Recorded Investment With An Allowance Recorded		452,963
Unpaid Principal Balance With An Allowance Recorded		462,745
Recorded Investment With No Related Allowance Recorded	222,236	2,989,161
Average recorded investment	157,799
Non-interest expense
Unpaid Principal Balance With No Related Allowance Recorded	261,011	3,078,769
Interest income recognized	204
Commercial Real Estates [Member]
Interest income
Recorded Investment With No Related Allowance Recorded	3,713,309	3,176,962
Average recorded investment	4,133,691
Non-interest expense
Unpaid Principal Balance With No Related Allowance Recorded	4,861,145	3,671,196
Interest income recognized	1,670
Residential real estate - 1st lien [Member]
Interest income
Related Allowance With An Allowance Recorded	115,614	106,280
Average Recorded Investment With An Allowance Recorded	907,849
Interest Income Recognized With An Allowance Recorded	14,387
Recorded Investment With An Allowance Recorded	1,113,112	1,041,730
Unpaid Principal Balance With An Allowance Recorded	1,129,082	1,073,350
Recorded Investment With No Related Allowance Recorded	2,836,069	2,785,669
Average recorded investment	2,943,358
Non-interest expense
Unpaid Principal Balance With No Related Allowance Recorded	3,845,577	$ 3,805,682
Interest income recognized	$ 42,714

Loans Allowance for Loan Loss_9

Loans Allowance for Loan Losses and Credit Quality (Details 6)	Mar. 31, 2023 USD ($)
2023	$ 27,487
2022	173,180
2021	109,922
2020	102,034
2019	58,664
Revolving loan amortized cost basis	105,698
Revolving loan converted to term	1,794
Total loan	758,587
Prior	0
Residential real estate - 1st lien [Member]
2023	6,828
2022	40,869
2021	44,113
2020	36,862
2019	11,066
Revolving loan amortized cost basis	1,445
Revolving loan converted to term	0
Total loan	199,034
Prior	57,851
Residential real estate - 1st lien [Member] | Substandard Doubtful [Member]
2023	0
2022	0
2021	0
2020	1,867
2019	42
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	2,436
Prior	527
Residential real estate - 1st lien [Member] | Pass [Member]
2023	6,828
2022	40,869
2021	44,113
2020	34,995
2019	11,024
Revolving loan amortized cost basis	1,445
Revolving loan converted to term	0
Total loan	196,598
Prior	57,324
Municipal [Member]
2023	3,514
2022	10,020
2021	3,598
2020	5,332
2019	682
Revolving loan amortized cost basis	1,562
Revolving loan converted to term	0
Total loan	36,474
Prior	11,766
Municipal [Member] | Pass [Member]
2023	3,514
2022	10,020
2021	3,598
2020	5,332
2019	682
Revolving loan amortized cost basis	1,562
Revolving loan converted to term	0
Total loan	36,474
Prior	11,766
Residential real estate - Jr lien [Member]
2023	77
2022	2,024
2021	420
2020	638
2019	689
Revolving loan amortized cost basis	24,869
Revolving loan converted to term	1,794
Total loan	31,901
Prior	1,390
Residential real estate - Jr lien [Member] | Substandard Doubtful [Member]
2023	0
2022	0
2021	0
2020	0
2019	0
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	34
Prior	34
Residential real estate - Jr lien [Member] | Pass [Member]
2023	77
2022	2,024
2021	420
2020	638
2019	689
Revolving loan amortized cost basis	24,869
Revolving loan converted to term	1,794
Total loan	31,867
Prior	1,356
Consumer [Member]
2023	697
2022	1,362
2021	656
2020	395
2019	208
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	3,445
Prior	127
Consumer [Member] | Pass [Member]
2023	697
2022	1,362
2021	656
2020	395
2019	208
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	3,445
Prior	127
Commercial [Member]
2023	5,305
2022	23,767
2021	16,982
2020	4,173
2019	5,532
Revolving loan amortized cost basis	54,725
Revolving loan converted to term	0
Total loan	118,898
Prior	8,414
Commercial [Member] | Substandard Doubtful [Member]
2023	0
2022	398
2021	0
2020	277
2019	307
Revolving loan amortized cost basis	2,220
Revolving loan converted to term	0
Total loan	4,751
Prior	1,549
Commercial [Member] | Special mention [Member]
2023	0
2022	134
2021	959
2020	248
2019	0
Revolving loan amortized cost basis	5,627
Revolving loan converted to term	0
Total loan	7,036
Prior	68
Commercial [Member] | Pass [Member]
2023	5,305
2022	23,235
2021	16,023
2020	3,648
2019	5,225
Revolving loan amortized cost basis	46,878
Revolving loan converted to term	0
Total loan	107,111
Prior	6,797
Commercial Real Estate [Member]
2023	10,897
2022	95,035
2021	42,163
2020	52,927
2019	37,758
Revolving loan amortized cost basis	23,097
Revolving loan converted to term	0
Total loan	362,137
Prior	100,260
Commercial Real Estate [Member] | Substandard Doubtful [Member]
2023	0
2022	0
2021	0
2020	1,675
2019	1,422
Revolving loan amortized cost basis	788
Revolving loan converted to term	0
Total loan	6,409
Prior	2,524
Commercial Real Estate [Member] | Special mention [Member]
2023	0
2022	383
2021	1,512
2020	0
2019	0
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	3,511
Prior	1,616
Commercial Real Estate [Member] | Pass [Member]
2023	10,897
2022	94,652
2021	40,651
2020	51,252
2019	36,336
Revolving loan amortized cost basis	22,309
Revolving loan converted to term	0
Total loan	352,217
Prior	96,120
Current period gross charge-offs [Member]
2023	0
2022	12
2021	0
2020	0
2019	0
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	12
Prior	0
Purchased [Member]
2023	169
2022	103
2021	1,990
2020	1,707
2019	2,729
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	6,698
Prior	0
Purchased [Member] | Pass [Member]
2023	169
2022	103
2021	1,990
2020	1,707
2019	2,729
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	6,698
Prior	0
Current period gross charge-offs one [Member]
2023	0
2022	8
2021	0
2020	0
2019	0
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	25
Prior	$ 17

