Community Bancorp (CMTV) 10-Q 11 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 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	Jun. 30, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		5,473,366
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 Address Address Line 1	4811 US Route 5
Entity Address City Or Town	Derby
Entity Address State Or Province	VT
Entity Address Postal Zip Code	05829
City Area Code	802
Local Phone Number	334-7915
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and due from banks	$ 13,754,587	$ 12,302,771
Federal funds sold and overnight deposits	5,586,640	58,837,557
Total cash and cash equivalents	19,341,227	71,140,328
Securities available-for-sale	186,536,541	192,918,109
Restricted equity securities, at cost	1,787,850	1,411,750
Loans held-for-sale	904,250	0
Loans	780,985,276	748,548,608
Allowance for credit losses	(9,255,501)	(8,709,225)
Deferred net loan costs	521,300	493,275
Net loans	772,251,075	740,332,658
Bank premises and equipment, net	12,651,906	13,042,468
Accrued interest receivable	3,212,265	3,214,332
Bank owned life insurance	5,192,876	5,153,387
Goodwill	11,574,269	11,574,269
Other assets	18,406,068	17,244,846
Total assets	1,031,858,327	1,056,032,147
Liabilities and Shareholders' Equity
Demand, non-interest bearing	201,716,781	216,093,534
Interest-bearing transaction accounts	267,151,188	294,050,079
Money market funds	109,035,047	140,117,086
Savings	166,057,812	171,072,921
Time deposits, $250,000 and over	18,091,657	15,632,058
Other time deposits	89,129,231	86,006,601
Total deposits	851,181,716	922,972,279
Borrowed funds	41,200,000	1,300,000
Repurchase agreements	35,134,331	33,077,829
Junior subordinated debentures	12,887,000	12,887,000
Accrued interest and other liabilities	10,938,178	10,618,676
Total liabilities	951,341,225	980,855,784
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at 06/30/23 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, 5,683,475 shares issued at 06/30/23 and 5,647,710 shares issued at 12/31/22	14,208,688	14,119,275
Additional paid-in capital	36,995,946	36,383,235
Retained earnings	49,886,680	46,464,447
Accumulated other comprehensive loss	(19,451,435)	(20,667,817)
Less: treasury stock, at cost; 210,101 shares at 06/30/23 and 12/31/22	(2,622,777)	(2,622,777)
Total shareholders' equity	80,517,102	75,176,363
Total liabilities and shareholders' equity	$ 1,031,858,327	$ 1,056,032,147
Book value per common share outstanding	$ 14.44	$ 13.55

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 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)	5,683,475	5,647,710
Treasury Stock (in Shares)	210,101	210,101

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Interest income
Interest and fees on loans	$ 10,014,968	$ 7,630,710	$ 19,390,993	$ 15,117,910
Interest on taxable debt securities	929,963	736,407	1,873,441	1,392,684
Interest on tax-exempt debt securities	90,659	33,786	181,317	44,735
Dividends	33,999	16,632	64,653	33,092
Interest on federal funds sold and overnight deposits	144,877	169,965	474,288	250,625
Total interest income	11,214,466	8,587,500	21,984,692	16,839,046
Interest expense
Interest on deposits	2,224,384	585,458	4,069,131	1,137,418
Interest on borrowed funds	252,441	21,665	276,961	43,630
Interest on repurchase agreements	214,654	22,129	346,782	43,169
Interest on junior subordinated debentures	254,124	121,063	499,589	219,415
Total interest expense	2,945,603	750,315	5,192,463	1,443,632
Net interest income	8,268,863	7,837,185	16,792,229	15,395,414
Provision for credit losses	281,142	337,500	567,668	1,200,000
Net interest income after provision for credit losses	7,987,721	7,499,685	16,224,561	14,195,414
Non-interest income
Service fees	939,451	936,382	1,819,739	1,799,269
Income from sold loans	106,660	195,542	214,195	399,384
Other income from loans	341,876	322,913	770,448	594,174
Other income	450,444	179,459	792,827	527,899
Total non-interest income	1,838,431	1,634,296	3,597,209	3,320,726
Non-interest expense
Salaries and wages	2,264,760	2,034,000	4,553,520	4,074,000
Employee benefits	811,870	704,623	1,566,140	1,476,675
Occupancy expenses, net	700,228	673,177	1,471,214	1,426,541
Other expenses	2,087,065	2,022,664	4,152,752	3,910,836
Total non-interest expense	5,863,923	5,434,464	11,743,626	10,888,052
Income before income taxes	3,962,229	3,699,517	8,078,144	6,628,088
Income tax expense	765,890	678,365	1,543,043	1,201,394
Net income	$ 3,196,339	$ 3,021,152	$ 6,535,101	$ 5,426,694
Earnings per common share	$ 0.58	$ 0.56	$ 1.19	$ 1
Weighted average number of common shares
used in computing earnings per share	5,461,597	5,396,060	5,452,867	5,389,406
Dividends declared per common share	$ 0.23	$ 0.23	$ 0.46	$ 0.46

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Consolidated Statements of Comprehensive (Loss) Income (Unaudited)
Net income	$ 3,196,339	$ 3,021,152	$ 6,535,101	$ 5,426,694
Other comprehensive loss, net of tax:
Unrealized holding loss on securities AFS arising during the period	(1,843,589)	(7,031,667)	1,539,725	(18,100,828)
Tax effect	387,153	1,476,649	(323,343)	3,801,173
Other comprehensive loss, net of tax	(1,456,436)	(5,555,018)	1,216,382	(14,299,655)
Total comprehensive income (loss)	$ 1,739,903	$ 2,533,866	$ 7,751,483	$ 8,872,961

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)	Total	Common Stock Member	Preferred Stock	Additional Paid-In Capital	Retained Earnings	Accumulated other comprehensive (loss) income	Treasury Stocks
Balance, March 31, 2022 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, June 30, 2022 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, March 31, 2022 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)
Preferred stock	25,312
Net income	5,426,694
Balance, June 30, 2022 at Jun. 30, 2022	73,978,679	14,038,493	1,500,000	35,847,031	40,682,558	(15,466,626)	(2,622,777)
Balance, March 31, 2022 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)
Issuance of common stock	320,930	33,048		287,882
Common stock	(1,240,049)				(1,240,049)
Preferred stock	13,124				13,124
Net income	3,021,152				3,021,152
Other comprehensive loss	(5,555,018)					(5,555,018)
Balance, June 30, 2022 at Jun. 30, 2022	73,978,679	14,038,493	1,500,000	35,847,031	40,682,558	(15,466,626)	(2,622,777)
Balance, March 31, 2022 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 forchange in	74,627,250				45,915,334
Balance, June 30, 2022 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)
Balance, March 31, 2022 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)
Preferred stock	58,125
Net income	6,535,101
Balance, June 30, 2022 at Jun. 30, 2023	80,517,102	14,208,688	1,500,000	36,995,946	49,886,680	(19,451,435)	(2,622,777)
Balance, March 31, 2022 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)
Issuance of common stock	382,247	45,720		336,527
Common stock	(1,254,836)				(1,254,836)
Preferred stock	30,000				30,000
Net income	3,196,340				3,196,340
Other comprehensive loss	(1,456,436)					(1,456,436)
Balance, June 30, 2022 at Jun. 30, 2023	$ 80,517,102	$ 14,208,688	$ 1,500,000	$ 36,995,946	$ 49,886,680	$ (19,451,435)	$ (2,622,777)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net income	$ 6,535,101	$ 5,426,694
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, bank premises and equipment	543,590	570,063
Provision for credit losses	567,668	1,200,000
Deferred income tax	(24,713)	13,973
Gain on sale of loans	(56,608)	(198,869)
Loss on sale of bank premises and equipment	449	0
Income from CFS Partners	(555,203)	(298,831)
Amortization of bond premium, net	128,123	361,335
Proceeds from sales of loans held for sale	2,911,663	7,827,010
Originations of loans held for sale	(3,759,305)	(8,110,641)
(Decrease) increase in taxes payable	(722,500)	151,237
Decrease (increase) in interest receivable	2,067	(250,179)
Decrease in mortgage servicing rights	41,224	1,019
Decrease in right-of-use assets	100,646	99,340
Decrease in operating lease liabilities	(107,511)	(102,577)
Increase in other assets	(130,411)	(287,979)
Increase in cash surrender value of BOLI	(39,489)	(40,239)
Amortization of limited partnerships	134,256	134,184
Change in net deferred loan fees and costs	(28,025)	(443,511)
Increase (decrease) in interest payable	204,150	(7,759)
(Decrease) increase in accrued expenses	(502,279)	82,812
Increase in other liabilities	432,388	132,754
Net cash provided by operating activities	5,675,281	6,259,836
Cash Flows from Investing Activities:
Maturities, calls, pay downs and sales	7,793,170	9,909,154
Purchases	0	(34,822,702)
Proceeds from redemption of restricted equity securities	1,171,200	43,500
Purchases of restricted equity securities	(1,547,300)	0
Investments in limited liability entities	(81,250)	0
Increase in loans, net	(32,867,687)	(13,648,856)
Premises and equipment	(254,123)	(168,101)
Recoveries of loans charged off	148,379	31,359
Net cash used in investing activities	(25,637,611)	(38,655,646)
Cash Flows from Financing Activities:
Net decrease in demand and interest-bearing transaction accounts	(41,275,644)	(14,107,598)
Net (decrease) increase in money market and savings accounts	(36,097,148)	7,448,461
Net increase (decrease) in time deposits	5,582,229	(832,174)
Net increase (decrease) in repurchase agreements	2,056,502	(1,375,064)
Net increase in short-term borrowings	13,400,000	0
Proceeds from long-term borrowings	(26,500,000)	0
Decrease in finance lease obligations	(109,299)	(105,918)
Dividends paid on preferred stock	(58,125)	(25,312)
Dividends paid on common stock	(1,835,286)	(1,897,885)
Net cash used in financing activities	(31,836,771)	(10,895,490)
Net decrease in cash and cash equivalents	(51,799,101)	(43,291,300)
Beginning	71,140,328	110,358,926
Ending	19,341,227	67,067,626
Supplemental Schedule of Cash Paid During the Period:
Interest	4,988,313	1,451,391
Income taxes, net of refunds	2,156,000	902,000
Supplemental Schedule of Noncash Investing and Financing Activities:
Change in unrealized gain (loss) on securities AFS	1,539,725	(18,100,828)
Common Shares Dividends Paid:
Dividends declared	2,505,630	2,476,929
Decrease in dividends payable attributable to dividends declared	31,780	14,569
Dividends reinvested	702,124	593,613
Total dividends paid	$ 1,835,286	$ 1,897,885

