Community Bancorp (CMTV) 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 06, 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	Sep. 30, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		5,493,658
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
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and due from banks	$ 12,267,270	$ 12,302,771
Federal funds sold and overnight deposits	5,265,072	58,837,557
Total cash and cash equivalents	17,532,342	71,140,328
Securities available-for-sale	181,928,461	192,918,109
Restricted equity securities, at cost	1,423,550	1,411,750
Loans held-for-sale	56,700	0
Loans	838,572,268	748,548,608
Allowance for credit losses	(9,487,973)	(8,709,225)
Deferred net loan costs	550,230	493,275
Net loans	829,634,525	740,332,658
Bank premises and equipment, net	12,597,756	13,042,468
Accrued interest receivable	3,830,129	3,214,332
Bank owned life insurance	5,212,622	5,153,387
Goodwill	11,574,269	11,574,269
Other assets	19,499,790	17,244,846
Total assets	1,083,290,144	1,056,032,147
Liabilities and Shareholders' Equity
Demand, non-interest bearing	205,188,102	216,093,534
Interest-bearing transaction accounts	284,744,064	294,050,079
Money market funds	137,192,956	140,117,086
Savings	159,409,376	171,072,921
Time deposits, $250,000 and over	21,306,259	15,632,058
Other time deposits	93,364,162	86,006,601
Total deposits	901,204,919	922,972,279
Borrowed funds	49,150,000	1,300,000
Repurchase agreements	31,580,426	33,077,829
Junior subordinated debentures	12,887,000	12,887,000
Accrued interest and other liabilities	9,661,103	10,618,676
Total liabilities	1,004,483,448	980,855,784
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at 09/30/23 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, 5,700,828 shares issued at 09/30/23 and 5,647,710 shares issued at 12/31/22	14,252,070	14,119,275
Additional paid-in capital	37,242,239	36,383,235
Retained earnings	51,959,399	46,464,447
Accumulated other comprehensive loss	(23,524,235)	(20,667,817)
Less: treasury stock, at cost; 210,101 shares at 09/30/23 and 12/31/22	(2,622,777)	(2,622,777)
Total shareholders' equity	78,806,696	75,176,363
Total liabilities and shareholders' equity	$ 1,083,290,144	$ 1,056,032,147
Book value per common share outstanding	$ 14.08	$ 13.55

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 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)	5,700,828	5,647,710
Treasury Stock (in Shares)	210,101	210,101

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest income
Interest and fees on loans	$ 10,919,330	$ 8,182,209	$ 30,310,324	$ 23,300,119
Interest on taxable debt securities	941,956	799,856	2,815,397	2,192,540
Interest on tax-exempt debt securities	90,659	68,155	271,975	112,890
Dividends	39,904	23,029	104,556	56,121
Interest on federal funds sold and overnight deposits	94,515	358,907	568,803	609,532
Total interest income	12,086,364	9,432,156	34,071,055	26,271,202
Interest expense
Interest on deposits	2,501,243	837,983	6,570,373	1,975,401
Interest on borrowed funds	676,837	21,363	953,799	64,993
Interest on repurchase agreements	201,518	45,153	548,300	88,322
Interest on junior subordinated debentures	276,707	154,091	776,296	373,506
Total interest expense	3,656,305	1,058,590	8,848,768	2,502,222
Net interest income	8,430,059	8,373,566	25,222,287	23,768,980
Provision for credit losses	240,889	125,000	808,557	1,325,000
Net interest income after provision for credit losses	8,189,170	8,248,566	24,413,730	22,443,980
Non-interest income
Service fees	937,890	939,807	2,757,629	2,739,076
Income from sold loans	144,747	109,411	358,942	508,795
Other income from loans	310,645	301,710	1,081,093	895,884
Other income	318,309	180,675	1,111,136	708,574
Total non-interest income	1,711,591	1,531,603	5,308,800	4,852,329
Non-interest expense
Salaries and wages	2,164,760	1,984,000	6,718,280	6,058,000
Employee benefits	797,304	629,681	2,363,444	2,106,356
Occupancy expenses, net	662,277	677,805	2,133,492	2,104,346
Other expenses	2,190,203	2,049,423	6,342,955	5,960,259
Total non-interest expense	5,814,544	5,340,909	17,558,171	16,228,961
Income before income taxes	4,086,217	4,439,260	12,164,359	11,067,348
Income tax expense	723,708	828,754	2,266,751	2,030,148
Net income	$ 3,362,509	$ 3,610,506	$ 9,897,608	$ 9,037,200
Earnings per common share	$ 0.61	$ 0.66	$ 1.80	$ 1.67
Weighted average number of common shares
used in computing earnings per share	5,478,960	5,409,612	5,461,660	5,396,215
Dividends declared per common share	$ 0.23	$ 0.23	$ 0.69	$ 0.69

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Consolidated Statements of Comprehensive Income (Loss)
Net income	$ 3,362,509	$ 3,610,506	$ 9,897,608	$ 9,037,200
Other comprehensive loss, net of tax:
Unrealized holding loss on securities AFS arising during the period	(5,155,445)	(8,978,128)	(3,615,720)	(27,078,956)
Tax effect	1,082,645	1,885,407	759,302	5,686,580
Other comprehensive loss, net of tax	(4,072,800)	(7,092,721)	(2,856,418)	(21,392,376)
Total comprehensive loss	$ (710,291)	$ (3,482,215)	$ 7,041,190	$ (12,355,176)

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)	Total	Common Stock	Preferred Stock	Additional Paid-In Capital	Retained Earnings	Accumulated other comprehensive (loss) income	Treasury Stock
Balance, shares at Dec. 31, 2021		0
Balance, amount at Dec. 31, 2021	$ 84,760,268	$ 13,969,848	$ 1,500,000	$ 35,322,063	$ 37,758,105	$ (1,166,971)	$ (2,622,777)
Issuance of common stock	272,683	$ 35,597		237,086
Common stock	(1,236,880)				1,236,880
Preferred stock	(12,188)				(12,188)
Net Income (Loss)	2,405,542				2,405,542
Other comprehensive loss	(8,744,637)					(8,744,637)
Balance, shares at Mar. 31, 2022		0
Balance, amount at Mar. 31, 2022	77,444,788	$ 14,005,445	1,500,000	35,559,149	38,914,579	(9,911,608)	(2,622,777)
Balance, shares at Dec. 31, 2021		0
Balance, amount at Dec. 31, 2021	84,760,268	$ 13,969,848	1,500,000	35,322,063	37,758,105	(1,166,971)	(2,622,777)
Net Income (Loss)	9,037,200
Other comprehensive loss	(21,392,376)
Balance, shares at Sep. 30, 2022		0
Balance, amount at Sep. 30, 2022	69,539,825	$ 14,072,273	1,500,000	36,117,612	43,032,064	(22,559,347)	(2,622,777)
Balance, shares at Mar. 31, 2022		0
Balance, amount at Mar. 31, 2022	77,444,788	$ 14,005,445	1,500,000	35,559,149	38,914,579	(9,911,608)	(2,622,777)
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 (Loss)	3,021,152				3,021,152
Other comprehensive loss	(5,555,018)					(5,555,018)
Balance, shares at Jun. 30, 2022		0
Balance, amount 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)
Issuance of common stock	304,361	$ 33,780		270,581
Common stock	(1,243,187)				(1,243,187)
Preferred stock	(17,813)				(17,813)
Net Income (Loss)	3,610,506				3,610,506
Other comprehensive loss	(7,092,721)					(7,092,721)
Balance, shares at Sep. 30, 2022		0
Balance, amount at Sep. 30, 2022	69,539,825	$ 14,072,273	1,500,000	36,117,612	43,032,064	(22,559,347)	(2,622,777)
Balance, shares at Dec. 31, 2022		0
Balance, amount at Dec. 31, 2022	75,176,363	$ 14,119,275	1,500,000	36,383,235	46,464,447	(20,667,817)	(2,622,777)
Issuance of common stock	319,877	$ 43,693		276,184
Common stock	(1,250,794)				1,250,794
Preferred stock	(28,125)				(28,125)
Net Income (Loss)	3,338,761				3,338,761
Other comprehensive loss	2,672,818					2,672,818
Cumulative change in accounting principle	(549,113)				(549,113)
Balance at January 1, 2023 (as adjusted for change in accounting principle)	74,627,250				45,915,334
Balance, shares at Mar. 31, 2023		0
Balance, amount at Mar. 31, 2023	79,679,787	$ 14,162,968	1,500,000	36,659,419	47,975,176	(17,994,999)	(2,622,777)
Balance, shares at Dec. 31, 2022		0
Balance, amount at Dec. 31, 2022	75,176,363	$ 14,119,275	1,500,000	36,383,235	46,464,447	(20,667,817)	(2,622,777)
Net Income (Loss)	9,897,608
Other comprehensive loss	(2,856,418)
Balance, shares at Sep. 30, 2023		0
Balance, amount at Sep. 30, 2023	78,806,696	$ 14,252,070	1,500,000	37,242,239	51,959,399	(23,524,235)	(2,622,777)
Balance, shares at Mar. 31, 2023		0
Balance, amount at Mar. 31, 2023	79,679,787	$ 14,162,968	1,500,000	36,659,419	47,975,176	(17,994,999)	(2,622,777)
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 (Loss)	3,196,340				3,196,340
Other comprehensive loss	(1,456,436)					(1,456,436)
Balance, shares at Jun. 30, 2023		0
Balance, amount 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)
Issuance of common stock	289,675	$ 43,382		246,293
Common stock	(1,258,852)				1,258,852
Preferred stock	(30,938)				(30,938)
Net Income (Loss)	3,362,509				3,362,509
Other comprehensive loss	(4,072,800)					(4,072,800)
Balance, shares at Sep. 30, 2023		0
Balance, amount at Sep. 30, 2023	$ 78,806,696	$ 14,252,070	$ 1,500,000	$ 37,242,239	$ 51,959,399	$ (23,524,235)	$ (2,622,777)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net income	$ 9,897,608	$ 9,037,200
Adjustments to reconcile net income to net cash provided by
Depreciation and amortization, bank premises and equipment	809,560	853,685
Provision for credit losses	808,557	1,325,000
Deferred income tax	(269,192)	(38,020)
Gain on sale of loans	(114,912)	(218,501)
Loss on sale of bank premises and equipment	449	0
Income from CFS Partners	(705,342)	(386,217)
Amortization of bond premium, net	201,050	518,833
Proceeds from sales of loans held for sale	5,597,777	10,756,242
Originations of loans held for sale	(5,539,565)	(10,328,741)
(Decrease) increase in taxes payable	(271,441)	251,872
Increase in interest receivable	(615,797)	(309,185)
Decrease in mortgage servicing rights	48,123	17,084
Decrease in right-of-use assets	150,971	149,011
Decrease in operating lease liabilities	(161,271)	(153,871)
Increase in other assets	(71,207)	(209,618)
Increase in cash surrender value of BOLI	(59,235)	(60,433)
Amortization of limited partnerships	201,384	201,537
Change in net deferred loan fees and costs	(56,955)	(504,574)
Increase (decrease) in interest payable	720,343	(25,558)
Decrease in accrued expenses	(310,304)	(4,198)
Increase in other liabilities	369,059	12,439
Net cash provided by operating activities	10,629,660	10,883,987
Investments - AFS
Maturities, calls, pay downs and sales	11,164,002	14,994,113
Purchases	(3,991,124)	(47,476,763)
Proceeds from redemption of restricted equity securities	3,516,500	43,500
Purchases of restricted equity securities	(3,528,300)	0
Decrease in limited partnership contributions payable	(1,823,301)	0
Investments in limited liability entities	(282,000)	0
Increase in loans, net	(90,497,664)	(34,956,148)
Capital expenditures net of proceeds from sales of bank
premises and equipment	(516,267)	(398,378)
Recoveries of loans charged off	159,827	147,510
Net cash used in investing activities	(85,798,327)	(67,646,166)
Cash Flows from Financing Activities:
Net (decrease) increase in demand and interest-bearing transaction accounts	(20,211,447)	5,391,362
Net (decrease) increase in money market and savings accounts	(14,587,675)	19,373,851
Net increase (decrease) in time deposits	13,031,762	(1,124,017)
Net decrease in repurchase agreements	(1,497,403)	(354,951)
Net increase in short-term borrowings	3,550,000	0
Proceeds from long-term borrowings	44,500,000	0
Repayments on long-term borrowings	(200,000)	0
Decrease in finance lease obligations	(164,420)	(159,333)
Dividends paid on preferred stock	(89,063)	(43,125)
Dividends paid on common stock	(2,771,073)	(2,778,271)
Net cash provided by financing activities	21,560,681	20,305,516
Net decrease in cash and cash equivalents	(53,607,986)	(36,456,663)
Cash and cash equivalents:
Beginning	71,140,328	110,358,926
Ending	17,532,342	73,902,263
Supplemental Schedule of Cash Paid During the Period:
Interest	8,128,425	2,527,780
Income taxes, net of refunds	2,606,000	1,614,759
Supplemental Schedule of Noncash Investing and Financing Activities:
Change in unrealized loss on securities AFS	(3,615,720)	(27,078,956)
Common Shares Dividends Paid:
Dividends declared	3,764,480	3,720,116
Increase in dividends payable attributable to dividends declared	(1,608)	(43,871)
Dividends reinvested	(991,799)	(897,974)
Total dividends paid	$ 2,771,073	$ 2,778,271