Loans Allowance for Loan Los_10

Loans Allowance for Loan Losses and Credit Quality (Details 7)	Dec. 31, 2022 USD ($)
Group A	$ 727,442,144
Group B	9,051,060
Group C	12,055,404
Total Loans	748,548,608
Commercial Real Estates [Member]
Group A	347,732,935
Group B	2,754,649
Group C	6,405,402
Total Loans	356,892,986
Residential real estate - 1st lien [Member]
Group A	195,269,893
Group B	0
Group C	3,473,482
Total Loans	198,743,375
Purchased Loan [Member]
Group A	7,530,458
Group B	0
Group C	0
Total Loans	7,530,458
Municipal [Member]
Group A	34,633,055
Group B	0
Group C	0
Total Loans	34,633,055
Residential real estate - Jr lien [Member]
Group A	33,538,767
Group B	0
Group C	218,105
Total Loans	33,756,872
Consumer [Member]
Group A	4,039,989
Group B	0
Group C	0
Total Loans	4,039,989
Commercial & industrial [Member]
Group A	104,697,047
Group B	6,296,411
Group C	1,958,415
Total Loans	$ 112,951,873

Loans Allowance for Loan Los_11

Loans Allowance for Loan Losses and Credit Quality (Details 8) - Residential real estate - 1st lien [Member]	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($) integer	Dec. 31, 2022 USD ($) integer
Number Of Contracts Modified As Tdrs | integer	1	2
Pre-modification Outstanding Recorded Investment	$ 292,592	$ 562,592
Post-modification Outstanding Recorded Investment	$ 292,592	$ 562,592

Loans Allowance for Loan Los_12

Loans Allowance for Loan Losses and Credit Quality (Details 9) - Commercial Real Estate [Member]	12 Months Ended
	Mar. 31, 2022 USD ($) integer
Number Of Contracts | integer	2
Recorded Investment | $	$ 2,422,965

Loans Allowance for Loan Los_13

Loans Allowance for Loan Losses and Credit Quality (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Loans Allowance for Loan Losses and Credit Quality
Total		$ 106,280
Non accrual status or tdrs regardless of amount	$ 100,000
Loans	195,082	$ 195,082
Accrued Interest Receivable And Deferred Net Loan Costs	$ 11,517		$ 38,479

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Details Narrative) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2007
Goodwill	$ 11,574,269	$ 11,574,269
LyndonBank [Member]
Goodwill			$ 11,574,269

Fair Value (Details)

Fair Value (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Assets: (market approach)
Assets recorded at fair value on a recurring basis	$ 192,679,330	$ 192,918,109
Fair Value Level 2
Assets: (market approach)
Assets recorded at fair value on a recurring basis	153,910,261	154,686,520
Fair Value Level 2 | Other investments [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	2,397,369	2,891,674
Fair Value Level 2 | Agency MBS
Assets: (market approach)
Assets recorded at fair value on a recurring basis	114,476,436	115,231,599
Fair Value Level 2 | ABS and OAS
Assets: (market approach)
Assets recorded at fair value on a recurring basis	2,521,908	2,693,606
Fair Value Level 2 | CMO [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	11,950,570	11,935,925
Fair Value Level 2 | U.S. GSE debt securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	10,699,914	10,375,291
Fair Value Level 2 | Taxable municipal securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	242,952	234,858
Fair Value Level 2 | Tax-exempt municipal securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	11,621,112	11,323,567
Fair Value Level 1 | U.S. Government securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	$ 38,769,069	$ 38,231,589

Fair Value (Details 1)

Fair Value (Details 1) - Fair Value Level 2 - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Individually analyzed loans, net of related allowance	$ 0	$ 94,458
MSRs	$ 839,223	$ 862,593

Fair Value (Details 2)