Basis of Presentation and Conso

Basis of Presentation and Consolidation and Certain Definitions	6 Months Ended
	Jun. 30, 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 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 certain other 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 FDIC: Federal Deposit Insurance Corporation AFS: Available-for-sale FDICIA: Federal Deposit Insurance Corporation Agency MBS: MBS issued by a US government agency Improvement Act of 1991 or GSE FHLBB: Federal Home Loan Bank of Boston ACL: Allowance for Credit Losses FHLMC: Federal Home Loan Mortgage Corporation ALCO: Asset Liability Committee FOMC: Federal Open Market Committee ALL: Allowance for Loan Losses FRB: Federal Reserve Board AOCI: Accumulated other comprehensive income FRBB: Federal Reserve Bank of Boston ASC: Accounting Standards Codification GAAP: Generally Accepted Accounting Principles ASU: Accounting Standards Update in the United States Bancorp: Community Bancorp. GSE: Government sponsored enterprise Bank: Community National Bank HTM: Held-to-maturity BIC: Borrower-in-Custody ICS: Insured Cash Sweeps of the IntraFi Network Board: Board of Directors IRS: Internal Revenue Service BOLI: Bank owned life insurance JNE: Jobs for New England bp or bps: Basis point(s) Jr: Junior BTFP: Bank Term Funding Program LIBOR London Interbank Offered Rate CDARS: Certificate of Deposit Accounts Registry MBS: Mortgage-backed security Service of the IntraFi 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 CRE: Commercial Real Estate RD: USDA Rural Development DCF: Discounted cash flow 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

Recent Accounting Developments

Recent Accounting Developments	6 Months Ended
	Jun. 30, 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 In March 2023, the FASB issued ASU No. 2023-02, Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects Accounting Standards Adopted in 2023 The Company adopted the following accounting standards effective January 1, 2023, and applied them to the Company’s interim consolidated financial statements beginning with the quarter 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	6 Months Ended
	Jun. 30, 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 June 30, 2023 2022 Net income, as reported $ 3,196,339 $ 3,021,152 Less: dividends to preferred shareholders 30,000 13,124 Net income available to common shareholders $ 3,166,339 $ 3,008,028 Weighted average number of common shares used in calculating earnings per share 5,461,597 5,396,060 Earnings per common share $ 0.58 $ 0.56 Six Months Ended June 30, 2023 2022 Net income, as reported $ 6,535,101 $ 5,426,694 Less: dividends to preferred shareholders 58,125 25,312 Net income available to common shareholders $ 6,476,976 $ 5,401,382 Weighted average number of common shares used in calculating earnings per share 5,452,867 5,389,406 Earnings per common share $ 1.19 $ 1.00