Basis of Presentation and Conso

Basis of Presentation and Consolidation and Certain Definitions	9 Months Ended
	Sep. 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 BHG: Bankers Healthcare Group ICS: Insured Cash Sweeps of the IntraFi Network BIC: Borrower-in-Custody IRS: Internal Revenue Service Board: Board of Directors JNE: Jobs for New England BOLI: Bank owned life insurance Jr: Junior bp or bps: Basis point(s) LIBOR London Interbank Offered Rate BTFP: Bank Term Funding Program MBS: Mortgage-backed security CDARS: Certificate of Deposit Accounts Registry MSRs: Mortgage servicing rights Service of the IntraFi Network NII: Net interest income CDs: Certificates of deposit OAS: Other amortizing security CDI: Core deposit intangible OBS: Off-balance sheet CECL: Current Expected Credit Loss OCI: Other comprehensive income (loss) CFSG: Community Financial Services Group, LLC OREO: Other real estate owned CFS Partners: Community Financial Services Partners, OTTI: Other-than-temporary impairment LLC PMI: Private mortgage insurance CMO: Collateralized Mortgage Obligations PPP: Paycheck Protection Program Company: Community Bancorp. and Subsidiary RD: USDA Rural Development CRE: Commercial Real Estate SBA: U.S. Small Business Administration DCF: Discounted cash flow SEC: U.S. Securities and Exchange Commission DDA or DDAs: Demand Deposit Account(s) SOFR: Secured Overnight Financing Rate DTC: Depository Trust Company TDR: Troubled-debt restructuring DRIP: Dividend Reinvestment Plan USDA: U.S. Department of Agriculture Exchange Act: Securities Exchange Act of 1934 VA: U.S. Veterans Administration FASB: Financial Accounting Standards Board

Recent Accounting Developments

Recent Accounting Developments	9 Months Ended
	Sep. 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 unaudited 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	9 Months Ended
	Sep. 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 September 30, 2023 2022 Net income, as reported $ 3,362,509 $ 3,610,506 Less: dividends to preferred shareholders 30,938 17,813 Net income available to common shareholders $ 3,331,571 $ 3,592,693 Weighted average number of common shares used in calculating earnings per share 5,478,960 5,409,612 Earnings per common share $ 0.61 $ 0.66 Nine Months Ended September 30, 2023 2022 Net income, as reported $ 9,897,608 $ 9,037,200 Less: dividends to preferred shareholders 89,063 43,125 Net income available to common shareholders $ 9,808,545 $ 8,994,075 Weighted average number of common shares used in calculating earnings per share 5,461,660 5,396,215 Earnings per common share $ 1.80 $ 1.67