Fair Value (Details 2) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Purchased loans	$ 6,697,965	$ 7,530,458
Carrying Amount
Cash and cash equivalents	37,645,000	71,140,000
Debt securities AFS	192,679,000	192,918,000
Restricted equity securities	1,437,000	1,412,000
Commercial & industrial	117,856,000	111,792,000
Purchased loans	6,678,000	7,476,000
Commercial real estate	356,913,000	351,738,000
Municipal	36,383,000	34,566,000
Residential real estate - 1st lien	197,211,000	197,281,000
Residential real estate - Jr lien	31,384,000	33,510,000
Consumer	3,415,000	3,970,000
MSRs (1)	839,000	863,000
Accrued interest receivable	3,111,000	3,214,000
Other deposits	888,296,000	922,723,000
Brokered deposits	249,000	249,000
Long-term borrowings	1,300,000	1,300,000
Repurchase agreements	38,058,000	33,078,000
Operating lease obligations	605,000	658,000
Finance lease obligations	3,590,000	3,645,000
Subordinated debentures	12,887,000	12,887,000
Accrued interest payable	72,000	74,000
Fair Value
Cash and cash equivalents	37,645,000	71,140,000
Debt securities AFS	192,679,000	192,918,000
Restricted equity securities	1,437,000	1,412,000
Commercial & industrial	115,447,000	109,534,000
Purchased loans	6,279,000	7,119,000
Commercial real estate	338,459,000	340,283,000
Municipal	34,231,000	34,558,000
Residential real estate - 1st lien	180,754,000	180,944,000
Residential real estate - Jr lien	31,050,000	33,218,000
Consumer	3,408,000	3,949,000
MSRs (1)	1,307,000	1,287,000
Accrued interest receivable	3,111,000	3,214,000
Other deposits	885,157,000	918,882,000
Brokered deposits	228,000	225,000
Long-term borrowings	1,044,000	1,025,000
Repurchase agreements	38,058,000	33,078,000
Operating lease obligations	605,000	658,000
Finance lease obligations	3,590,000	3,645,000
Subordinated debentures	12,711,000	12,740,000
Accrued interest payable	72,000	74,000
Fair Value Level 2
Cash and cash equivalents	0	0
Debt securities AFS	153,910,000	154,686,000
Restricted equity securities	1,437,000	1,412,000
Commercial & industrial	0	0
Purchased loans	0	0
Commercial real estate	0	29,000
Municipal	0	0
Residential real estate - 1st lien	0	65,000
Residential real estate - Jr lien	0	0
Consumer	0	0
MSRs (1)	1,307,000	1,287,000
Accrued interest receivable	3,111,000	3,214,000
Other deposits	885,157,000	918,882,000
Brokered deposits	228,000	225,000
Long-term borrowings	1,044,000	1,025,000
Repurchase agreements	38,058,000	33,078,000
Operating lease obligations	605,000	658,000
Finance lease obligations	3,590,000	3,645,000
Subordinated debentures	12,711,000	12,740,000
Accrued interest payable	72,000	74,000
Fair Value Level 1
Cash and cash equivalents	37,645,000	71,140,000
Debt securities AFS	38,769,000	38,232,000
Restricted equity securities	0	0
Commercial & industrial	0	0
Purchased loans	0	0
Commercial real estate	0	0
Municipal	0	0
Residential real estate - 1st lien	0	0
Residential real estate - Jr lien	0	0
Consumer	0	0
MSRs (1)	0	0
Accrued interest receivable	0	0
Other deposits	0	0
Brokered deposits	0	0
Long-term borrowings	0	0
Repurchase agreements	0	0
Operating lease obligations	0	0
Finance lease obligations	0	0
Subordinated debentures	0	0
Accrued interest payable	0	0
Fair Value Level 3
Cash and cash equivalents	0	0
Debt securities AFS	0	0
Restricted equity securities	0	0
Commercial & industrial	115,447,000	109,534,000
Purchased loans	6,279,000	7,119,000
Commercial real estate	338,459,000	340,254,000
Municipal	34,231,000	34,558,000
Residential real estate - 1st lien	180,754,000	180,879,000
Residential real estate - Jr lien	31,050,000	33,218,000
Consumer	3,408,000	3,949,000
MSRs (1)	0	0
Accrued interest receivable	0	0
Other deposits	0	0
Brokered deposits	0	0
Long-term borrowings	0	0
Repurchase agreements	0	0
Operating lease obligations	0	0
Finance lease obligations	0	0
Subordinated debentures	0	0
Accrued interest payable	$ 0	$ 0

Loan Servicing (Details)

Loan Servicing (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Loan Servicing
Balance At Beginning Of Year	$ 862,593	$ 897,720
Msrs Capitalized	15,814	120,629
Msrs Amortized	(39,184)	(155,756)
Change In Valuation Allowance	0	0
Balance At end Of Year	$ 839,223	$ 862,593

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Subsequent Events
Dividends Declared Per Common Share	$ 0.23	$ 0.23