Investment Securities

Investment Securities	6 Months Ended
	Jun. 30, 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 June 30, 2023 U.S. GSE debt securities $ 12,000,000 $ 0 $ 1,474,322 $ 10,525,678 U.S. Government securities 41,288,500 0 2,906,560 38,381,940 Taxable Municipal securities 300,000 0 54,558 245,442 Tax-exempt Municipal securities 12,010,573 75,171 646,507 11,439,237 Agency MBS 129,348,788 0 18,951,174 110,397,614 ABS and OAS 2,686,936 0 227,032 2,459,904 CMO 11,789,814 0 367,872 11,421,942 Other investments 1,734,000 0 69,216 1,664,784 Total $ 211,158,611 $ 75,171 $ 24,697,241 $ 186,536,541 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value 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 shareholders’ equity with a book value of $129.3 million and $135.2 million, respectively, and a fair value of $110.4 million and $115.2 million, respectively, at June 30, 2023 and December 31, 2022. Investment 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 June 30, 2023 $ 53,615,357 $ 45,066,265 December 31, 2022 55,899,113 46,789,284 There were no sales of debt securities during the first six months of 2023 or 2022. The scheduled maturities of debt securities as of the balance sheet dates were as follows: Amortized Fair Cost Value June 30, 2023 Due in one year or less $ 9,490,328 $ 9,261,518 Due from one to five years 53,150,139 49,018,937 Due from five to ten years 4,903,728 4,434,174 Due after ten years 14,265,628 13,424,298 Agency MBS 129,348,788 110,397,614 Total $ 211,158,611 $ 186,536,541 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 June 30, 2023 U.S. GSE debt securities $ 0 $ 0 $ 10,525,678 $ 1,474,322 11 $ 10,525,678 $ 1,474,322 U.S. Government securities 0 0 38,381,940 2,906,560 54 38,381,940 2,906,560 Taxable Municipal securities 0 0 245,442 54,558 1 245,442 54,558 Tax-exempt Municipal securities 3,050,243 28,616 4,503,273 617,891 16 7,553,516 646,507 Agency MBS 7,083,036 136,925 103,314,578 18,814,249 122 110,397,614 18,951,174 ABS and OAS 0 0 2,459,904 227,032 4 2,459,904 227,032 CMO 6,197,924 113,282 5,224,018 254,590 10 11,421,942 367,872 Other investments 982,655 8,345 682,129 60,871 10 1,664,784 69,216 Total $ 17,313,858 $ 287,168 $ 165,336,962 $ 24,410,073 228 $ 182,650,820 $ 24,697,241 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 June 30, 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 June 30, 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, in management’s view 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 would 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	6 Months Ended
	Jun. 30, 2023
Loans Allowance for Loan Losses and Credit Quality
Loans Allowance For Loan Losses And Credit Quality	Note 5. Loans, Allowance for Credit Losses, Credit Quality and Off-Balance Sheet Credit Exposures The composition of net loans as of the balance sheet dates was as follows: June 30, 2023 December 31, 2022 Commercial & industrial $ 126,208,794 16.16 % $ 112,951,873 15.09 % Purchased 6,167,811 0.79 % 7,530,458 1.00 % Commercial real estate 384,836,723 49.28 % 356,892,986 47.68 % Municipal 27,744,099 3.55 % 34,633,055 4.63 % Residential real estate - 1st lien 200,150,628 25.63 % 198,743,375 26.55 % Residential real estate - Jr lien 32,032,350 4.10 % 33,756,872 4.51 % Consumer 3,844,871 0.49 % 4,039,989 0.54 % Total loans 780,985,276 100.00 % 748,548,608 100.00 % ACL (9,255,501 ) (8,709,225 ) Deferred net loan costs 521,300 493,275 Net loans $ 772,251,075 $ 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 June 30, 2023 2022 Provision for loan losses $ 378,000 $ 337,500 Provision for credit losses on OBS credit exposure (96,858 ) 0 Provision for credit losses $ 281,142 $ 337,500 Six Months Ended June 30, 2023 2022 Provision for loan losses $ 585,540 $ 1,200,000 Provision for credit losses on OBS credit exposure (17,872 ) 0 Provision for credit losses $ 567,668 $ 1,200,000 The following tables present the activity in the ACL on loans for the three and six month periods following adoption of ASU 2016-13 (CECL) on January 1, 2023 and select information on impairment evaluation by portfolio segment for those interim periods. As of or for the three months ended June 30, 2023 Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased Real Estate Municipal 1st Lien Jr Lien Consumer Total ACL beginning balance $ 1,015,638 $ 20,201 $ 5,186,156 $ 91,185 $ 2,396,109 $ 516,648 $ 30,233 $ 9,256,170 Charge-offs (350,000 ) 0 0 0 0 0 (44,187 ) (394,187 ) Recoveries 976 0 57 0 262 1,230 12,993 15,518 Provision (credit) 387,728 (1,864 ) 85,308 (21,825 ) (81,817 ) (24,642 ) 35,112 378,000 ACL ending balance $ 1,054,342 $ 18,337 $ 5,271,521 $ 69,360 $ 2,314,554 $ 493,236 $ 34,151 $ 9,255,501 As of or for the six months ended June 30, 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 (361,578 ) 0 0 0 0 0 (69,441 ) 0 (431,019 ) Recoveries 2,351 0 22,058 0 72,588 26,777 24,605 0 148,379 Provision (credit) 461,363 (5,557 ) 210,117 (17,223 ) (33,038 ) (73,236 ) 43,114 0 585,540 ACL ending balance $ 1,054,342 $ 18,337 $ 5,271,521 $ 69,360 $ 2,314,554 $ 493,236 $ 34,151 $ 0 $ 9,255,501 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 $ 0 $ 0 $ 962 $ 0 $ 0 $ 962 Collectively 1,054,342 18,337 5,271,521 69,360 2,313,592 493,236 34,151 9,254,539 Total $ 1,054,342 $ 18,337 $ 5,271,521 $ 69,360 $ 2,314,554 $ 493,236 $ 34,151 $ 9,255,501 Loans evaluated for impairment Individually $ 3,649,767 $ 0 $ 2,988,778 $ 0 $ 974,378 $ 69,354 $ 0 $ 7,682,277 Collectively 122,559,027 6,167,811 381,847,945 27,744,099 199,176,250 31,962,996 3,844,871 773,302,999 Total $ 126,208,794 $ 6,167,811 $ 384,836,723 $ 27,744,099 $ 200,150,628 $ 32,032,350 $ 3,844,871 $ 780,985,276 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 six months ended June 30, 2022 Residential Residential Commercial Purchased Commercial Real Estate Real Estate & Industrial Loans 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 (20,578 ) 0 (667,474 ) 0 0 0 (20,790 ) 0 (708,842 ) Recoveries 2,454 0 0 0 12,563 2,430 13,912 0 31,359 Provision (credit) 254,980 (8,833 ) 1,324,038 (18,409 ) 67,053 (3,230 ) (7,264 ) (408,335 ) 1,200,000 ALL ending balance $ 1,107,248 $ 59,822 $ 4,808,324 $ 58,319 $ 1,845,508 $ 181,214 $ 41,556 $ 130,782 $ 8,232,773 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 0 $ 102,062 $ 0 $ 0 $ 0 $ 102,062 Collectively 1,107,248 59,822 4,808,324 58,319 1,743,446 181,214 41,556 130,782 8,130,711 Total $ 1,107,248 $ 59,822 $ 4,808,324 $ 58,319 $ 1,845,508 $ 181,214 $ 41,556 $ 130,782 $ 8,232,773 Loans evaluated for impairment Individually $ 145,810 $ 0 $ 3,396,349 $ 0 $ 3,718,383 $ 82,400 $ 0 $ 7,342,942 Collectively 120,626,432 8,546,059 314,687,305 32,399,252 182,387,758 33,474,960 3,463,839 695,585,605 Total $ 120,772,242 $ 8,546,059 $ 318,083,654 $ 32,399,252 $ 186,106,141 $ 33,557,360 $ 3,463,839 $ 702,928,547 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 June 30, 2023 30-89 Days or More Past Due Current Total Loans Commercial & industrial $ 64,312 $ 3,029,266 $ 3,093,578 $ 123,115,216 $ 126,208,794 Purchased 0 0 0 6,167,811 6,167,811 Commercial real estate 864,534 776,328 1,640,862 383,195,861 384,836,723 Municipal 0 0 0 27,744,099 27,744,099 Residential real estate - 1st lien 1,078,947 384,329 1,463,276 198,687,352 200,150,628 Residential real estate - Jr lien 288,822 25,007 313,829 31,718,521 32,032,350 Consumer 55,267 0 55,267 3,789,604 3,844,871 Totals $ 2,351,882 $ 4,214,930 $ 6,566,812 $ 774,418,464 $ 780,985,276 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 June 30, 2023 with an ACL with No ACL Nonaccrual Accruing Commercial & industrial $ 0 $ 3,649,767 $ 3,649,767 $ 0 Commercial real estate 0 2,991,511 2,991,511 0 Residential real estate - 1st lien 124,090 856,192 980,282 350,504 Residential real estate - Jr lien 0 123,502 123,502 0 Totals $ 124,090 $ 7,620,972 $ 7,745,062 $ 350,504 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 Commercial real estate 0 3,180,478 3,180,478 324,927 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 Totals $ 730,989 $ 7,159,031 $ 7,890,020 $ 573,084 As of June 30, 2023, there were no residential real estate loans in process of foreclosure, compared to 5 residential real estate loans with an aggregate balance of $195,082 in process of foreclosure at December 31, 2022. 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 Form 10-K for a description of the ALL, under previously applicable GAAP, prior to adoption of CECL. Allowance for credit losses Effective January 1, 2023, with the adoption of CECL, the Company established the ACL 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. The 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, probability of default (PD) and loss given default (LGD) assumptions are applied to calculate the expected loss for each segment. PD is management’s estimate of the probability the asset will default within a given timeframe and LGD is management’s estimate of 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 June 30, 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, or more frequently as circumstances warrant) to determine whether 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 are 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, or more frequently as circumstances warrant. The Company used a one-year forecast and reversion period to calculate the ACL on loans as of June 30, 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 in order 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 expected cash flow. Management has elected to use 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 also not included in the collective evaluation. In general, loans individually evaluated for estimated credit losses include those (i) greater than $100,000 with a nonaccrual status 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. The following table presents the amortized cost basis of collateral-dependent loans as of June 30, 2023, by collateral type: Business Commercial Residential Assets (1) Real Estate Real Estate Total Commercial & industrial $ 1,565,635 $ 0 $ 0 $ 1,565,635 Commercial real estate 0 776,329 0 776,329 Residential real estate - 1st lien 0 0 319,420 319,420 $ 1,565,635 $ 776,329 $ 319,420 $ 2,661,384 (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 June 30, 2022 Unpaid Recorded Principal Related Investment (1) Balance Allowance Related allowance recorded Residential real estate – 1st lien $ 1,011,645 $ 1,033,657 $ 102,062 No related allowance recorded Commercial & industrial 145,810 181,929 Commercial real estate 3,396,482 4,548,768 Residential real estate - 1st lien 2,739,726 3,745,194 Residential real estate - Jr lien 82,405 128,821 Total with no related allowance 6,364,423 8,604,712 Total impaired loans $ 7,376,068 $ 9,638,369 $ 102,062 (1) Recorded investment in impaired loans in the table above includes accrued interest receivable and deferred net loan costs of $33,126. As of June 30, 2022 Three Months Ended Six Months Ended Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Related allowance recorded Residential real estate - 1st lien $ 1,062,379 $ 12,570 $ 942,448 $ 26,957 Residential real estate - Jr lien 0 48 0 100 Total with related allowance 1,062,379 12,618 942,448 27,057 No related allowance recorded Commercial & industrial 184,023 0 153,803 204 Commercial real estate 3,554,895 (178 ) 3,887,955 1,492 Residential real estate - 1st lien 2,787,897 49,794 2,875,480 92,508 Residential real estate - Jr lien 84,051 34 85,557 71 Total with no related allowance 6,610,866 49,650 7,002,795 94,275 Total impaired loans $ 7,673,245 $ 62,268 $ 7,945,243 $ 121,332 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 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 were as follows: As of or for the six months ended, Revolving Revolving June 30, 2023 Loans Loans (In thousands) Term Loans Amortized Cost Basis by Origination Year Amortized Converted 2023 2022 2021 2020 2019 Prior Cost Basis to Term Total Commercial & industrial: Pass $ 9,792 $ 21,220 $ 15,016 $ 3,378 $ 4,621 $ 6,049 $ 54,526 $ 0 $ 114,602 Special mention 0 133 943 245 17 56 5,678 0 7,072 Substandard/Doubtful 0 385 0 261 292 1,538 2,059 0 4,535 Total commercial $ 9,792 $ 21,738 $ 15,959 $ 3,884 $ 4,930 $ 7,643 $ 62,263 $ 0 $ 126,209 Current period gross charge-offs $ 0 $ 150 $ 0 $ 0 $ 0 $ 212 $ 0 $ 0 $ 362 Purchased: Pass $ 164 $ 100 $ 1,802 $ 1,580 $ 2,522 $ 0 $ 0 $ 0 $ 6,168 Total purchased $ 164 $ 100 $ 1,802 $ 1,580 $ 2,522 $ 0 $ 0 $ 0 $ 6,168 Commercial real estate: Pass $ 33,532 $ 80,335 $ 40,459 $ 44,798 $ 35,745 $ 91,753 $ 47,781 $ 0 $ 374,403 Special mention 0 379 1,499 2,757 0 1,497 0 0 6,132 Substandard/Doubtful 0 0 0 594 1,408 2,300 0 0 4,302 Total commercial real estate $ 33,532 $ 80,714 $ 41,958 $ 48,149 $ 37,153 $ 95,550 $ 47,781 $ 0 $ 384,837 Municipal: Pass $ 3,642 $ 908 $ 3,459 $ 5,273 $ 661 $ 11,306 $ 2,495 $ 0 $ 27,744 Total municipal $ 3,642 $ 908 $ 3,459 $ 5,273 $ 661 $ 11,306 $ 2,495 $ 0 $ 27,744 Residential real estate - 1st lien: Pass $ 12,432 $ 40,124 $ 43,113 $ 34,367 $ 10,661 $ 54,485 $ 2,262 $ 0 $ 197,444 Special mention 0 303 131 0 0 0 0 0 434 Substandard/Doubtful 0 0 0 1,854 40 378 0 0 2,272 Total residential real estate - 1st lien $ 12,432 $ 40,427 $ 43,244 $ 36,221 $ 10,701 $ 54,863 $ 2,262 $ 0 $ 200,150 Residential real estate - Jr lien: Pass $ 873 $ 1,994 $ 412 $ 623 $ 664 $ 1,194 $ 24,478 $ 1,712 $ 31,950 Special mention 0 50 0 0 0 0 0 0 50 Substandard/Doubtful 0 0 0 0 0 32 0 0 32 Total residential real estate - Jr lien $ 873 $ 2,044 $ 412 $ 623 $ 664 $ 1,226 $ 24,478 $ 1,712 $ 32,032 Consumer Pass $ 1,509 $ 1,180 $ 560 $ 319 $ 167 $ 110 $ 0 $ 0 $ 3,845 Total consumer $ 1,509 $ 1,180 $ 560 $ 319 $ 167 $ 110 $ 0 $ 0 $ 3,845 Current period gross charge-offs $ 16 $ 19 $ 0 $ 0 $ 1 $ 33 $ 0 $ 0 $ 69 Total Loans $ 62,850 $ 147,111 $ 107,394 $ 96,049 $ 56,798 $ 170,698 $ 139,279 $ 1,712 $ 780,985 As of or for the six months ended, June 30, 2023, there were (i) no current period gross charge-offs within the Purchased, CRE, Municipal, Residential real estate 1st lien and Residential real estate Jr lien loan segments and (ii) 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 consideration payments expected to be received from third parties, including third-party guarantors, provided 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 accrued interest or reduced interest rates for borrowers below the current market rate for the borrower. The Company has not generally forgiven principal within the terms of original restructurings, nor 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. In connection with modifications, the Company takes into account applicable regulatory guidance, including a 2023 interagency Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts. There were no loan modifications for the first six 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 Six months ended June 30, 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 the three months ended June 30, 2022. 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 period ended June 30, 2022 were as follows: Number of Recorded Contracts Investment Commercial real estate 2 $ 2,412,179 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. Off-Balance Sheet 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 Effective January 1, 2023, with the adoption of ASU No. 2016-13 (CECL), the Company estimates expected credit losses on OBS credit exposures 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	6 Months Ended
	Jun. 30, 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. 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	6 Months Ended
	Jun. 30, 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. June 30, December 31, Assets: (market approach) 2023 2022 Level 1 U.S. Government securities $ 38,381,940 $ 38,231,589 Level 2 U.S. GSE debt securities $ 10,525,678 $ 10,375,291 Taxable Municipal securities 245,442 234,858 Tax-exempt Municipal securities 11,439,237 11,323,567 Agency MBS 110,397,614 115,231,599 ABS and OAS 2,459,904 2,693,606 CMO 11,421,942 11,935,925 Other investments 1,664,784 2,891,674 Level 2 Total $ 148,154,601 $ 154,686,520 Grand Total $ 186,536,541 $ 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. June 30, December 31, Level 2 2023 2022 Assets: (market approach) Individually analyzed loans, net of related allowance $ 679,802 $ 94,458 Loans held-for-sale 904,250 0 MSRs (1) 821,369 862,593 (1) Represents MSRs at lower of cost or fair value. FASB ASC Topic 825, “Financial Instruments”, requires disclosure 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: June 30, 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 $ 19,341 $ 19,341 $ 0 $ 0 $ 19,341 Debt securities AFS 186,537 38,382 148,155 0 186,537 Restricted equity securities 1,788 0 1,788 0 1,788 Loans and loans held-for-sale, net of ACL Commercial & industrial 125,131 0 680 121,015 121,695 Purchased 6,149 0 0 5,726 5,726 Commercial real estate 379,534 0 0 356,483 356,483 Municipal 27,675 0 0 26,268 26,268 Residential real estate - 1st lien 199,316 0 0 182,022 182,022 Residential real estate - Jr lien 31,539 0 0 31,135 31,135 Consumer 3,811 0 0 3,822 3,822 MSRs (1) 821 0 1,271 0 1,271 Accrued interest receivable 3,212 0 3,212 0 3,212 Financial liabilities: Deposits Other deposits 850,933 0 847,656 0 847,656 Brokered deposits 249 0 226 0 226 Short-term borrowings 13,400 0 13,400 0 13,400 Long-term borrowings 27,800 0 27,441 0 27,441 Repurchase agreements 35,134 0 35,134 0 35,134 Operating lease obligations 551 0 551 0 551 Finance lease obligations 3,536 0 3,536 0 3,536 Subordinated debentures 12,887 0 12,782 0 12,782 Accrued interest payable 278 0 278 0 278 (1) Reported fair value represents all MSRs for loans serviced by the Company, regardless of carrying amount. 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	6 Months Ended
	Jun. 30, 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: Six Months Ended June 30, 2023 Year Ended December 31, 2022 Balance at beginning of year $ 862,593 $ 897,720 MSRs capitalized 28,610 120,629 MSRs amortized (69,834 ) (155,756 ) Balance at end of period $ 821,369 $ 862,593