Investment Securities

Investment Securities	9 Months Ended
	Sep. 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 September 30, 2023 U.S. GSE debt securities $ 12,000,000 $ 0 $ 1,601,656 $ 10,398,344 U.S. Government securities 41,247,775 0 2,705,620 38,542,155 Taxable Municipal securities 300,000 0 66,286 233,714 Tax-exempt Municipal securities 11,994,655 0 1,398,268 10,596,387 Agency MBS 130,156,068 0 23,333,064 106,823,004 ABS and OAS 2,533,447 0 234,381 2,299,066 CMO 11,740,029 0 374,375 11,365,654 Other investments 1,734,000 0 63,863 1,670,137 Total $ 211,705,974 $ 0 $ 29,777,513 $ 181,928,461 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 $130.2 million and $135.2 million, respectively, and a fair value of $106.8 million and $115.2 million, respectively, at September 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 September 30, 2023 $ 53,615,357 $ 45,066,265 December 31, 2022 55,899,113 46,789,284 Investment securities pledged as collateral for BTFP borrowings consisted of U.S. Government securities and U.S. GSE debt securities with an aggregate amortized cost of $49,934,319 and fair value of $42,323,851 at September 30, 2023. The Company began utilizing the BTFP during 2023 as a source of liquidity. For more information on these borrowings, see the Liquidity and Capital Resources section of the accompanying Management’s Discussion and Analysis of Financial Condition and Results of Operations following these Notes. There were no sales of debt securities during the first nine months of 2023 or 2022. The scheduled maturities of debt securities as of the balance sheet dates were as follows: Amortized Fair Cost Value September 30, 2023 Due in one year or less $ 15,695,850 $ 15,361,820 Due from one to five years 47,182,358 43,290,817 Due from five to ten years 4,509,457 4,030,167 Due after ten years 14,162,241 12,422,653 Agency MBS 130,156,068 106,823,004 Total $ 211,705,974 $ 181,928,461 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 September 30, 2023 U.S. GSE debt securities $ 0 $ 0 $ 10,398,344 $ 1,601,656 11 $ 10,398,344 $ 1,601,656 U.S. Government securities 0 0 38,542,155 2,705,620 54 38,542,155 2,705,620 Taxable Municipal securities 0 0 233,714 66,286 1 233,714 66,286 Tax-exempt Municipal securities 6,459,331 426,299 4,137,056 971,969 23 10,596,387 1,398,268 Agency MBS 7,854,937 203,432 98,968,067 23,129,632 123 106,823,004 23,333,064 ABS and OAS 0 0 2,299,066 234,381 4 2,299,066 234,381 CMO 3,891,798 28,927 7,473,856 345,448 10 11,365,654 374,375 Other investments 0 0 1,670,137 63,863 7 1,670,137 63,863 Total $ 18,206,066 $ 658,658 $ 163,722,395 $ 29,118,855 233 $ 181,928,461 $ 29,777,513 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 September 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 and 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	9 Months Ended
	Sep. 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: September 30, 2023 December 31, 2022 Commercial & industrial $ 126,161,034 15.04 % $ 112,951,873 15.09 % Purchased 5,977,866 0.71 % 7,530,458 1.00 % Commercial real estate 407,039,093 48.54 % 356,892,986 47.68 % Municipal 58,747,359 7.01 % 34,633,055 4.63 % Residential real estate - 1st lien 206,098,103 24.58 % 198,743,375 26.55 % Residential real estate - Jr lien 31,054,331 3.70 % 33,756,872 4.51 % Consumer 3,494,482 0.42 % 4,039,989 0.54 % Total loans 838,572,268 100.00 % 748,548,608 100.00 % ACL (9,487,973 ) (8,709,225 ) Deferred net loan costs 550,230 493,275 Net loans $ 829,634,525 $ 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 September 30, 2023 2022 Provision for loan losses $ 264,009 $ 125,000 Provision for credit losses on OBS credit exposure (23,120 ) 0 Provision for credit losses $ 240,889 $ 125,000 Nine Months Ended September 30, 2023 2022 Provision for loan losses $ 849,549 $ 1,325,000 Provision for credit losses on OBS credit exposure (40,992 ) 0 Provision for credit losses $ 808,557 $ 1,325,000 The following tables present the activity in the ACL on loans for the three- and nine-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 September 30, 2023 Commercial & Industrial Purchased Commercial Real Estate Municipal Residential Real Estate 1st Lien Residential Real Estate Jr Lien Consumer Total ACL beginning balance $ 1,054,342 $ 18,337 $ 5,271,521 $ 69,360 $ 2,314,554 $ 493,236 $ 34,151 $ 9,255,501 Charge-offs 0 0 0 0 0 0 (42,985 ) (42,985 ) Recoveries 1,585 0 0 0 0 1,237 8,626 11,448 Provision (credit) 9,401 (170 ) 43,638 77,508 122,263 (17,723 ) 29,092 264,009 ACL ending balance $ 1,065,328 $ 18,167 $ 5,315,159 $ 146,868 $ 2,436,817 $ 476,750 $ 28,884 $ 9,487,973 As of or for the nine months ended September 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 (164,115 ) (29,196 ) (22,467 ) 24,243 273,167 297,746 (33,813 ) (102,189 ) 243,376 Charge-offs (361,578 ) 0 0 0 0 0 (112,426 ) 0 (474,004 ) Recoveries 3,935 0 22,058 0 72,588 28,015 33,231 0 159,827 Provision (credit) 470,764 (5,727 ) 253,755 60,286 89,226 (90,961 ) 72,206 0 849,549 ACL ending balance $ 1,065,328 $ 18,167 $ 5,315,159 $ 146,868 $ 2,436,817 $ 476,750 $ 28,884 $ 0 $ 9,487,973 Commercial & Industrial Purchased Commercial Real Estate Municipal Residential Real Estate 1st Lien Residential Real Estate Jr Lien Consumer Total ACL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively 1,065,328 18,167 5,315,159 146,868 2,436,817 476,750 28,884 9,487,973 Total $ 1,065,328 $ 18,167 $ 5,315,159 $ 146,868 $ 2,436,817 $ 476,750 $ 28,884 $ 9,487,973 Loans evaluated for impairment Individually $ 3,619,626 $ 0 $ 2,897,499 $ 0 $ 614,502 $ 66,962 $ 0 $ 7,198,589 Collectively 122,541,408 5,977,866 404,141,594 58,747,359 205,483,601 30,987,369 3,494,482 831,373,679 Total $ 126,161,034 $ 5,977,866 $ 407,039,093 $ 58,747,359 $ 206,098,103 $ 31,054,331 $ 3,494,482 $ 838,572,268 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 nine months ended September 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 (47,500 ) 0 (667,474 ) 0 0 0 (35,706 ) 0 (750,680 ) Recoveries 12,862 0 0 0 111,163 3,728 19,757 0 147,510 Provision (credit) 255,773 (12,107 ) 1,419,813 (4,432 ) (63,658 ) (2,998 ) 13,171 (280,562 ) 1,325,000 ALL ending balance $ 1,091,527 $ 56,548 $ 4,904,099 $ 72,296 $ 1,813,397 $ 182,744 $ 52,920 $ 258,555 $ 8,432,086 ALL evaluated for impairment Individually $ 4,259 $ 0 $ 8,867 $ 0 $ 96,784 $ 4 $ 0 $ 0 $ 109,914 Collectively 1,087,268 56,548 4,895,232 72,296 1,716,613 182,740 52,920 258,555 8,322,172 Total $ 1,091,527 $ 56,548 $ 4,904,099 $ 72,296 $ 1,813,397 $ 182,744 $ 52,920 $ 258,555 $ 8,432,086 Loans evaluated for impairment Individually $ 3,408,207 $ 0 $ 3,812,657 $ 0 $ 3,670,995 $ 79,742 $ 0 $ 10,971,601 Collectively 117,815,855 8,078,281 320,514,503 40,164,698 188,895,584 33,693,729 4,059,750 713,222,400 Total $ 121,224,062 $ 8,078,281 $ 324,327,160 $ 40,164,698 $ 192,566,579 $ 33,773,471 $ 4,059,750 $ 724,194,001 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 September 30, 2023 30-89 Days or More Past Due Current Total Loans Commercial & industrial $ 0 $ 3,093,578 $ 3,093,578 $ 123,067,456 $ 126,161,034 Purchased 0 0 0 5,977,866 5,977,866 Commercial real estate 585,102 1,092,154 1,677,256 405,361,837 407,039,093 Municipal 0 0 0 58,747,359 58,747,359 Residential real estate - 1st lien 303,985 787,911 1,091,896 205,006,207 206,098,103 Residential real estate - Jr lien 187,736 25,007 212,743 30,841,588 31,054,331 Consumer 24,779 0 24,779 3,469,703 3,494,482 Totals $ 1,101,602 $ 4,998,650 $ 6,100,252 $ 832,472,016 $ 838,572,268 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. There were no nonaccrual loans with an ACL at September 30, 2023. 90 Days or Total More and September 30, 2023 Nonaccrual Accruing Commercial & industrial $ 3,619,626 $ 64,311 Commercial real estate 2,900,078 315,826 Residential real estate - 1st lien 574,302 619,469 Residential real estate - Jr lien 120,786 0 Totals $ 7,214,792 $ 999,606 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 the balance sheet dates presented, residential real estate loans in process of foreclosure consisted of the following: Number of loans Balance September 30, 2023 1 $ 33,825 December 31, 2022 1 $ 19,746 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 September 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 September 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. During the third quarter of 2023, the qualitative factor for collateral in the CRE loan segment was adjusted to reflect the stable values of real estate in the commercial sector. 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 September 30, 2023, by collateral type: Business Commercial Residential Assets (1) Real Estate Real Estate Commercial & industrial $ 1,548,677 $ 0 $ 0 Commercial real estate 0 776,329 0 Residential real estate - 1st lien 0 0 311,338 Totals $ 1,548,677 $ 776,329 $ 311,338 (1) Including, but not limited to, inventory, equipment and accounts receivable, but excluding real estate. 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 September 30, 2022 Unpaid Recorded Principal Related Investment (1) Balance Allowance Related allowance recorded Commercial & industrial $ 954,098 $ 965,266 $ 4,259 Commercial real estate 249,709 252,806 8,867 Residential real estate - 1st lien 1,172,194 1,192,445 96,784 Residential real estate - Jr lien 2,532 2,529 4 Total with related allowance 2,378,533 2,413,046 109,914 No related allowance recorded Commercial & industrial 2,454,109 2,525,175 Commercial real estate 3,563,089 4,751,499 Residential real estate - 1st lien 2,511,284 3,515,246 Residential real estate - Jr lien 77,213 124,795 Total with no related allowance 8,605,695 10,916,715 Total impaired loans $ 10,984,228 $ 13,329,761 $ 109,914 (1) Recorded investment in impaired loans in the table above includes accrued interest receivable and deferred net loan costs of $12,627. As of September 30, 2022 Three Months Ended Nine Months Ended Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Related allowance recorded Commercial & industrial $ 477,049 $ 0 $ 238,525 $ 0 Commercial real estate 124,854 0 62,427 0 Residential real estate - 1st lien 1,031,145 31,349 969,497 58,306 Residential real estate - Jr lien 1,266 147 633 247 Total with related allowance 1,634,314 31,496 1,271,082 58,553 No related allowance recorded Commercial & industrial 1,299,959 0 728,879 204 Commercial real estate 3,479,786 72,754 3,806,739 74,245 Residential real estate - 1st lien 2,686,280 27,154 2,814,818 119,663 Residential real estate - Jr lien 79,809 0 83,471 0 Total with no related allowance 7,545,834 99,908 7,433,907 194,112 Total impaired loans $ 9,180,148 $ 131,404 $ 8,704,989 $ 252,665 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 nine months ended, Revolving Revolving September 30, 2023 Loans Loans Term Loans Amortized Cost Basis by Origination Year Amortized Converted (In thousands) 2023 2022 2021 2020 2019 Prior Cost Basis to Term Total Commercial & Industrial: Pass $ 10,874 $ 20,286 $ 13,821 $ 3,108 $ 4,176 $ 4,795 $ 58,359 $ 0 $ 115,419 Special mention 0 0 777 0 13 2 4,631 0 5,423 Substandard/Doubtful 0 429 132 482 271 1,565 2,440 0 5,319 Total commercial $ 10,874 $ 20,715 $ 14,730 $ 3,590 $ 4,460 $ 6,362 $ 65,430 $ 0 $ 126,161 Current period gross charge-offs $ 0 $ 150 $ 0 $ 0 $ 0 $ 212 $ 0 $ 0 $ 362 Purchased: Pass $ 337 $ 97 $ 1,641 $ 1,521 $ 2,382 $ 0 $ 0 $ 0 $ 5,978 Total purchased $ 337 $ 97 $ 1,641 $ 1,521 $ 2,382 $ 0 $ 0 $ 0 $ 5,978 Commercial real estate: Pass $ 64,005 $ 85,851 $ 39,398 $ 43,929 $ 35,241 $ 87,004 $ 41,990 $ 0 $ 397,418 Special mention 0 377 1,485 0 0 1,258 0 0 3,120 Substandard/Doubtful 0 0 0 3,344 1,381 1,776 0 0 6,501 Total commercial real estate $ 64,005 $ 86,228 $ 40,883 $ 47,273 $ 36,622 $ 90,038 $ 41,990 $ 0 $ 407,039 Municipal: Pass $ 32,286 $ 838 $ 3,327 $ 5,042 $ 631 $ 10,707 $ 5,916 $ 0 $ 58,747 Total municipal $ 32,286 $ 838 $ 3,327 $ 5,042 $ 631 $ 10,707 $ 5,916 $ 0 $ 58,747 Residential real estate - 1st lien: Pass $ 22,995 $ 39,726 $ 41,687 $ 33,854 $ 10,516 $ 52,682 $ 1,956 $ 0 $ 203,416 Special mention 0 301 130 0 0 0 0 0 431 Substandard/Doubtful 0 0 0 1,842 40 369 0 0 2,251 Total residential real estate - 1st lien $ 22,995 $ 40,027 $ 41,817 $ 35,696 $ 10,556 $ 53,051 $ 1,956 $ 0 $ 206,098 Residential real estate - Jr lien: Pass $ 1,424 $ 1,967 $ 355 $ 609 $ 645 $ 1,121 $ 23,142 $ 1,710 $ 30,973 Special mention 0 50 0 0 0 0 0 0 50 Substandard/Doubtful 0 0 0 0 0 31 0 0 31 Total residential real estate - Jr lien $ 1,424 $ 2,017 $ 355 $ 609 $ 645 $ 1,152 $ 23,142 $ 1,710 $ 31,054 Consumer Pass $ 1,580 $ 969 $ 470 $ 248 $ 133 $ 95 $ 0 $ 0 $ 3,495 Total consumer $ 1,580 $ 969 $ 470 $ 248 $ 133 $ 95 $ 0 $ 0 $ 3,495 Current period gross charge-offs $ 31 $ 27 $ 0 $ 0 $ 1 $ 53 $ 0 $ 0 $ 112 Total Loans $ 133,501 $ 150,891 $ 103,223 $ 93,979 $ 55,429 $ 161,405 $ 138,434 $ 1,710 $ 838,572 Total current period gross charge-offs $ 31 $ 177 $ 0 $ 0 $ 1 $ 265 $ 0 $ 0 $ 474 As of or for the nine months ended, September 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 nine 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 Nine months ended September 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 new TDRs for the three months ended September 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 September 30, 2022 were as follows: Number of Recorded Contracts Investment Commercial real estate 1 $ 818,570 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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. September 30, December 31, Assets: (market approach) 2023 2022 Level 1 U.S. Government securities $ 38,542,155 $ 38,231,589 Level 2 U.S. GSE debt securities $ 10,398,344 $ 10,375,291 Taxable Municipal securities 233,714 234,858 Tax-exempt Municipal securities 10,596,387 11,323,567 Agency MBS 106,823,004 115,231,599 ABS and OAS 2,299,066 2,693,606 CMO 11,365,654 11,935,925 Other investments 1,670,137 2,891,674 Level 2 Total $ 143,386,306 $ 154,686,520 Grand Total $ 181,928,461 $ 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. September 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 56,700 0 MSRs (1) 814,470 862,593 (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: September 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 $ 17,532 $ 17,532 $ 0 $ 0 $ 17,532 Debt securities AFS 181,928 38,542 143,386 0 181,928 Restricted equity securities 1,424 0 1,424 0 1,424 Loans and loans held-for-sale, net of ACL Commercial & industrial 125,074 0 680 120,780 121,460 Purchased 5,960 0 0 5,537 5,537 Commercial real estate 401,695 0 0 376,490 376,490 Municipal 58,600 0 0 55,681 55,681 Residential real estate - 1st lien 204,319 0 0 184,617 184,617 Residential real estate - Jr lien 30,577 0 0 30,109 30,109 Consumer 3,466 0 0 3,473 3,473 MSRs (1) 814 0 1,286 0 1,286 Accrued interest receivable 3,830 0 3,830 0 3,830 Financial liabilities: Deposits Other deposits 900,956 0 897,998 0 897,998 Brokered deposits 249 0 227 0 227 Short-term borrowings 3,550 0 3,550 0 3,550 Long-term borrowings 45,600 0 45,223 0 45,223 Repurchase agreements 31,580 0 31,580 0 31,580 Operating lease obligations 497 0 497 0 497 Finance lease obligations 3,480 0 3,480 0 3,480 Subordinated debentures 12,887 0 12,694 0 12,694 Accrued interest payable 794 0 794 0 794 (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	9 Months Ended
	Sep. 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: Nine Months Ended Year Ended September 30, 2023 December 31, 2022 Balance at beginning of year $ 862,593 $ 897,720 MSRs capitalized 55,666 120,629 MSRs amortized (103,789 ) (155,756 ) Balance at end of period $ 814,470 $ 862,593