Legal Proceedings

Legal Proceedings	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 June 14, 2023, the Company’s Board declared a cash dividend of $0.23 per common share, payable August 1, 2023, to shareholders of record as of July 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)	6 Months Ended
	Jun. 30, 2023
Earnings per Common Share
Schedule Of Earnings Per Common Share	Three Months Ended June 30, 2023 2022 Net income, as reported $ 3,196,339 $ 3,021,152 Less: dividends to preferred shareholders 30,000 13,124 Net income available to common shareholders $ 3,166,339 $ 3,008,028 Weighted average number of common shares used in calculating earnings per share 5,461,597 5,396,060 Earnings per common share $ 0.58 $ 0.56 Six Months Ended June 30, 2023 2022 Net income, as reported $ 6,535,101 $ 5,426,694 Less: dividends to preferred shareholders 58,125 25,312 Net income available to common shareholders $ 6,476,976 $ 5,401,382 Weighted average number of common shares used in calculating earnings per share 5,452,867 5,389,406 Earnings per common share $ 1.19 $ 1.00

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Jun. 30, 2023
Investment Securities
Schedule Of Maturities Of Debt Securities Available For Sale	Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value June 30, 2023 U.S. GSE debt securities $ 12,000,000 $ 0 $ 1,474,322 $ 10,525,678 U.S. Government securities 41,288,500 0 2,906,560 38,381,940 Taxable Municipal securities 300,000 0 54,558 245,442 Tax-exempt Municipal securities 12,010,573 75,171 646,507 11,439,237 Agency MBS 129,348,788 0 18,951,174 110,397,614 ABS and OAS 2,686,936 0 227,032 2,459,904 CMO 11,789,814 0 367,872 11,421,942 Other investments 1,734,000 0 69,216 1,664,784 Total $ 211,158,611 $ 75,171 $ 24,697,241 $ 186,536,541 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value 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 June 30, 2023 $ 53,615,357 $ 45,066,265 December 31, 2022 55,899,113 46,789,284
Schedule Of Available For Debt Securities	Amortized Fair Cost Value June 30, 2023 Due in one year or less $ 9,490,328 $ 9,261,518 Due from one to five years 53,150,139 49,018,937 Due from five to ten years 4,903,728 4,434,174 Due after ten years 14,265,628 13,424,298 Agency MBS 129,348,788 110,397,614 Total $ 211,158,611 $ 186,536,541 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 June 30, 2023 U.S. GSE debt securities $ 0 $ 0 $ 10,525,678 $ 1,474,322 11 $ 10,525,678 $ 1,474,322 U.S. Government securities 0 0 38,381,940 2,906,560 54 38,381,940 2,906,560 Taxable Municipal securities 0 0 245,442 54,558 1 245,442 54,558 Tax-exempt Municipal securities 3,050,243 28,616 4,503,273 617,891 16 7,553,516 646,507 Agency MBS 7,083,036 136,925 103,314,578 18,814,249 122 110,397,614 18,951,174 ABS and OAS 0 0 2,459,904 227,032 4 2,459,904 227,032 CMO 6,197,924 113,282 5,224,018 254,590 10 11,421,942 367,872 Other investments 982,655 8,345 682,129 60,871 10 1,664,784 69,216 Total $ 17,313,858 $ 287,168 $ 165,336,962 $ 24,410,073 228 $ 182,650,820 $ 24,697,241 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)	6 Months Ended
	Jun. 30, 2023
Loans Allowance for Loan Losses and Credit Quality
Schedule Of Composition Of Net Loans	June 30, 2023 December 31, 2022 Commercial & industrial $ 126,208,794 16.16 % $ 112,951,873 15.09 % Purchased 6,167,811 0.79 % 7,530,458 1.00 % Commercial real estate 384,836,723 49.28 % 356,892,986 47.68 % Municipal 27,744,099 3.55 % 34,633,055 4.63 % Residential real estate - 1st lien 200,150,628 25.63 % 198,743,375 26.55 % Residential real estate - Jr lien 32,032,350 4.10 % 33,756,872 4.51 % Consumer 3,844,871 0.49 % 4,039,989 0.54 % Total loans 780,985,276 100.00 % 748,548,608 100.00 % ACL (9,255,501 ) (8,709,225 ) Deferred net loan costs 521,300 493,275 Net loans $ 772,251,075 $ 740,332,658
provision for credit losses	Three Months Ended June 30, 2023 2022 Provision for loan losses $ 378,000 $ 337,500 Provision for credit losses on OBS credit exposure (96,858 ) 0 Provision for credit losses $ 281,142 $ 337,500 Six Months Ended June 30, 2023 2022 Provision for loan losses $ 585,540 $ 1,200,000 Provision for credit losses on OBS credit exposure (17,872 ) 0 Provision for credit losses $ 567,668 $ 1,200,000
impairment evaluation by portfolio segment	Residential Residential Commercial Commercial Real Estate Real Estate & Industrial Purchased Real Estate Municipal 1st Lien Jr Lien Consumer Total ACL beginning balance $ 1,015,638 $ 20,201 $ 5,186,156 $ 91,185 $ 2,396,109 $ 516,648 $ 30,233 $ 9,256,170 Charge-offs (350,000 ) 0 0 0 0 0 (44,187 ) (394,187 ) Recoveries 976 0 57 0 262 1,230 12,993 15,518 Provision (credit) 387,728 (1,864 ) 85,308 (21,825 ) (81,817 ) (24,642 ) 35,112 378,000 ACL ending balance $ 1,054,342 $ 18,337 $ 5,271,521 $ 69,360 $ 2,314,554 $ 493,236 $ 34,151 $ 9,255,501 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 (361,578 ) 0 0 0 0 0 (69,441 ) 0 (431,019 ) Recoveries 2,351 0 22,058 0 72,588 26,777 24,605 0 148,379 Provision (credit) 461,363 (5,557 ) 210,117 (17,223 ) (33,038 ) (73,236 ) 43,114 0 585,540 ACL ending balance $ 1,054,342 $ 18,337 $ 5,271,521 $ 69,360 $ 2,314,554 $ 493,236 $ 34,151 $ 0 $ 9,255,501 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 $ 0 $ 0 $ 962 $ 0 $ 0 $ 962 Collectively 1,054,342 18,337 5,271,521 69,360 2,313,592 493,236 34,151 9,254,539 Total $ 1,054,342 $ 18,337 $ 5,271,521 $ 69,360 $ 2,314,554 $ 493,236 $ 34,151 $ 9,255,501 Loans evaluated for impairment Individually $ 3,649,767 $ 0 $ 2,988,778 $ 0 $ 974,378 $ 69,354 $ 0 $ 7,682,277 Collectively 122,559,027 6,167,811 381,847,945 27,744,099 199,176,250 31,962,996 3,844,871 773,302,999 Total $ 126,208,794 $ 6,167,811 $ 384,836,723 $ 27,744,099 $ 200,150,628 $ 32,032,350 $ 3,844,871 $ 780,985,276 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 Purchased Commercial Real Estate Real Estate & Industrial Loans 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 (20,578 ) 0 (667,474 ) 0 0 0 (20,790 ) 0 (708,842 ) Recoveries 2,454 0 0 0 12,563 2,430 13,912 0 31,359 Provision (credit) 254,980 (8,833 ) 1,324,038 (18,409 ) 67,053 (3,230 ) (7,264 ) (408,335 ) 1,200,000 ALL ending balance $ 1,107,248 $ 59,822 $ 4,808,324 $ 58,319 $ 1,845,508 $ 181,214 $ 41,556 $ 130,782 $ 8,232,773 ALL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 0 $ 102,062 $ 0 $ 0 $ 0 $ 102,062 Collectively 1,107,248 59,822 4,808,324 58,319 1,743,446 181,214 41,556 130,782 8,130,711 Total $ 1,107,248 $ 59,822 $ 4,808,324 $ 58,319 $ 1,845,508 $ 181,214 $ 41,556 $ 130,782 $ 8,232,773 Loans evaluated for impairment Individually $ 145,810 $ 0 $ 3,396,349 $ 0 $ 3,718,383 $ 82,400 $ 0 $ 7,342,942 Collectively 120,626,432 8,546,059 314,687,305 32,399,252 182,387,758 33,474,960 3,463,839 695,585,605 Total $ 120,772,242 $ 8,546,059 $ 318,083,654 $ 32,399,252 $ 186,106,141 $ 33,557,360 $ 3,463,839 $ 702,928,547
Schedule Of Past Due Loans By Segment	90 Days Total June 30, 2023 30-89 Days or More Past Due Current Total Loans Commercial & industrial $ 64,312 $ 3,029,266 $ 3,093,578 $ 123,115,216 $ 126,208,794 Purchased 0 0 0 6,167,811 6,167,811 Commercial real estate 864,534 776,328 1,640,862 383,195,861 384,836,723 Municipal 0 0 0 27,744,099 27,744,099 Residential real estate - 1st lien 1,078,947 384,329 1,463,276 198,687,352 200,150,628 Residential real estate - Jr lien 288,822 25,007 313,829 31,718,521 32,032,350 Consumer 55,267 0 55,267 3,789,604 3,844,871 Totals $ 2,351,882 $ 4,214,930 $ 6,566,812 $ 774,418,464 $ 780,985,276 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 on non accrual status and loans	90 Days or Nonaccrual Nonaccrual Total More and June 30, 2023 with an ACL with No ACL Nonaccrual Accruing Commercial & industrial $ 0 $ 3,649,767 $ 3,649,767 $ 0 Commercial real estate 0 2,991,511 2,991,511 0 Residential real estate - 1st lien 124,090 856,192 980,282 350,504 Residential real estate - Jr lien 0 123,502 123,502 0 Totals $ 124,090 $ 7,620,972 $ 7,745,062 $ 350,504 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 Commercial real estate 0 3,180,478 3,180,478 324,927 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 Totals $ 730,989 $ 7,159,031 $ 7,890,020 $ 573,084
Schedule Of amortized cost basis of loans	Business Commercial Residential Assets (1) Real Estate Real Estate Total Commercial & industrial $ 1,565,635 $ 0 $ 0 $ 1,565,635 Commercial real estate 0 776,329 0 776,329 Residential real estate - 1st lien 0 0 319,420 319,420 $ 1,565,635 $ 776,329 $ 319,420 $ 2,661,384
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 June 30, 2022 Unpaid Recorded Principal Related Investment (1) Balance Allowance Related allowance recorded Residential real estate – 1st lien $ 1,011,645 $ 1,033,657 $ 102,062 No related allowance recorded Commercial & industrial 145,810 181,929 Commercial real estate 3,396,482 4,548,768 Residential real estate - 1st lien 2,739,726 3,745,194 Residential real estate - Jr lien 82,405 128,821 Total with no related allowance 6,364,423 8,604,712 Total impaired loans $ 7,376,068 $ 9,638,369 $ 102,062 As of June 30, 2022 Three Months Ended Six Months Ended Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Related allowance recorded Residential real estate - 1st lien $ 1,062,379 $ 12,570 $ 942,448 $ 26,957 Residential real estate - Jr lien 0 48 0 100 Total with related allowance 1,062,379 12,618 942,448 27,057 No related allowance recorded Commercial & industrial 184,023 0 153,803 204 Commercial real estate 3,554,895 (178 ) 3,887,955 1,492 Residential real estate - 1st lien 2,787,897 49,794 2,875,480 92,508 Residential real estate - Jr lien 84,051 34 85,557 71 Total with no related allowance 6,610,866 49,650 7,002,795 94,275 Total impaired loans $ 7,673,245 $ 62,268 $ 7,945,243 $ 121,332
Risk Ratings Portfolio Segment	As of or for the six months ended, Revolving Revolving June 30, 2023 Loans Loans (In thousands) Term Loans Amortized Cost Basis by Origination Year Amortized Converted 2023 2022 2021 2020 2019 Prior Cost Basis to Term Total Commercial & industrial: Pass $ 9,792 $ 21,220 $ 15,016 $ 3,378 $ 4,621 $ 6,049 $ 54,526 $ 0 $ 114,602 Special mention 0 133 943 245 17 56 5,678 0 7,072 Substandard/Doubtful 0 385 0 261 292 1,538 2,059 0 4,535 Total commercial $ 9,792 $ 21,738 $ 15,959 $ 3,884 $ 4,930 $ 7,643 $ 62,263 $ 0 $ 126,209 Current period gross charge-offs $ 0 $ 150 $ 0 $ 0 $ 0 $ 212 $ 0 $ 0 $ 362 Purchased: Pass $ 164 $ 100 $ 1,802 $ 1,580 $ 2,522 $ 0 $ 0 $ 0 $ 6,168 Total purchased $ 164 $ 100 $ 1,802 $ 1,580 $ 2,522 $ 0 $ 0 $ 0 $ 6,168 Commercial real estate: Pass $ 33,532 $ 80,335 $ 40,459 $ 44,798 $ 35,745 $ 91,753 $ 47,781 $ 0 $ 374,403 Special mention 0 379 1,499 2,757 0 1,497 0 0 6,132 Substandard/Doubtful 0 0 0 594 1,408 2,300 0 0 4,302 Total commercial real estate $ 33,532 $ 80,714 $ 41,958 $ 48,149 $ 37,153 $ 95,550 $ 47,781 $ 0 $ 384,837 Municipal: Pass $ 3,642 $ 908 $ 3,459 $ 5,273 $ 661 $ 11,306 $ 2,495 $ 0 $ 27,744 Total municipal $ 3,642 $ 908 $ 3,459 $ 5,273 $ 661 $ 11,306 $ 2,495 $ 0 $ 27,744 Residential real estate - 1st lien: Pass $ 12,432 $ 40,124 $ 43,113 $ 34,367 $ 10,661 $ 54,485 $ 2,262 $ 0 $ 197,444 Special mention 0 303 131 0 0 0 0 0 434 Substandard/Doubtful 0 0 0 1,854 40 378 0 0 2,272 Total residential real estate - 1st lien $ 12,432 $ 40,427 $ 43,244 $ 36,221 $ 10,701 $ 54,863 $ 2,262 $ 0 $ 200,150 Residential real estate - Jr lien: Pass $ 873 $ 1,994 $ 412 $ 623 $ 664 $ 1,194 $ 24,478 $ 1,712 $ 31,950 Special mention 0 50 0 0 0 0 0 0 50 Substandard/Doubtful 0 0 0 0 0 32 0 0 32 Total residential real estate - Jr lien $ 873 $ 2,044 $ 412 $ 623 $ 664 $ 1,226 $ 24,478 $ 1,712 $ 32,032 Consumer Pass $ 1,509 $ 1,180 $ 560 $ 319 $ 167 $ 110 $ 0 $ 0 $ 3,845 Total consumer $ 1,509 $ 1,180 $ 560 $ 319 $ 167 $ 110 $ 0 $ 0 $ 3,845 Current period gross charge-offs $ 16 $ 19 $ 0 $ 0 $ 1 $ 33 $ 0 $ 0 $ 69 Total Loans $ 62,850 $ 147,111 $ 107,394 $ 96,049 $ 56,798 $ 170,698 $ 139,279 $ 1,712 $ 780,985
Schedule of risk ratings within the loan portfolio	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 Six months ended June 30, 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 $ 2,412,179

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value
Schedule Of Fair Value Assets And Liabilities On Recurring Basis	June 30, December 31, Assets: (market approach) 2023 2022 Level 1 U.S. Government securities $ 38,381,940 $ 38,231,589 Level 2 U.S. GSE debt securities $ 10,525,678 $ 10,375,291 Taxable Municipal securities 245,442 234,858 Tax-exempt Municipal securities 11,439,237 11,323,567 Agency MBS 110,397,614 115,231,599 ABS and OAS 2,459,904 2,693,606 CMO 11,421,942 11,935,925 Other investments 1,664,784 2,891,674 Level 2 Total $ 148,154,601 $ 154,686,520 Grand Total $ 186,536,541 $ 192,918,109
Schedule Of Fair Value Assets And Liabilities Non-recurring Basis	June 30, December 31, Level 2 2023 2022 Assets: (market approach) Individually analyzed loans, net of related allowance $ 679,802 $ 94,458 Loans held-for-sale 904,250 0 MSRs (1) 821,369 862,593
Schedule Of Estimated Fair Values Of Financial Instruments	June 30, 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 $ 19,341 $ 19,341 $ 0 $ 0 $ 19,341 Debt securities AFS 186,537 38,382 148,155 0 186,537 Restricted equity securities 1,788 0 1,788 0 1,788 Loans and loans held-for-sale, net of ACL Commercial & industrial 125,131 0 680 121,015 121,695 Purchased 6,149 0 0 5,726 5,726 Commercial real estate 379,534 0 0 356,483 356,483 Municipal 27,675 0 0 26,268 26,268 Residential real estate - 1st lien 199,316 0 0 182,022 182,022 Residential real estate - Jr lien 31,539 0 0 31,135 31,135 Consumer 3,811 0 0 3,822 3,822 MSRs (1) 821 0 1,271 0 1,271 Accrued interest receivable 3,212 0 3,212 0 3,212 Financial liabilities: Deposits Other deposits 850,933 0 847,656 0 847,656 Brokered deposits 249 0 226 0 226 Short-term borrowings 13,400 0 13,400 0 13,400 Long-term borrowings 27,800 0 27,441 0 27,441 Repurchase agreements 35,134 0 35,134 0 35,134 Operating lease obligations 551 0 551 0 551 Finance lease obligations 3,536 0 3,536 0 3,536 Subordinated debentures 12,887 0 12,782 0 12,782 Accrued interest payable 278 0 278 0 278 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)	6 Months Ended
	Jun. 30, 2023
Loan Servicing
Schedule Of Mortgage Servicing Rights	Six Months Ended June 30, 2023 Year Ended December 31, 2022 Balance at beginning of year $ 862,593 $ 897,720 MSRs capitalized 28,610 120,629 MSRs amortized (69,834 ) (155,756 ) Balance at end of period $ 821,369 $ 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				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings per Common Share
Net income	$ 3,196,339		$ 3,021,152		$ 6,535,101	$ 5,426,694
Less: dividends to preferred shareholders	30,000	$ 28,125	13,124	$ 12,188	58,125	25,312
Net income available to common shareholders	$ 3,166,339		$ 3,008,028		$ 6,476,976	$ 5,401,382
Weighted average number of common shares used in computing earnings per share	5,461,597		5,396,060		5,452,867	5,389,406
Earnings per common share	$ 0.58		$ 0.56		$ 1.19	$ 1

Investment Securities (Details)

Investment Securities (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Amortized Cost	$ 211,158,611	$ 219,079,904
Gross Unrealized Gains	75,171	110,541
Gross Unrealized Losses	24,697,241	26,272,336
Fair Value	186,536,541	192,918,109
U.S. GSE debt securities [Member]
Amortized Cost	12,000,000	12,000,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	1,474,322	1,624,709
Fair Value	10,525,678	10,375,291
U.S. Government securities
Amortized Cost	41,288,500	41,368,624
Gross Unrealized Gains	0	0
Gross Unrealized Losses	2,906,560	3,137,035
Fair Value	38,381,940	38,231,589
Taxable municipal securities
Amortized Cost	300,000	300,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	54,558	65,142
Fair Value	245,442	234,858
Tax-exempt municipal securities
Amortized Cost	12,010,573	12,042,410
Gross Unrealized Gains	75,171	40,513
Gross Unrealized Losses	646,507	759,356
Fair Value	11,439,237	11,323,567
Agency mortgage-backed securities (Agency MBS) [Member]
Amortized Cost	129,348,788	135,193,097
Gross Unrealized Gains	0	69,447
Gross Unrealized Losses	18,951,174	20,030,945
Fair Value	110,397,614	115,231,599
ABS and OAS [Member]
Amortized Cost	2,686,936	2,929,740
Gross Unrealized Gains	0	0
Gross Unrealized Losses	227,032	236,134
Fair Value	2,459,904	2,693,606
CMO [Member]
Amortized Cost	11,789,814	12,278,033
Gross Unrealized Gains	0	581
Gross Unrealized Losses	367,872	342,689
Fair Value	11,421,942	11,935,925
Other investment [Member]
Amortized Cost	1,734,000	2,968,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	69,216	76,326
Fair Value	$ 1,664,784	$ 2,891,674