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 September 21, 2023, the Company’s Board declared a cash dividend of $0.23 per common share, payable November 1, 2023, to shareholders of record as of October 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)	9 Months Ended
	Sep. 30, 2023
Earnings per Common Share
Schedule Of Earnings Per Common Share	Three Months Ended September 30, 2023 2022 Net income, as reported $ 3,362,509 $ 3,610,506 Less: dividends to preferred shareholders 30,938 17,813 Net income available to common shareholders $ 3,331,571 $ 3,592,693 Weighted average number of common shares used in calculating earnings per share 5,478,960 5,409,612 Earnings per common share $ 0.61 $ 0.66 Nine Months Ended September 30, 2023 2022 Net income, as reported $ 9,897,608 $ 9,037,200 Less: dividends to preferred shareholders 89,063 43,125 Net income available to common shareholders $ 9,808,545 $ 8,994,075 Weighted average number of common shares used in calculating earnings per share 5,461,660 5,396,215 Earnings per common share $ 1.80 $ 1.67

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
	Sep. 30, 2023
Investment Securities
Schedule Of Available For Debt Securities	Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2023 U.S. GSE debt securities $ 12,000,000 $ 0 $ 1,601,656 $ 10,398,344 U.S. Government securities 41,247,775 0 2,705,620 38,542,155 Taxable Municipal securities 300,000 0 66,286 233,714 Tax-exempt Municipal securities 11,994,655 0 1,398,268 10,596,387 Agency MBS 130,156,068 0 23,333,064 106,823,004 ABS and OAS 2,533,447 0 234,381 2,299,066 CMO 11,740,029 0 374,375 11,365,654 Other investments 1,734,000 0 63,863 1,670,137 Total $ 211,705,974 $ 0 $ 29,777,513 $ 181,928,461 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 September 30, 2023 $ 53,615,357 $ 45,066,265 December 31, 2022 55,899,113 46,789,284
Schedule Of Maturities Of Debt Securities Available For Sale	Amortized Fair Cost Value September 30, 2023 Due in one year or less $ 15,695,850 $ 15,361,820 Due from one to five years 47,182,358 43,290,817 Due from five to ten years 4,509,457 4,030,167 Due after ten years 14,162,241 12,422,653 Agency MBS 130,156,068 106,823,004 Total $ 211,705,974 $ 181,928,461 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 September 30, 2023 U.S. GSE debt securities $ 0 $ 0 $ 10,398,344 $ 1,601,656 11 $ 10,398,344 $ 1,601,656 U.S. Government securities 0 0 38,542,155 2,705,620 54 38,542,155 2,705,620 Taxable Municipal securities 0 0 233,714 66,286 1 233,714 66,286 Tax-exempt Municipal securities 6,459,331 426,299 4,137,056 971,969 23 10,596,387 1,398,268 Agency MBS 7,854,937 203,432 98,968,067 23,129,632 123 106,823,004 23,333,064 ABS and OAS 0 0 2,299,066 234,381 4 2,299,066 234,381 CMO 3,891,798 28,927 7,473,856 345,448 10 11,365,654 374,375 Other investments 0 0 1,670,137 63,863 7 1,670,137 63,863 Total $ 18,206,066 $ 658,658 $ 163,722,395 $ 29,118,855 233 $ 181,928,461 $ 29,777,513 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)	9 Months Ended
	Sep. 30, 2023
Loans Allowance for Loan Losses and Credit Quality
Schedule Of Composition Of Net Loans	September 30, 2023 December 31, 2022 Commercial & industrial $ 126,161,034 15.04 % $ 112,951,873 15.09 % Purchased 5,977,866 0.71 % 7,530,458 1.00 % Commercial real estate 407,039,093 48.54 % 356,892,986 47.68 % Municipal 58,747,359 7.01 % 34,633,055 4.63 % Residential real estate - 1st lien 206,098,103 24.58 % 198,743,375 26.55 % Residential real estate - Jr lien 31,054,331 3.70 % 33,756,872 4.51 % Consumer 3,494,482 0.42 % 4,039,989 0.54 % Total loans 838,572,268 100.00 % 748,548,608 100.00 % ACL (9,487,973 ) (8,709,225 ) Deferred net loan costs 550,230 493,275 Net loans $ 829,634,525 $ 740,332,658
provision for credit losses	Three Months Ended September 30, 2023 2022 Provision for loan losses $ 264,009 $ 125,000 Provision for credit losses on OBS credit exposure (23,120 ) 0 Provision for credit losses $ 240,889 $ 125,000 Nine Months Ended September 30, 2023 2022 Provision for loan losses $ 849,549 $ 1,325,000 Provision for credit losses on OBS credit exposure (40,992 ) 0 Provision for credit losses $ 808,557 $ 1,325,000
impairment evaluation by portfolio segment	Commercial & Industrial Purchased Commercial Real Estate Municipal Residential Real Estate 1st Lien Residential Real Estate Jr Lien Consumer Total ACL beginning balance $ 1,054,342 $ 18,337 $ 5,271,521 $ 69,360 $ 2,314,554 $ 493,236 $ 34,151 $ 9,255,501 Charge-offs 0 0 0 0 0 0 (42,985 ) (42,985 ) Recoveries 1,585 0 0 0 0 1,237 8,626 11,448 Provision (credit) 9,401 (170 ) 43,638 77,508 122,263 (17,723 ) 29,092 264,009 ACL ending balance $ 1,065,328 $ 18,167 $ 5,315,159 $ 146,868 $ 2,436,817 $ 476,750 $ 28,884 $ 9,487,973 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 (164,115 ) (29,196 ) (22,467 ) 24,243 273,167 297,746 (33,813 ) (102,189 ) 243,376 Charge-offs (361,578 ) 0 0 0 0 0 (112,426 ) 0 (474,004 ) Recoveries 3,935 0 22,058 0 72,588 28,015 33,231 0 159,827 Provision (credit) 470,764 (5,727 ) 253,755 60,286 89,226 (90,961 ) 72,206 0 849,549 ACL ending balance $ 1,065,328 $ 18,167 $ 5,315,159 $ 146,868 $ 2,436,817 $ 476,750 $ 28,884 $ 0 $ 9,487,973 Commercial & Industrial Purchased Commercial Real Estate Municipal Residential Real Estate 1st Lien Residential Real Estate Jr Lien Consumer Total ACL evaluated for impairment Individually $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively 1,065,328 18,167 5,315,159 146,868 2,436,817 476,750 28,884 9,487,973 Total $ 1,065,328 $ 18,167 $ 5,315,159 $ 146,868 $ 2,436,817 $ 476,750 $ 28,884 $ 9,487,973 Loans evaluated for impairment Individually $ 3,619,626 $ 0 $ 2,897,499 $ 0 $ 614,502 $ 66,962 $ 0 $ 7,198,589 Collectively 122,541,408 5,977,866 404,141,594 58,747,359 205,483,601 30,987,369 3,494,482 831,373,679 Total $ 126,161,034 $ 5,977,866 $ 407,039,093 $ 58,747,359 $ 206,098,103 $ 31,054,331 $ 3,494,482 $ 838,572,268 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 (47,500 ) 0 (667,474 ) 0 0 0 (35,706 ) 0 (750,680 ) Recoveries 12,862 0 0 0 111,163 3,728 19,757 0 147,510 Provision (credit) 255,773 (12,107 ) 1,419,813 (4,432 ) (63,658 ) (2,998 ) 13,171 (280,562 ) 1,325,000 ALL ending balance $ 1,091,527 $ 56,548 $ 4,904,099 $ 72,296 $ 1,813,397 $ 182,744 $ 52,920 $ 258,555 $ 8,432,086 ALL evaluated for impairment Individually $ 4,259 $ 0 $ 8,867 $ 0 $ 96,784 $ 4 $ 0 $ 0 $ 109,914 Collectively 1,087,268 56,548 4,895,232 72,296 1,716,613 182,740 52,920 258,555 8,322,172 Total $ 1,091,527 $ 56,548 $ 4,904,099 $ 72,296 $ 1,813,397 $ 182,744 $ 52,920 $ 258,555 $ 8,432,086 Loans evaluated for impairment Individually $ 3,408,207 $ 0 $ 3,812,657 $ 0 $ 3,670,995 $ 79,742 $ 0 $ 10,971,601 Collectively 117,815,855 8,078,281 320,514,503 40,164,698 188,895,584 33,693,729 4,059,750 713,222,400 Total $ 121,224,062 $ 8,078,281 $ 324,327,160 $ 40,164,698 $ 192,566,579 $ 33,773,471 $ 4,059,750 $ 724,194,001
Schedule Of Past Due Loans By Segment	90 Days Total September 30, 2023 30-89 Days or More Past Due Current Total Loans Commercial & industrial $ 0 $ 3,093,578 $ 3,093,578 $ 123,067,456 $ 126,161,034 Purchased 0 0 0 5,977,866 5,977,866 Commercial real estate 585,102 1,092,154 1,677,256 405,361,837 407,039,093 Municipal 0 0 0 58,747,359 58,747,359 Residential real estate - 1st lien 303,985 787,911 1,091,896 205,006,207 206,098,103 Residential real estate - Jr lien 187,736 25,007 212,743 30,841,588 31,054,331 Consumer 24,779 0 24,779 3,469,703 3,494,482 Totals $ 1,101,602 $ 4,998,650 $ 6,100,252 $ 832,472,016 $ 838,572,268 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 Total More and September 30, 2023 Nonaccrual Accruing Commercial & industrial $ 3,619,626 $ 64,311 Commercial real estate 2,900,078 315,826 Residential real estate - 1st lien 574,302 619,469 Residential real estate - Jr lien 120,786 0 Totals $ 7,214,792 $ 999,606 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 Number of loans Balance September 30, 2023 1 $ 33,825 December 31, 2022 1 $ 19,746