Investment Securities (Details

Investment Securities (Details 1) - U.S. GSE debt securities, Agency MBS, ABS and OAS, CMO and CDs [Member] - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Amortized Cost	$ 53,615,357	$ 55,899,113
Fair Value	$ 45,066,265	$ 46,789,284

Investment Securities (Detail_2

Investment Securities (Details 2) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Total, Amortized Cost	$ 211,158,611	$ 219,079,904
Available for sale Securities [Member]
Due In One Year Or Less, Amortized Cost	9,490,328	1,976,000
Due From One To Five Years, Amortized Cost	53,150,139	58,875,224
Due From Five To Ten Years, Amortized Cost	4,903,728	8,631,626
Due After Ten Years, Amortized Cost	14,265,628	14,403,957
Agency Mbs, Amortized Cost	129,348,788	135,193,097
Total, Amortized Cost	211,158,611	219,079,904
Due In One Year Or Less, Fair Value	9,261,518	1,966,767
Due From One To Five Years, Fair Value	49,018,937	54,736,949
Due From Five To Ten Years, Fair Value	4,434,174	7,591,761
Due After Ten Years, Fair Value	13,424,298	13,391,033
Agency Mbs, Fair Value	110,397,614	115,231,599
Total, Fair Value	$ 186,536,541	$ 192,918,109

Investment Securities (Detail_3

Investment Securities (Details 3)	Jun. 30, 2023 USD ($) integer	Dec. 31, 2022 USD ($) integer
Fair Value Less Than 12 Months	$ 17,313,858	$ 44,811,508
Unrealized Loss Less Than 12 Months	287,168	2,267,236
Fair Value 12 Months Or More	165,336,962	141,045,975
Unrealized Loss 12 Months Or More	$ 24,410,073	$ 24,005,100
Number Of Securities | integer	228	230
Fair Value	$ 182,650,820	$ 185,857,483
Unrealized Loss	24,697,241	26,272,336
Other investments [Member]
Fair Value Less Than 12 Months	982,655	2,451,892
Unrealized Loss Less Than 12 Months	8,345	20,108
Fair Value 12 Months Or More	682,129	439,782
Unrealized Loss 12 Months Or More	$ 60,871	$ 56,218
Number Of Securities | integer	10	12
Fair Value	$ 1,664,784	$ 2,891,674
Unrealized Loss	69,216	76,326
U.S. GSE debt 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	10,525,678	7,651,903
Unrealized Loss 12 Months Or More	$ 1,474,322	$ 1,348,098
Number Of Securities | integer	11	11
Fair Value	$ 10,525,678	$ 10,375,291
Unrealized Loss	1,474,322	1,624,709
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	38,381,940	33,393,698
Unrealized Loss 12 Months Or More	$ 2,906,560	$ 2,967,534
Number Of Securities | integer	54	54
Fair Value	$ 38,381,940	$ 38,231,589
Unrealized Loss	2,906,560	3,137,035
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	245,442	234,858
Unrealized Loss 12 Months Or More	$ 54,558	$ 65,142
Number Of Securities | integer	1	1
Fair Value	$ 245,442	$ 234,858
Unrealized Loss	54,558	65,142
Tax-exempt municipal securities
Fair Value Less Than 12 Months	3,050,243	8,608,507
Unrealized Loss Less Than 12 Months	28,616	522,128
Fair Value 12 Months Or More	4,503,273	592,388
Unrealized Loss 12 Months Or More	$ 617,891	$ 237,228
Number Of Securities | integer	16	19
Fair Value	$ 7,553,516	$ 9,200,895
Unrealized Loss	646,507	759,356
Agency mortgage-backed securities (Agency MBS) [Member]
Fair Value Less Than 12 Months	7,083,036	14,541,901
Unrealized Loss Less Than 12 Months	136,925	810,356
Fair Value 12 Months Or More	103,314,578	97,718,436
Unrealized Loss 12 Months Or More	$ 18,814,249	$ 19,220,589
Number Of Securities | integer	122	120
Fair Value	$ 110,397,614	$ 112,260,337
Unrealized Loss	18,951,174	20,030,945
ABS and OAS [Member]
Fair Value Less Than 12 Months	0	2,693,606
Unrealized Loss Less Than 12 Months	0	236,134
Fair Value 12 Months Or More	2,459,904	0
Unrealized Loss 12 Months Or More	$ 227,032	$ 0
Number Of Securities | integer	4	4
Fair Value	$ 2,459,904	$ 2,693,606
Unrealized Loss	227,032	236,134
CMO [Member]
Fair Value Less Than 12 Months	6,197,924	8,954,323
Unrealized Loss Less Than 12 Months	113,282	232,398
Fair Value 12 Months Or More	5,224,018	1,014,910
Unrealized Loss 12 Months Or More	$ 254,590	$ 110,291
Number Of Securities | integer	10	9
Fair Value	$ 11,421,942	$ 9,969,233
Unrealized Loss	$ 367,872	$ 342,689

Investment Securities (Detail_4

Investment Securities (Details Narrative) - Agency mortgage-backed securities (Agency MBS) [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Exceeding of investments	10%
Investments book value	$ 129.3	$ 135.2
Investments at fair value	$ 110.4	$ 115.2

Loans Allowance for Loan Loss_3

Loans Allowance for Loan Losses and Credit Quality (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Loans Allowance for Loan Losses and Credit Quality
Commercial & industrial	$ 126,208,794	$ 112,951,873
Purchased loans	6,167,811	7,530,458
Commercial Real Estate	384,836,723	356,892,986
Municipal	27,744,099	34,633,055
Residential Real Estate - 1st Lien	200,150,628	198,743,375
Residential Real Estate - Jr Lien	32,032,350	33,756,872
Consumer	3,844,871	4,039,989
Total Loans	$ 780,985,276	$ 748,548,608
Composition of Commercial & industrial	16.16%	15.09%
Composition of Purchased loans	0.79%	1%
Composition of commercial Real Estate	49.28%	47.68%
Composition of municipal	3.55%	4.63%
Composition of residential Real Estate - 1st Lien	25.63%	26.55%
Composition of residential Real Estate - Jr Lien	4.10%	4.51%
Composition of consumer	0.49%	0.54%
Total Loan percentage	100%	100%
Deduct (add):
ACL	$ (9,255,501)	$ (8,709,225)
Deferred net loan costs (fees)	521,300	493,275
Net Loans	$ 772,251,075	$ 740,332,658

Loans Allowance for Loan Loss_4

Loans Allowance for Loan Losses and Credit Quality (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Loans Allowance for Loan Losses and Credit Quality
Provision for loan losses	$ 378,000	$ 337,500	$ 585,540	$ 1,200,000
Provision for credit losses on OBS credit exposure	(96,858)	0	(17,872)	0
Provision for credit losses	$ 281,142	$ 337,500	$ 567,668	$ 1,200,000

Loans Allowance for Loan Loss_5

Loans Allowance for Loan Losses and Credit Quality (Details 2) - USD ($)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Allowance For Loan Losses, Beginning Balance	$ 9,256,170	$ 8,709,225	$ 7,710,256	$ 7,710,256
Impact of adopting CECL		243,376
Charge-offs	(394,187)	(431,019)	(708,842)	(807,974)
Recoveries	15,518	148,379	31,359	828,943
Provision (credit)	378,000	585,540	1,200,000	978,000
Allowance For Loan Losses, Ending balance	9,255,501	9,255,501	8,232,773	8,709,225
Allowance For Loan Losses, Evaluated For Impairment, Individually	962	962	102,062	108,602
Allowance For Loan Losses Evaluated For Impairment, Collectively	9,254,539	9,254,539	8,130,711	8,600,623
Total All Evaluted For Impairment		9,255,501	8,232,773	8,709,225
Loans Evaluated For Impairment, Individually	7,682,277	7,682,277	7,342,942	10,512,387
Loans Evaluated For Impairment Collectively	773,302,999	773,302,999	695,585,605	738,036,221
Total, Loans Evaluted For Impairment		780,985,276	702,928,547	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 (credit)		0	(408,335)	(436,928)
Allowance For Loan Losses, Ending balance	0	0	130,782	102,189
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	0	0	130,782	102,189
Total All Evaluted For Impairment		0	130,782	102,189
Commercial Real Estates [Member]
Allowance For Loan Losses, Beginning Balance	5,186,156	5,061,813	4,151,760	4,151,760
Impact of adopting CECL		(22,467)
Charge-offs	0	0	(667,474)	(667,474)
Recoveries	57	22,058	0	667,474
Provision (credit)	85,308	210,117	1,324,038	910,053
Allowance For Loan Losses, Ending balance	5,271,521	5,271,521	4,808,324	5,061,813
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	5,271,521	5,271,521	4,808,324	5,061,813
Total All Evaluted For Impairment		5,271,521	4,808,324	5,061,813
Loans Evaluated For Impairment, Individually	2,988,778	2,988,778	3,396,349	3,176,835
Loans Evaluated For Impairment Collectively	381,847,945	381,847,945	314,687,305	353,716,151
Total, Loans Evaluted For Impairment		384,836,723	318,083,654	356,892,986
Residential real estate - 1st lien [Member]
Allowance For Loan Losses, Beginning Balance	2,396,109	2,001,836	1,765,892	1,765,892
Impact of adopting CECL		273,168
Charge-offs	0	0	0	0
Recoveries	262	72,588	12,563	111,763
Provision (credit)	(81,817)	(33,038)	67,053	124,181
Allowance For Loan Losses, Ending balance	2,314,554	2,314,554	1,845,508	2,001,836
Allowance For Loan Losses, Evaluated For Impairment, Individually	962	962	102,062	106,280
Allowance For Loan Losses Evaluated For Impairment, Collectively	2,313,592	2,313,592	1,743,446	1,895,556
Total All Evaluted For Impairment		2,314,554	1,845,508	2,001,836
Loans Evaluated For Impairment, Individually	974,378	974,378	3,718,383	3,816,012
Loans Evaluated For Impairment Collectively	199,176,250	199,176,250	182,387,758	194,927,363
Total, Loans Evaluted For Impairment		200,150,628	186,106,141	198,743,375
Commercial & industrial [Member]
Allowance For Loan Losses, Beginning Balance	1,015,638	1,116,322	870,392	870,392
Impact of adopting CECL		(164,116)
Charge-offs	(350,000)	(361,578)	(20,578)	(76,875)
Recoveries	976	2,351	2,454	14,112
Provision (credit)	387,728	461,363	254,980	308,693
Allowance For Loan Losses, Ending balance	1,054,342	1,054,342	1,107,248	1,116,322
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	0	2,322
Allowance For Loan Losses Evaluated For Impairment, Collectively	1,054,342	1,054,342	1,107,248	1,114,000
Total All Evaluted For Impairment		1,054,342	1,107,248	1,116,322
Loans Evaluated For Impairment, Individually	3,649,767	3,649,767	145,810	3,442,124
Loans Evaluated For Impairment Collectively	122,559,027	122,559,027	120,626,432	109,509,749
Total, Loans Evaluted For Impairment		126,208,794	120,772,242	112,951,873
Purchased Loan [Member]
Allowance For Loan Losses, Beginning Balance	20,201	53,090	68,655	68,655
Impact of adopting CECL		(29,196)
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision (credit)	(1,864)	(5,557)	(8,833)	(15,565)
Allowance For Loan Losses, Ending balance	18,337	18,337	59,822	53,090
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	18,337	18,337	59,822	53,090
Total All Evaluted For Impairment		18,337	59,822	53,090
Loans Evaluated For Impairment, Individually	0	0	0	0
Loans Evaluated For Impairment Collectively	6,167,811	6,167,811	8,546,059	7,530,458
Total, Loans Evaluted For Impairment		6,167,811	8,546,059	7,530,458
Municipal [Member]
Allowance For Loan Losses, Beginning Balance	91,185	62,339	76,728	76,728
Impact of adopting CECL		24,244
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision (credit)	(21,825)	(17,223)	(18,409)	(14,389)
Allowance For Loan Losses, Ending balance	69,360	69,360	58,319	62,339
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	69,360	69,360	58,319	62,339
Total All Evaluted For Impairment		69,360	58,319	62,339
Loans Evaluated For Impairment, Individually	0	0	0	0
Loans Evaluated For Impairment Collectively	27,744,099	27,744,099	32,399,252	34,633,055
Total, Loans Evaluted For Impairment		27,744,099	32,399,252	34,633,055
Residential real estate - Jr lien [Member]
Allowance For Loan Losses, Beginning Balance	516,648	241,950	182,014	182,014
Impact of adopting CECL		297,745
Charge-offs	0	0	0	0
Recoveries	1,230	26,777	2,430	5,089
Provision (credit)	(24,642)	(73,236)	(3,230)	54,847
Allowance For Loan Losses, Ending balance	493,236	493,236	181,214	241,950
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	493,236	493,236	181,214	241,950
Total All Evaluted For Impairment		493,236	181,214	241,950
Loans Evaluated For Impairment, Individually	69,354	69,354	82,400	77,416
Loans Evaluated For Impairment Collectively	31,962,996	31,962,996	33,474,960	33,679,456
Total, Loans Evaluted For Impairment		32,032,350	33,557,360	33,756,872
Consumer [Member]
Allowance For Loan Losses, Beginning Balance	30,233	69,686	55,698	55,698
Impact of adopting CECL		(33,813)
Charge-offs	(44,187)	(69,441)	(20,790)	(63,625)
Recoveries	12,993	24,605	13,912	30,505
Provision (credit)	35,112	43,114	(7,264)	47,108
Allowance For Loan Losses, Ending balance	34,151	34,151	41,556	69,686
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	34,151	34,151	41,556	69,686
Total All Evaluted For Impairment		34,151	41,556	69,686
Loans Evaluated For Impairment, Individually	0	0	0	0
Loans Evaluated For Impairment Collectively	$ 3,844,871	3,844,871	3,463,839	4,039,989
Total, Loans Evaluted For Impairment		$ 3,844,871	$ 3,463,839	$ 4,039,989

Loans Allowance for Loan Loss_6

Loans Allowance for Loan Losses and Credit Quality (Details 3) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
30-89 Days	$ 2,351,882	$ 5,631,089
90 Days Or More	4,214,930	1,899,792
Total Past Due	6,566,812	7,530,881
Current	774,418,464	741,017,727
Total Loans	780,985,276	748,548,608
Non-accrual with an ACL	124,090	730,989
Non-accrual with no ACL	7,620,972	7,159,031
Non-accrual Loans	7,745,062	7,890,020
90 Days Or More And Accruing	350,504	573,084
Commercial Real Estates [Member]
30-89 Days	864,534	1,395,444
90 Days Or More	776,328	353,842
Total Past Due	1,640,862	1,749,286
Current	383,195,861	355,143,700
Total Loans	384,836,723	356,892,986
Non-accrual with an ACL	0	0
Non-accrual with no ACL	2,991,511	3,180,478
Non-accrual Loans	2,991,511	3,180,478
90 Days Or More And Accruing	0	324,927
Residential real estate - 1st lien [Member]
30-89 Days	1,078,947	1,517,653
90 Days Or More	384,329	641,141
Total Past Due	1,463,276	2,158,794
Current	198,687,352	196,584,581
Total Loans	200,150,628	198,743,375
Non-accrual with an ACL	124,090	278,026
Non-accrual with no ACL	856,192	858,304
Non-accrual Loans	980,282	1,136,330
90 Days Or More And Accruing	350,504	248,157
Commercial & industrial [Member]
30-89 Days	64,312	2,377,668
90 Days Or More	3,029,266	879,802
Total Past Due	3,093,578	3,257,470
Current	123,115,216	109,694,403
Total Loans	126,208,794	112,951,873
Non-accrual with an ACL	0	452,963
Non-accrual with no ACL	3,649,767	2,989,161
Non-accrual Loans	3,649,767	3,442,124
90 Days Or More And Accruing	0	0
Purchased Loan [Member]
30-89 Days	0	0
90 Days Or More	0	0
Total Past Due	0	0
Current	6,167,811	7,530,458
Total Loans	6,167,811	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	27,744,099	34,633,055
Total Loans	27,744,099	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	288,822	321,579
90 Days Or More	25,007	25,007
Total Past Due	313,829	346,586
Current	31,718,521	33,410,286
Total Loans	32,032,350	33,756,872
Non-accrual with an ACL	0	0
Non-accrual with no ACL	123,502	131,088
Non-accrual Loans	123,502	131,088
90 Days Or More And Accruing	0	0
Consumer [Member]
30-89 Days	55,267	18,745
90 Days Or More	0	0
Total Past Due	55,267	18,745
Current	3,789,604	4,021,244
Total Loans	3,844,871	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

Loans Allowance for Loan Loss_7

Loans Allowance for Loan Losses and Credit Quality (Details 4)	Jun. 30, 2023 USD ($)
Business assets loan	$ 1,565,635
Commercial real estate loan	776,329
Residential real estate loan	319,420
Total collateral-dependent loans	2,661,384
Commercial [Member]
Business assets loan	1,565,635
Commercial real estate loan	0
Residential real estate loan	0
Total collateral-dependent loans	1,565,635
Commercial Real Estate [Member]
Business assets loan	0
Commercial real estate loan	776,329
Residential real estate loan	0
Total collateral-dependent loans	776,329
Residential real estate - 1st lien [Member]
Business assets loan	0
Commercial real estate loan	0
Residential real estate loan	319,420
Total collateral-dependent loans	$ 319,420

Loans Allowance for Loan Loss_8

Loans Allowance for Loan Losses and Credit Quality (Details 5) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2022
Recorded Investment Allowance Recorded	$ 7,376,068	$ 7,376,068	$ 10,523,904
Unpaid Principal Balance Allowance Recorded	9,638,369	9,638,369	12,217,992
Related Allowance With An Allowance Recorded	102,062	102,062	108,602
Average recorded investment	7,673,245	7,945,243
Interest income recognized	62,268	121,332
Total Related Allowance
Recorded Investment With An Allowance Recorded			1,494,693
Unpaid Principal Balance With An Allowance Recorded			1,536,095
Related Allowance With An Allowance Recorded			108,602
Average Recorded Investment With An Allowance Recorded	1,062,379	942,448
Interest Income Recognized With An Allowance Recorded	12,618	27,057
Total No Related Allowance [Member]
Recorded Investment With No Related Allowance Recorded	6,364,423	6,364,423	9,029,211
Unpaid Principal Balance With No Related Allowance Recorded	8,604,712	8,604,712	10,681,897
Average recorded investment	6,610,866	7,002,795
Interest income recognized	49,650	94,275
Commercial Real Estates [Member]
Recorded Investment With No Related Allowance Recorded	3,396,482	3,396,482	3,176,962
Unpaid Principal Balance With No Related Allowance Recorded	4,548,768	4,548,768	3,671,196
Average recorded investment	3,554,895	3,887,955
Interest income recognized	178	1,492
Residential real estate - 1st lien [Member]
Recorded Investment With An Allowance Recorded	1,011,645	1,011,645	1,041,730
Unpaid Principal Balance With An Allowance Recorded	1,033,657	1,033,657	1,073,350
Related Allowance With An Allowance Recorded	102,062	102,062	106,280
Recorded Investment With No Related Allowance Recorded	2,739,726	2,739,726	2,785,669
Unpaid Principal Balance With No Related Allowance Recorded	3,745,194	3,745,194	3,805,682
Average recorded investment	2,787,897	2,875,480
Interest income recognized	49,794	92,508
Average Recorded Investment With An Allowance Recorded	1,062,379	942,448
Interest Income Recognized With An Allowance Recorded	12,570	26,957
Commercial & industrial [Member]
Recorded Investment With An Allowance Recorded			452,963
Unpaid Principal Balance With An Allowance Recorded			462,745
Related Allowance With An Allowance Recorded			2,322
Recorded Investment With No Related Allowance Recorded	145,810	145,810	2,989,161
Unpaid Principal Balance With No Related Allowance Recorded	181,929	181,929	3,078,769
Average recorded investment	184,023	153,803
Interest income recognized	0	204
Residential real estate - Jr lien [Member]
Recorded Investment With No Related Allowance Recorded	82,405	82,405	77,419
Unpaid Principal Balance With No Related Allowance Recorded	128,821	128,821	$ 126,250
Average recorded investment	84,051	85,557
Interest income recognized	34	71
Average Recorded Investment With An Allowance Recorded	0	0
Interest Income Recognized With An Allowance Recorded	$ 48	$ 100