Schedule Of amortized cost basis of loans	Business Commercial Residential Assets (1) Real Estate Real Estate Commercial & industrial $ 1,548,677 $ 0 $ 0 Commercial real estate 0 776,329 0 Residential real estate - 1st lien 0 0 311,338 Totals $ 1,548,677 $ 776,329 $ 311,338
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 September 30, 2022 Unpaid Recorded Principal Related Investment (1) Balance Allowance Related allowance recorded Commercial & industrial $ 954,098 $ 965,266 $ 4,259 Commercial real estate 249,709 252,806 8,867 Residential real estate - 1st lien 1,172,194 1,192,445 96,784 Residential real estate - Jr lien 2,532 2,529 4 Total with related allowance 2,378,533 2,413,046 109,914 No related allowance recorded Commercial & industrial 2,454,109 2,525,175 Commercial real estate 3,563,089 4,751,499 Residential real estate - 1st lien 2,511,284 3,515,246 Residential real estate - Jr lien 77,213 124,795 Total with no related allowance 8,605,695 10,916,715 Total impaired loans $ 10,984,228 $ 13,329,761 $ 109,914 As of September 30, 2022 Three Months Ended Nine Months Ended Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized Related allowance recorded Commercial & industrial $ 477,049 $ 0 $ 238,525 $ 0 Commercial real estate 124,854 0 62,427 0 Residential real estate - 1st lien 1,031,145 31,349 969,497 58,306 Residential real estate - Jr lien 1,266 147 633 247 Total with related allowance 1,634,314 31,496 1,271,082 58,553 No related allowance recorded Commercial & industrial 1,299,959 0 728,879 204 Commercial real estate 3,479,786 72,754 3,806,739 74,245 Residential real estate - 1st lien 2,686,280 27,154 2,814,818 119,663 Residential real estate - Jr lien 79,809 0 83,471 0 Total with no related allowance 7,545,834 99,908 7,433,907 194,112 Total impaired loans $ 9,180,148 $ 131,404 $ 8,704,989 $ 252,665
Risk Ratings Portfolio Segment	As of or for the nine months ended, Revolving Revolving September 30, 2023 Loans Loans Term Loans Amortized Cost Basis by Origination Year Amortized Converted (In thousands) 2023 2022 2021 2020 2019 Prior Cost Basis to Term Total Commercial & Industrial: Pass $ 10,874 $ 20,286 $ 13,821 $ 3,108 $ 4,176 $ 4,795 $ 58,359 $ 0 $ 115,419 Special mention 0 0 777 0 13 2 4,631 0 5,423 Substandard/Doubtful 0 429 132 482 271 1,565 2,440 0 5,319 Total commercial $ 10,874 $ 20,715 $ 14,730 $ 3,590 $ 4,460 $ 6,362 $ 65,430 $ 0 $ 126,161 Current period gross charge-offs $ 0 $ 150 $ 0 $ 0 $ 0 $ 212 $ 0 $ 0 $ 362 Purchased: Pass $ 337 $ 97 $ 1,641 $ 1,521 $ 2,382 $ 0 $ 0 $ 0 $ 5,978 Total purchased $ 337 $ 97 $ 1,641 $ 1,521 $ 2,382 $ 0 $ 0 $ 0 $ 5,978 Commercial real estate: Pass $ 64,005 $ 85,851 $ 39,398 $ 43,929 $ 35,241 $ 87,004 $ 41,990 $ 0 $ 397,418 Special mention 0 377 1,485 0 0 1,258 0 0 3,120 Substandard/Doubtful 0 0 0 3,344 1,381 1,776 0 0 6,501 Total commercial real estate $ 64,005 $ 86,228 $ 40,883 $ 47,273 $ 36,622 $ 90,038 $ 41,990 $ 0 $ 407,039 Municipal: Pass $ 32,286 $ 838 $ 3,327 $ 5,042 $ 631 $ 10,707 $ 5,916 $ 0 $ 58,747 Total municipal $ 32,286 $ 838 $ 3,327 $ 5,042 $ 631 $ 10,707 $ 5,916 $ 0 $ 58,747 Residential real estate - 1st lien: Pass $ 22,995 $ 39,726 $ 41,687 $ 33,854 $ 10,516 $ 52,682 $ 1,956 $ 0 $ 203,416 Special mention 0 301 130 0 0 0 0 0 431 Substandard/Doubtful 0 0 0 1,842 40 369 0 0 2,251 Total residential real estate - 1st lien $ 22,995 $ 40,027 $ 41,817 $ 35,696 $ 10,556 $ 53,051 $ 1,956 $ 0 $ 206,098 Residential real estate - Jr lien: Pass $ 1,424 $ 1,967 $ 355 $ 609 $ 645 $ 1,121 $ 23,142 $ 1,710 $ 30,973 Special mention 0 50 0 0 0 0 0 0 50 Substandard/Doubtful 0 0 0 0 0 31 0 0 31 Total residential real estate - Jr lien $ 1,424 $ 2,017 $ 355 $ 609 $ 645 $ 1,152 $ 23,142 $ 1,710 $ 31,054 Consumer Pass $ 1,580 $ 969 $ 470 $ 248 $ 133 $ 95 $ 0 $ 0 $ 3,495 Total consumer $ 1,580 $ 969 $ 470 $ 248 $ 133 $ 95 $ 0 $ 0 $ 3,495 Current period gross charge-offs $ 31 $ 27 $ 0 $ 0 $ 1 $ 53 $ 0 $ 0 $ 112 Total Loans $ 133,501 $ 150,891 $ 103,223 $ 93,979 $ 55,429 $ 161,405 $ 138,434 $ 1,710 $ 838,572 Total current period gross charge-offs $ 31 $ 177 $ 0 $ 0 $ 1 $ 265 $ 0 $ 0 $ 474
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 Nine months ended September 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 1 $ 818,570

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value
Schedule Of Fair Value Assets And Liabilities On Recurring Basis	September 30, December 31, Assets: (market approach) 2023 2022 Level 1 U.S. Government securities $ 38,542,155 $ 38,231,589 Level 2 U.S. GSE debt securities $ 10,398,344 $ 10,375,291 Taxable Municipal securities 233,714 234,858 Tax-exempt Municipal securities 10,596,387 11,323,567 Agency MBS 106,823,004 115,231,599 ABS and OAS 2,299,066 2,693,606 CMO 11,365,654 11,935,925 Other investments 1,670,137 2,891,674 Level 2 Total $ 143,386,306 $ 154,686,520 Grand Total $ 181,928,461 $ 192,918,109
Schedule Of Fair Value Assets And Liabilities Non-recurring Basis	September 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 56,700 0 MSRs (1) 814,470 862,593
Schedule Of Estimated Fair Values Of Financial Instruments	September 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 $ 17,532 $ 17,532 $ 0 $ 0 $ 17,532 Debt securities AFS 181,928 38,542 143,386 0 181,928 Restricted equity securities 1,424 0 1,424 0 1,424 Loans and loans held-for-sale, net of ACL Commercial & industrial 125,074 0 680 120,780 121,460 Purchased 5,960 0 0 5,537 5,537 Commercial real estate 401,695 0 0 376,490 376,490 Municipal 58,600 0 0 55,681 55,681 Residential real estate - 1st lien 204,319 0 0 184,617 184,617 Residential real estate - Jr lien 30,577 0 0 30,109 30,109 Consumer 3,466 0 0 3,473 3,473 MSRs (1) 814 0 1,286 0 1,286 Accrued interest receivable 3,830 0 3,830 0 3,830 Financial liabilities: Deposits Other deposits 900,956 0 897,998 0 897,998 Brokered deposits 249 0 227 0 227 Short-term borrowings 3,550 0 3,550 0 3,550 Long-term borrowings 45,600 0 45,223 0 45,223 Repurchase agreements 31,580 0 31,580 0 31,580 Operating lease obligations 497 0 497 0 497 Finance lease obligations 3,480 0 3,480 0 3,480 Subordinated debentures 12,887 0 12,694 0 12,694 Accrued interest payable 794 0 794 0 794 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)	9 Months Ended
	Sep. 30, 2023
Loan Servicing
Schedule Of Mortgage Servicing Rights	Nine Months Ended Year Ended September 30, 2023 December 31, 2022 Balance at beginning of year $ 862,593 $ 897,720 MSRs capitalized 55,666 120,629 MSRs amortized (103,789 ) (155,756 ) Balance at end of period $ 814,470 $ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings per Common Share
Net income	$ 3,362,509	$ 3,610,506	$ 9,897,608	$ 9,037,200
Less: dividends to preferred shareholders	30,938	17,813	89,063	43,125
Net income available to common shareholders	$ 3,331,571	$ 3,592,693	$ 9,808,545	$ 8,994,075
Weighted average number of common shares used in computing earnings per share	5,478,960	5,409,612	5,461,660	5,396,215
Earnings per common share	$ 0.61	$ 0.66	$ 1.80	$ 1.67