Loans Allowance for Loan Loss_9

Loans Allowance for Loan Losses and Credit Quality (Details 6)	Jun. 30, 2023 USD ($)
2023	$ 62,850
2022	147,111
2021	107,394
2020	96,049
2019	56,798
Revolving loan amortized cost basis	139,279
Revolving loan converted to term	1,712
Total loan	780,985
Prior	170,698
Residential real estate - 1st lien [Member]
2023	12,432
2022	40,427
2021	43,244
2020	36,221
2019	10,701
Revolving loan amortized cost basis	2,262
Revolving loan converted to term	0
Total loan	200,150
Prior	54,863
Substandard Doubtful [Member] | Residential real estate - 1st lien [Member]
2023	0
2022	0
2021	0
2020	1,854
2019	40
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	2,272
Prior	378
Pass [Member] | Residential real estate - 1st lien [Member]
2023	12,432
2022	40,124
2021	43,113
2020	34,367
2019	10,661
Revolving loan amortized cost basis	2,262
Revolving loan converted to term	0
Total loan	197,444
Prior	54,485
Special mention [Member] | Residential real estate - 1st lien [Member]
2023	0
2022	303
2021	131
2020	0
2019	0
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	434
Prior	0
Municipal [Member]
2023	3,642
2022	908
2021	3,459
2020	5,273
2019	661
Revolving loan amortized cost basis	2,495
Revolving loan converted to term	0
Total loan	27,744
Prior	11,306
Municipal [Member] | Pass [Member]
2023	3,642
2022	908
2021	3,459
2020	5,273
2019	661
Revolving loan amortized cost basis	2,495
Revolving loan converted to term	0
Total loan	27,744
Residential real estate - Jr lien [Member]
2023	873
2022	2,044
2021	412
2020	623
2019	664
Revolving loan amortized cost basis	24,478
Revolving loan converted to term	1,712
Total loan	32,032
Prior	1,226
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	32
Prior	32
Residential real estate - Jr lien [Member] | Pass [Member]
2023	873
2022	1,994
2021	412
2020	623
2019	664
Revolving loan amortized cost basis	24,478
Revolving loan converted to term	1,712
Total loan	31,950
Prior	1,194
Residential real estate - Jr lien [Member] | Special mention [Member]
2023	0
2022	50
2021	0
2020	0
2019	0
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	50
Prior	0
Consumer [Member]
2023	1,509
2022	1,180
2021	560
2020	319
2019	167
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	3,845
Prior	110
Consumer [Member] | Pass [Member]
2023	1,509
2022	1,180
2021	560
2020	319
2019	167
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	3,845
Prior	110
Commercial [Member]
2023	9,792
2022	21,738
2021	15,959
2020	3,884
2019	4,930
Revolving loan amortized cost basis	62,263
Revolving loan converted to term	0
Total loan	126,209
Prior	7,643
Commercial [Member] | Substandard Doubtful [Member]
2023	0
2022	385
2021	0
2020	261
2019	292
Revolving loan amortized cost basis	2,059
Revolving loan converted to term	0
Total loan	4,535
Prior	1,538
Commercial [Member] | Pass [Member]
2023	9,792
2022	21,220
2021	15,016
2020	3,378
2019	4,621
Revolving loan amortized cost basis	54,526
Revolving loan converted to term	0
Total loan	114,602
Prior	6,049
Commercial [Member] | Special mention [Member]
2023	0
2022	133
2021	943
2020	245
2019	17
Revolving loan amortized cost basis	5,678
Revolving loan converted to term	0
Total loan	7,072
Prior	56
Commercial Real Estate [Member]
2023	33,532
2022	80,714
2021	41,958
2020	48,149
2019	37,153
Revolving loan amortized cost basis	47,781
Revolving loan converted to term	0
Total loan	384,837
Prior	95,550
Commercial Real Estate [Member] | Substandard Doubtful [Member]
2023	0
2022	0
2021	0
2020	594
2019	1,408
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	4,302
Prior	2,300
Commercial Real Estate [Member] | Pass [Member]
2023	33,532
2022	80,335
2021	40,459
2020	44,798
2019	35,745
Revolving loan amortized cost basis	47,781
Revolving loan converted to term	0
Total loan	374,403
Prior	91,753
Commercial Real Estate [Member] | Special mention [Member]
2023	0
2022	379
2021	1,499
2020	2,757
2019	0
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	6,132
Prior	1,497
Current period gross charge-offs [Member]
2023	0
2022	150
2021	0
2020	0
2019	0
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	362
Prior	212
Purchased [Member]
2023	164
2022	100
2021	1,802
2020	1,580
2019	2,522
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	6,168
Prior	0
Purchased [Member] | Pass [Member]
2023	164
2022	100
2021	1,802
2020	1,580
2019	2,522
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	6,168
Prior	0
Current period gross charge-offs one [Member]
2023	16
2022	19
2021	0
2020	0
2019	1
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	69
Prior	$ 33

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
Commercial & industrial [Member]
Group A	104,697,047
Group B	6,296,411
Group C	1,958,415
Total Loans	112,951,873
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

Loans Allowance for Loan Los_11

Loans Allowance for Loan Losses and Credit Quality (Details 8) - Residential real estate - 1st lien [Member]	6 Months Ended	12 Months Ended
	Jun. 30, 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
	Dec. 31, 2022 USD ($) integer	Jun. 30, 2022 USD ($) integer
Number Of Contracts | integer	2	2
Recorded Investment | $	$ 2,412,179	$ 2,412,179

Loans Allowance for Loan Los_13

Loans Allowance for Loan Losses and Credit Quality (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Loans Allowance for Loan Losses and Credit Quality
Total		$ 106,280
Loans	$ 0	$ 195,082
Accrued Interest Receivable And Deferred Net Loan Costs	11,517		$ 33,126
Non accrual status or tdrs regardless of amount	$ 100,000

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Details Narrative) - USD ($)	Jun. 30, 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 ($)	Jun. 30, 2023	Dec. 31, 2022
Assets: (market approach)
Assets recorded at fair value on a recurring basis	$ 186,536,541	$ 192,918,109
Fair Value Level 1 | U.S. Government securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	38,381,940	38,231,589
Fair Value Level 2
Assets: (market approach)
Assets recorded at fair value on a recurring basis	148,154,601	154,686,520
Fair Value Level 2 | Other investments [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	1,664,784	2,891,674
Fair Value Level 2 | Taxable municipal securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	245,442	234,858
Fair Value Level 2 | Tax-exempt municipal securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	11,439,237	11,323,567
Fair Value Level 2 | U.S. GSE debt securities [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	10,525,678	10,375,291
Fair Value Level 2 | Agency MBS
Assets: (market approach)
Assets recorded at fair value on a recurring basis	110,397,614	115,231,599
Fair Value Level 2 | ABS and OAS
Assets: (market approach)
Assets recorded at fair value on a recurring basis	2,459,904	2,693,606
Fair Value Level 2 | CMO [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	$ 11,421,942	$ 11,935,925

Fair Value (Details 1)

Fair Value (Details 1) - Fair Value Level 2 - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Individually analyzed loans, net of related allowance	$ 679,802	$ 94,458
Loans held-for-sale	904,250	0
MSRs	$ 821,369	$ 862,593

Fair Value (Details 2)

Fair Value (Details 2) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Purchased loans	$ 6,167,811	$ 7,530,458
Carrying Amount
Cash and cash equivalents	19,341,000	71,140,000
Debt securities AFS	186,537,000	192,918,000
Restricted equity securities	1,788,000	1,412,000
Commercial & industrial	125,131,000	111,792,000
Short-term borrowings	13,400,000
Purchased loans	6,149,000	7,476,000
Commercial real estate	379,534,000	351,738,000
Municipal	27,675,000	34,566,000
Residential real estate - 1st lien	199,316,000	197,281,000
Residential real estate - Jr lien	31,539,000	33,510,000
Consumer	3,811,000	3,970,000
MSRs (1)	821,000	863,000
Accrued interest receivable	3,212,000	3,214,000
Other deposits	850,933,000	922,723,000
Brokered deposits	249,000	249,000
Long-term borrowings	27,800,000	1,300,000
Repurchase agreements	35,134,000	33,078,000
Operating lease obligations	551,000	658,000
Finance lease obligations	3,536,000	3,645,000
Subordinated debentures	12,887,000	12,887,000
Accrued interest payable	278,000	74,000
Fair Value
Cash and cash equivalents	19,341,000	71,140,000
Debt securities AFS	186,537,000	192,918,000
Restricted equity securities	1,788,000	1,412,000
Commercial & industrial	121,695,000	109,534,000
Short-term borrowings	13,400,000
Purchased loans	5,726,000	7,119,000
Commercial real estate	356,483,000	340,283,000
Municipal	26,268,000	34,558,000
Residential real estate - 1st lien	182,022,000	180,944,000
Residential real estate - Jr lien	31,135,000	33,218,000
Consumer	3,822,000	3,949,000
MSRs (1)	1,271,000	1,287,000
Accrued interest receivable	3,212,000	3,214,000
Other deposits	847,656,000	918,882,000
Brokered deposits	226,000	225,000
Long-term borrowings	27,441,000	1,025,000
Repurchase agreements	35,134,000	33,078,000
Operating lease obligations	551,000	658,000
Finance lease obligations	3,536,000	3,645,000
Subordinated debentures	12,782,000	12,740,000
Accrued interest payable	278,000	74,000
Fair Value Level 2
Cash and cash equivalents	0	0
Debt securities AFS	148,155,000	154,686,000
Restricted equity securities	1,788,000	1,412,000
Commercial & industrial	680,000	0
Short-term borrowings	13,400,000
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)	1,271,000	1,287,000
Accrued interest receivable	3,212,000	3,214,000
Other deposits	847,656,000	918,882,000
Brokered deposits	226,000	225,000
Long-term borrowings	27,441,000	1,025,000
Repurchase agreements	35,134,000	33,078,000
Operating lease obligations	551,000	658,000
Finance lease obligations	3,536,000	3,645,000
Subordinated debentures	12,782,000	12,740,000
Accrued interest payable	278,000	74,000
Fair Value Level 1
Cash and cash equivalents	19,341,000	71,140,000
Debt securities AFS	38,382,000	38,232,000
Restricted equity securities	0	0
Commercial & industrial	0	0
Short-term borrowings	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	121,015,000	109,534,000
Purchased loans	5,726,000	7,119,000
Commercial real estate	356,483,000	340,254,000
Municipal	26,268,000	34,558,000
Residential real estate - 1st lien	182,022,000	180,879,000
Residential real estate - Jr lien	31,135,000	33,218,000
Consumer	3,822,000	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 ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Loan Servicing
Balance At Beginning Of Year	$ 862,593	$ 897,720
Msrs Capitalized	28,610	120,629
Msrs Amortized	(69,834)	(155,756)
Balance At end Of Year	$ 821,369	$ 862,593

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	6 Months Ended
	Jun. 30, 2023 $ / shares
Subsequent Events
Dividends Declared Per Common Share	$ 0.23