Investment Securities (Details)

Investment Securities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Amortized Cost	$ 211,705,974	$ 219,079,904
Gross Unrealized Gains	0	110,541
Gross Unrealized Losses	29,777,513	26,272,336
Fair Value	181,928,461	192,918,109
Taxable municipal securities
Amortized Cost	300,000	300,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	66,286	65,142
Fair Value	233,714	234,858
Tax-exempt municipal securities
Amortized Cost	11,994,655	12,042,410
Gross Unrealized Gains	0	40,513
Gross Unrealized Losses	1,398,268	759,356
Fair Value	10,596,387	11,323,567
U.S. GSE debt securities [Member]
Amortized Cost	12,000,000	12,000,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	1,601,656	1,624,709
Fair Value	10,398,344	10,375,291
U.S. Government securities
Amortized Cost	41,247,775	41,368,624
Gross Unrealized Gains	0	0
Gross Unrealized Losses	2,705,620	3,137,035
Fair Value	38,542,155	38,231,589
Agency mortgage-backed securities (Agency MBS) [Member]
Amortized Cost	130,156,068	135,193,097
Gross Unrealized Gains	0	69,447
Gross Unrealized Losses	23,333,064	20,030,945
Fair Value	106,823,004	115,231,599
ABS and OAS [Member]
Amortized Cost	2,533,447	2,929,740
Gross Unrealized Gains	0	0
Gross Unrealized Losses	234,381	236,134
Fair Value	2,299,066	2,693,606
CMO [Member]
Amortized Cost	11,740,029	12,278,033
Gross Unrealized Gains	0	581
Gross Unrealized Losses	374,375	342,689
Fair Value	11,365,654	11,935,925
Other investment [Member]
Amortized Cost	1,734,000	2,968,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	63,863	76,326
Fair Value	$ 1,670,137	$ 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 ($)	Sep. 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 ($)	Sep. 30, 2023	Dec. 31, 2022
Total, Amortized Cost	$ 211,705,974	$ 219,079,904
Total, Fair Value	181,928,461	192,918,109
Available for sale Securities [Member]
Due In One Year Or Less, Amortized Cost	15,695,850	1,976,000
Due From One To Five Years, Amortized Cost	47,182,358	58,875,224
Due From Five To Ten Years, Amortized Cost	4,509,457	8,631,626
Due After Ten Years, Amortized Cost	14,162,241	14,403,957
Agency Mbs, Amortized Cost	130,156,068	135,193,097
Total, Amortized Cost	211,705,974	219,079,904
Due In One Year Or Less, Fair Value	15,361,820	1,966,767
Due From One To Five Years, Fair Value	43,290,817	54,736,949
Due From Five To Ten Years, Fair Value	4,030,167	7,591,761
Due After Ten Years, Fair Value	12,422,653	13,391,033
Agency Mbs, Fair Value	106,823,004	115,231,599
Total, Fair Value	$ 181,928,461	$ 192,918,109

Investment Securities (Detail_3

Investment Securities (Details 3)	Sep. 30, 2023 USD ($) integer	Dec. 31, 2022 USD ($) integer
Fair Value Less Than 12 Months	$ 18,206,066	$ 44,811,508
Unrealized Loss Less Than 12 Months	658,658	2,267,236
Fair Value 12 Months Or More	163,722,395	141,045,975
Unrealized Loss 12 Months Or More	$ 29,118,855	$ 24,005,100
Number Of Securities | integer	233	230
Fair Value	$ 181,928,461	$ 185,857,483
Unrealized Loss	29,777,513	26,272,336
Other investments [Member]
Fair Value Less Than 12 Months	0	2,451,892
Unrealized Loss Less Than 12 Months	0	20,108
Fair Value 12 Months Or More	1,670,137	439,782
Unrealized Loss 12 Months Or More	$ 63,863	$ 56,218
Number Of Securities | integer	7	12
Fair Value	$ 1,670,137	$ 2,891,674
Unrealized Loss	63,863	76,326
Taxable municipal securities
Fair Value Less Than 12 Months	0	0
Unrealized Loss Less Than 12 Months	0	0
Fair Value 12 Months Or More	233,714	234,858
Unrealized Loss 12 Months Or More	$ 66,286	$ 65,142
Number Of Securities | integer	1	1
Fair Value	$ 233,714	$ 234,858
Unrealized Loss	66,286	65,142
Tax-exempt municipal securities
Fair Value Less Than 12 Months	6,459,331	8,608,507
Unrealized Loss Less Than 12 Months	426,299	522,128
Fair Value 12 Months Or More	4,137,056	592,388
Unrealized Loss 12 Months Or More	$ 971,969	$ 237,228
Number Of Securities | integer	23	19
Fair Value	$ 10,596,387	$ 9,200,895
Unrealized Loss	1,398,268	759,356
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	10,398,344	7,651,903
Unrealized Loss 12 Months Or More	$ 1,601,656	$ 1,348,098
Number Of Securities | integer	11	11
Fair Value	$ 10,398,344	$ 10,375,291
Unrealized Loss	1,601,656	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	38,542,155	33,393,698
Unrealized Loss 12 Months Or More	$ 2,705,620	$ 2,967,534
Number Of Securities | integer	54	54
Fair Value	$ 38,542,155	$ 38,231,589
Unrealized Loss	2,705,620	3,137,035
Agency mortgage-backed securities (Agency MBS) [Member]
Fair Value Less Than 12 Months	7,854,937	14,541,901
Unrealized Loss Less Than 12 Months	203,432	810,356
Fair Value 12 Months Or More	98,968,067	97,718,436
Unrealized Loss 12 Months Or More	$ 23,129,632	$ 19,220,589
Number Of Securities | integer	123	120
Fair Value	$ 106,823,004	$ 112,260,337
Unrealized Loss	23,333,064	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	2,299,066	0
Unrealized Loss 12 Months Or More	$ 234,381	$ 0
Number Of Securities | integer	4	4
Fair Value	$ 2,299,066	$ 2,693,606
Unrealized Loss	234,381	236,134
CMO [Member]
Fair Value Less Than 12 Months	3,891,798	8,954,323
Unrealized Loss Less Than 12 Months	28,927	232,398
Fair Value 12 Months Or More	7,473,856	1,014,910
Unrealized Loss 12 Months Or More	$ 345,448	$ 110,291
Number Of Securities | integer	10	9
Fair Value	$ 11,365,654	$ 9,969,233
Unrealized Loss	$ 374,375	$ 342,689

Investment Securities (Detail_4

Investment Securities (Details Narrative) - Agency mortgage-backed securities (Agency MBS) [Member] - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Exceeding of investments	10%
Investments book value	$ 130.2	$ 135.2
Investments at fair value	$ 106.8	$ 115.2

Loans Allowance for Loan Loss_3

Loans Allowance for Loan Losses and Credit Quality (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Loans Allowance for Loan Losses and Credit Quality
Commercial & industrial	$ 126,161,034	$ 112,951,873
Purchased loans	5,977,866	7,530,458
Commercial real estate	407,039,093	356,892,986
Municipal	58,747,359	34,633,055
Residential real estate - 1st lien	206,098,103	198,743,375
Residential real estate - Jr lien	31,054,331	33,756,872
Consumer	3,494,482	4,039,989
Total Loans	$ 838,572,268	$ 748,548,608
Composition of commercial & industrial	15.04%	15.09%
Composition of purchased loans	0.71%	1%
Composition of commercial real estate	48.54%	47.68%
Composition of municipal	7.01%	4.63%
Composition of residential real estate - 1st lien	24.58%	26.55%
Composition of residential real estate - Jr lien	3.70%	4.51%
Composition of consumer	0.42%	0.54%
Total loan percentage	100%	100%
Deduct (add)
ACL	$ 9,487,973	$ 8,709,225
Deferred net loan costs (fees)	550,230	493,275
Net Loans	$ 829,634,525	$ 740,332,658

Loans Allowance for Loan Loss_4

Loans Allowance for Loan Losses and Credit Quality (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Loans Allowance for Loan Losses and Credit Quality
Provision for loan losses	$ 264,009	$ 125,000	$ 849,549	$ 1,325,000
Provision for credit losses on OBS credit exposure	(23,120)	0	(40,992)	0
Provision for credit losses	$ 240,889	$ 125,000	$ 808,557	$ 1,325,000

Loans Allowance for Loan Loss_5

Loans Allowance for Loan Losses and Credit Quality (Details 2) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Allowance For Loan Losses, Beginning Balance	$ 9,255,501	$ 8,709,225	$ 7,710,256	$ 7,710,256
Impact of adopting CECL		243,376
Charge-offs	(42,985)	(474,004)	(750,680)	(807,974)
Recoveries	11,448	159,827	147,510	828,943
Provision (credit)	264,009	849,549	1,325,000	978,000
Allowance For Loan Losses, Ending balance	9,487,973	9,487,973	8,432,086	8,709,225
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	109,914	108,602
Allowance For Loan Losses Evaluated For Impairment, Collectively	9,487,973	9,487,973	8,322,172	8,600,623
Total All Evaluted For Impairment		9,487,973	8,432,086	8,709,225
Loans Evaluated For Impairment, Individually	7,198,589	7,198,589	10,971,601	10,512,387
Loans Evaluated For Impairment Collectively	831,373,679	831,373,679	713,222,400	738,036,221
Total, Loans Evaluted For Impairment		838,572,268	724,194,001	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	(280,562)	(436,928)
Allowance For Loan Losses, Ending balance	0	0	258,555	102,189
Allowance For Loan Losses, Evaluated For Impairment, Individually			0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively			258,555	102,189
Total All Evaluted For Impairment		0	258,555	102,189
Commercial Real Estates [Member]
Allowance For Loan Losses, Beginning Balance	5,271,521	5,061,813	4,151,760	4,151,760
Impact of adopting CECL		(22,467)
Charge-offs	0	0	(667,474)	(667,474)
Recoveries	0	22,058	0	667,474
Provision (credit)	43,638	253,755	1,419,813	910,053
Allowance For Loan Losses, Ending balance	5,315,159	5,315,159	4,904,099	5,061,813
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	8,867	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	5,315,159	5,315,159	4,895,232	5,061,813
Total All Evaluted For Impairment		5,315,159	4,904,099	5,061,813
Loans Evaluated For Impairment, Individually	2,897,499	2,897,499	3,812,657	3,176,835
Loans Evaluated For Impairment Collectively	404,141,594	404,141,594	320,514,503	353,716,151
Total, Loans Evaluted For Impairment		407,039,093	324,327,160	356,892,986
Residential real estate - 1st lien [Member]
Allowance For Loan Losses, Beginning Balance	2,314,554	2,001,836	1,765,892	1,765,892
Impact of adopting CECL		273,167
Charge-offs	0	0	0	0
Recoveries	0	72,588	111,163	111,763
Provision (credit)	122,263	89,226	(63,658)	124,181
Allowance For Loan Losses, Ending balance	2,436,817	2,436,817	1,813,397	2,001,836
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	96,784	106,280
Allowance For Loan Losses Evaluated For Impairment, Collectively	2,436,817	2,436,817	1,716,613	1,895,556
Total All Evaluted For Impairment		2,436,817	1,813,397	2,001,836
Loans Evaluated For Impairment, Individually	614,502	614,502	3,670,995	3,816,012
Loans Evaluated For Impairment Collectively	205,483,601	205,483,601	188,895,584	194,927,363
Total, Loans Evaluted For Impairment		206,098,103	192,566,579	198,743,375
Commercial & industrial [Member]
Allowance For Loan Losses, Beginning Balance	1,054,342	1,116,322	870,392	870,392
Impact of adopting CECL		(164,115)
Charge-offs	0	(361,578)	(47,500)	(76,875)
Recoveries	1,585	3,935	12,862	14,112
Provision (credit)	9,401	470,764	255,773	308,693
Allowance For Loan Losses, Ending balance	1,065,328	1,065,328	1,091,527	1,116,322
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	4,259	2,322
Allowance For Loan Losses Evaluated For Impairment, Collectively	1,065,328	1,065,328	1,087,268	1,114,000
Total All Evaluted For Impairment		1,065,328	1,091,527	1,116,322
Loans Evaluated For Impairment, Individually	3,619,626	3,619,626	3,408,207	3,442,124
Loans Evaluated For Impairment Collectively	122,541,408	122,541,408	117,815,855	109,509,749
Total, Loans Evaluted For Impairment		126,161,034	121,224,062	112,951,873
Purchased Loan [Member]
Allowance For Loan Losses, Beginning Balance	18,337	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)	(170)	(5,727)	(12,107)	(15,565)
Allowance For Loan Losses, Ending balance	18,167	18,167	56,548	53,090
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	18,167	18,167	56,548	53,090
Total All Evaluted For Impairment		18,167	56,548	53,090
Loans Evaluated For Impairment, Individually	0	0	0	0
Loans Evaluated For Impairment Collectively	5,977,866	5,977,866	8,078,281	7,530,458
Total, Loans Evaluted For Impairment		5,977,866	8,078,281	7,530,458
Municipal [Member]
Allowance For Loan Losses, Beginning Balance	69,360	62,339	76,728	76,728
Impact of adopting CECL		24,243
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision (credit)	77,508	60,286	(4,432)	(14,389)
Allowance For Loan Losses, Ending balance	146,868	146,868	72,296	62,339
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	146,868	146,868	72,296	62,339
Total All Evaluted For Impairment		146,868	72,296	62,339
Loans Evaluated For Impairment, Individually	0	0	0	0
Loans Evaluated For Impairment Collectively	58,747,359	58,747,359	40,164,698	34,633,055
Total, Loans Evaluted For Impairment		58,747,359	40,164,698	34,633,055
Residential real estate - Jr lien [Member]
Allowance For Loan Losses, Beginning Balance	493,236	241,950	182,014	182,014
Impact of adopting CECL		297,746
Charge-offs	0	0	0	0
Recoveries	1,237	28,015	3,728	5,089
Provision (credit)	(17,723)	(90,961)	(2,998)	54,847
Allowance For Loan Losses, Ending balance	476,750	476,750	182,744	241,950
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	4	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	476,750	476,750	182,740	241,950
Total All Evaluted For Impairment		476,750	182,744	241,950
Loans Evaluated For Impairment, Individually	66,962	66,962	79,742	77,416
Loans Evaluated For Impairment Collectively	30,987,369	30,987,369	33,693,729	33,679,456
Total, Loans Evaluted For Impairment		31,054,331	33,773,471	33,756,872
Consumer [Member]
Allowance For Loan Losses, Beginning Balance	34,151	69,686	55,698	55,698
Impact of adopting CECL		(33,813)
Charge-offs	(42,985)	(112,426)	(35,706)	(63,625)
Recoveries	8,626	33,231	19,757	30,505
Provision (credit)	29,092	72,206	13,171	47,108
Allowance For Loan Losses, Ending balance	28,884	28,884	52,920	69,686
Allowance For Loan Losses, Evaluated For Impairment, Individually	0	0	0	0
Allowance For Loan Losses Evaluated For Impairment, Collectively	28,884	28,884	52,920	69,686
Total All Evaluted For Impairment		28,884	52,920	69,686
Loans Evaluated For Impairment, Individually	0	0	0	0
Loans Evaluated For Impairment Collectively	$ 3,494,482	3,494,482	4,059,750	4,039,989
Total, Loans Evaluted For Impairment		$ 3,494,482	$ 4,059,750	$ 4,039,989

Loans Allowance for Loan Loss_6

Loans Allowance for Loan Losses and Credit Quality (Details 3) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
30-89 Days	$ 1,101,602	$ 5,631,089
Residential real estate loans in process of foreclosure	33,825	19,746
90 Days Or More	4,998,650	1,899,792
Total Past Due	6,100,252	7,530,881
Current	832,472,016	741,017,727
Total Loans	838,572,268	748,548,608
Non-accrual with an ACL		730,989
Non-accrual with no ACL		7,159,031
Non-accrual Loans	7,214,792	7,890,020
90 Days Or More And Accruing	999,606	573,084
Commercial Real Estates [Member]
30-89 Days	585,102	1,395,444
90 Days Or More	1,092,154	353,842
Total Past Due	1,677,256	1,749,286
Current	405,361,837	355,143,700
Total Loans	407,039,093	356,892,986
Non-accrual with an ACL		0
Non-accrual with no ACL		3,180,478
Non-accrual Loans	2,900,078	3,180,478
90 Days Or More And Accruing	315,826	324,927
Residential real estate - 1st lien [Member]
30-89 Days	303,985	1,517,653
90 Days Or More	787,911	641,141
Total Past Due	1,091,896	2,158,794
Current	205,006,207	196,584,581
Total Loans	206,098,103	198,743,375
Non-accrual with an ACL		278,026
Non-accrual with no ACL		858,304
Non-accrual Loans	574,302	1,136,330
90 Days Or More And Accruing	619,469	248,157
Commercial & industrial [Member]
30-89 Days	0	2,377,668
90 Days Or More	3,093,578	879,802
Total Past Due	3,093,578	3,257,470
Current	123,067,456	109,694,403
Total Loans	126,161,034	112,951,873
Non-accrual with ACL		452,963
Non-accrual with no ACL		2,989,161
Non-accrual Loans	3,619,626	3,442,124
90 Days Or More And Accruing	64,311	0
Purchased Loan [Member]
30-89 Days	0	0
90 Days Or More	0	0
Total Past Due	0	0
Current	5,977,866	7,530,458
Total Loans	5,977,866	7,530,458
Municipal [Member]
30-89 Days	0	0
90 Days Or More	0	0
Total Past Due	0	0
Current	58,747,359	34,633,055
Total Loans	58,747,359	34,633,055
Residential real estate - Jr lien [Member]
30-89 Days	187,736	321,579
90 Days Or More	25,007	25,007
Total Past Due	212,743	346,586
Current	30,841,588	33,410,286
Total Loans	31,054,331	33,756,872
Non-accrual with an ACL		0
Non-accrual with no ACL		131,088
Non-accrual Loans	120,786	131,088
90 Days Or More And Accruing	0	0
Consumer [Member]
30-89 Days	24,779	18,745
90 Days Or More	0	0
Total Past Due	24,779	18,745
Current	3,469,703	4,021,244
Total Loans	$ 3,494,482
CMTV Consumer [Member]
Total Loans		$ 4,039,989

Loans Allowance for Loan Loss_7

Loans Allowance for Loan Losses and Credit Quality (Details 4)	Sep. 30, 2023 USD ($)
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
Commercial & industrial [Member]
Business assets loan	1,548,677
Commercial real estate loan	0
Residential real estate loan	0
Total collateral-dependent loans	1,548,677
Residential real estate - 1st lien [Member]
Business assets loan	0
Commercial real estate loan	0
Residential real estate loan	311,338
Total collateral-dependent loans	$ 311,338

Loans Allowance for Loan Loss_8

Loans Allowance for Loan Losses and Credit Quality (Details 5) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2022
Recorded Investment Allowance Recorded	$ 10,984,228	$ 10,984,228	$ 10,523,904
Unpaid Principal Balance Allowance Recorded	13,329,761	13,329,761	12,217,992
Related Allowance With An Allowance Recorded	109,914	109,914	108,602
Total Related Allowance
Related Allowance With An Allowance Recorded	109,914	109,914	108,602
Recorded Investment With An Allowance Recorded	2,378,533	2,378,533	1,494,693
Unpaid Principal Balance With An Allowance Recorded	2,413,046	2,413,046	1,536,095
Average Recorded Investment With An Allowance Recorded	1,634,314	1,271,082
Average Recorded Investment With No Allowance Recorded	7,545,834	7,433,907
Total No Related Allowance [Member]
Recorded Investment With No Related Allowance Recorded	8,605,695	8,605,695	9,029,211
Unpaid Principal Balance With No Related Allowance Recorded	10,916,715	10,916,715	10,681,897
Interest income recognized WITH an allowance recorded	31,496	58,553
Interest Income Recognized with NO related allowance	99,908	194,112
Commercial Real Estates [Member]
Related Allowance With An Allowance Recorded	8,867	8,867
Recorded Investment With An Allowance Recorded	249,709	249,709
Unpaid Principal Balance With An Allowance Recorded	252,806	252,806
Recorded Investment With No Related Allowance Recorded	3,563,089	3,563,089	3,176,962
Unpaid Principal Balance With No Related Allowance Recorded	4,751,499	4,751,499	3,671,196
Average Recorded Investment With An Allowance Recorded	124,854	62,427
Average Recorded Investment With No Allowance Recorded	3,479,786	3,806,739
Interest income recognized WITH an allowance recorded	0	0
Interest Income Recognized with NO related allowance	72,754	74,245
Residential real estate - 1st lien [Member]
Related Allowance With An Allowance Recorded	96,784	96,784	106,280
Recorded Investment With An Allowance Recorded	1,172,194	1,172,194	1,041,730
Unpaid Principal Balance With An Allowance Recorded	1,192,445	1,192,445	1,073,350
Recorded Investment With No Related Allowance Recorded	2,511,284	2,511,284	2,785,669
Unpaid Principal Balance With No Related Allowance Recorded	3,515,246	3,515,246	3,805,682
Average Recorded Investment With An Allowance Recorded	1,031,145	969,497
Average Recorded Investment With No Allowance Recorded	2,686,280	2,814,818
Interest income recognized WITH an allowance recorded	31,349	58,306
Interest Income Recognized with NO related allowance	27,154	119,663
Commercial & industrial [Member]
Related Allowance With An Allowance Recorded	4,259	4,259	2,322
Recorded Investment With An Allowance Recorded	954,098	954,098	452,963
Unpaid Principal Balance With An Allowance Recorded	965,266	965,266	462,745
Recorded Investment With No Related Allowance Recorded	2,454,109	2,454,109	2,989,161
Unpaid Principal Balance With No Related Allowance Recorded	2,525,175	2,525,175	3,078,769
Average Recorded Investment With An Allowance Recorded	477,049	238,525
Average Recorded Investment With No Allowance Recorded	1,299,959	728,879
Interest income recognized WITH an allowance recorded	0	0
Interest Income Recognized with NO related allowance	0	204
Residential real estate - Jr lien [Member]
Related Allowance With An Allowance Recorded	4	4
Recorded Investment With An Allowance Recorded	2,532	2,532
Unpaid Principal Balance With An Allowance Recorded	2,529	2,529
Recorded Investment With No Related Allowance Recorded	77,213	77,213	77,419
Unpaid Principal Balance With No Related Allowance Recorded	124,795	124,795	$ 126,250
Average Recorded Investment With An Allowance Recorded	1,266	633
Average Recorded Investment With No Allowance Recorded	79,809	83,471
Interest income recognized WITH an allowance recorded	147	247
Interest Income Recognized with NO related allowance	0	0
Total impaired loans [Member]
Average Recorded Investment With No Allowance Recorded	9,180,148	8,704,989
Interest Income Recognized with NO related allowance	$ 131,404	$ 252,665

Loans Allowance for Loan Loss_9

Loans Allowance for Loan Losses and Credit Quality (Details 6) $ in Thousands	Sep. 30, 2023 USD ($)
Residential real estate - 1st lien [Member]
2023	$ 22,995
2022	40,027
2021	41,817
2020	35,696
2019	10,556
Revolving loan amortized cost basis	1,956
Revolving loan converted to term	0
Total loan	206,098
Prior	53,051
Residential real estate - 1st lien [Member] | Pass [Member]
2023	22,995
2022	39,726
2021	41,687
2020	33,854
2019	10,516
Revolving loan amortized cost basis	1,956
Revolving loan converted to term	0
Total loan	203,416
Prior	52,682
Residential real estate - 1st lien [Member] | Special mention [Member]
2023	0
2022	301
2021	130
2020	0
2019	0
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	431
Prior	0
Residential real estate - 1st lien [Member] | Substandard Doubtful [Member]
2023	0
2022	0
2021	0
2020	1,842
2019	40
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	2,251
Prior	369
Municipal [Member]
2023	32,286
2022	838
2021	3,327
2020	5,042
2019	631
Revolving loan amortized cost basis	5,916
Revolving loan converted to term	0
Total loan	58,747
Prior	10,707
Municipal [Member] | Pass [Member]
2023	32,286
2022	838
2021	3,327
2020	5,042
2019	631
Revolving loan amortized cost basis	5,916
Revolving loan converted to term	0
Total loan	58,747
Prior	10,707
Residential real estate - Jr lien [Member]
2023	1,424
2022	2,017
2021	355
2020	609
2019	645
Revolving loan amortized cost basis	23,142
Revolving loan converted to term	1,710
Total loan	31,054
Prior	1,152
Residential real estate - Jr lien [Member] | Pass [Member]
2023	1,424
2022	1,967
2021	355
2020	609
2019	645
Revolving loan amortized cost basis	23,142
Revolving loan converted to term	1,710
Total loan	30,973
Prior	1,121
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
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	31
Prior	31
Consumer [Member]
2023	1,580
2022	969
2021	470
2020	248
2019	133
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	3,495
Prior	95
Consumer [Member] | Pass [Member]
2023	1,580
2022	969
2021	470
2020	248
2019	133
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	3,495
Prior	95
Commercial Real Estate [Member]
2023	64,005
2022	86,228
2021	40,883
2020	47,273
2019	36,622
Revolving loan amortized cost basis	41,990
Revolving loan converted to term	0
Total loan	407,039
Prior	90,038
Commercial Real Estate [Member] | Pass [Member]
2023	64,005
2022	85,851
2021	39,398
2020	43,929
2019	35,241
Revolving loan amortized cost basis	41,990
Revolving loan converted to term	0
Total loan	397,418
Prior	87,004
Commercial Real Estate [Member] | Special mention [Member]
2023	0
2022	377
2021	1,485
2020	0
2019	0
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	3,120
Prior	1,258
Commercial Real Estate [Member] | Substandard Doubtful [Member]
2023	0
2022	0
2021	0
2020	3,344
2019	1,381
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	6,501
Prior	1,776
Commercial [Member]
2023	10,874
2022	20,715
2021	14,730
2020	3,590
2019	4,460
Revolving loan amortized cost basis	65,430
Revolving loan converted to term	0
Total loan	126,161
Prior	6,362
Commercial [Member] | Pass [Member]
2023	10,874
2022	20,286
2021	13,821
2020	3,108
2019	4,176
Revolving loan amortized cost basis	58,359
Revolving loan converted to term	0
Total loan	115,419
Prior	4,795
Commercial [Member] | Special mention [Member]
2023	0
2022	0
2021	777
2020	0
2019	13
Revolving loan amortized cost basis	4,631
Revolving loan converted to term	0
Total loan	5,423
Prior	2
Commercial [Member] | Substandard Doubtful [Member]
2023	0
2022	429
2021	132
2020	482
2019	271
Revolving loan amortized cost basis	2,440
Revolving loan converted to term	0
Total loan	5,319
Prior	1,565
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	337
2022	97
2021	1,641
2020	1,521
2019	2,382
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	5,978
Prior	0
Purchased [Member] | Pass [Member]
2023	337
2022	97
2021	1,641
2020	1,521
2019	2,382
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	5,978
Prior	0
Current period gross charge-offs one [Member]
2023	31
2022	27
2021	0
2020	0
2019	1
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	112
Prior	53
Total current period gross charge-offs [Member]
2023	31
2022	177
2021	0
2020	0
2019	1
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	474
Prior	265
Total Loans Amount [Member]
2023	133,501
2022	150,891
2021	103,223
2020	93,979
2019	55,429
Revolving loan amortized cost basis	138,434
Revolving loan converted to term	1,710
Total loan	838,572
Prior	$ 161,405

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]	9 Months Ended	12 Months Ended
	Sep. 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]	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) integer	Dec. 31, 2022 USD ($) integer
Number Of Contracts | integer	1	0
Recorded Investment | $	$ 818,570	$ 1

Loans Allowance for Loan Los_13

Loans Allowance for Loan Losses and Credit Quality (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Loans Allowance for Loan Losses and Credit Quality
Total		$ 106,280
Accrued Interest Receivable And Deferred Net Loan Costs	$ 11,517		$ 12,627
Non accrual status or tdrs regardless of amount	$ 100,000

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Details Narrative) - USD ($)	Sep. 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 ($)	Sep. 30, 2023	Dec. 31, 2022
Fair Value
Assets: (market approach)
Assets recorded at fair value on a recurring basis	$ 181,928,461	$ 192,918,109
Fair Value Level 1 | U.S. Government securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	38,542,155	38,231,589
Fair Value Level 2
Assets: (market approach)
Assets recorded at fair value on a recurring basis	143,386,306	154,686,520
Fair Value Level 2 | Other investments [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	1,670,137	2,891,674
Fair Value Level 2 | Taxable municipal securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	233,714	234,858
Fair Value Level 2 | Tax-exempt municipal securities
Assets: (market approach)
Assets recorded at fair value on a recurring basis	10,596,387	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	10,398,344	10,375,291
Fair Value Level 2 | Agency MBS
Assets: (market approach)
Assets recorded at fair value on a recurring basis	106,823,004	115,231,599
Fair Value Level 2 | ABS and OAS
Assets: (market approach)
Assets recorded at fair value on a recurring basis	2,299,066	2,693,606
Fair Value Level 2 | CMO [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	$ 11,365,654	$ 11,935,925

Fair Value (Details 1)

Fair Value (Details 1) - Fair Value Level 2 - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Individually analyzed loans, net of related allowance	$ 679,802	$ 94,458
Loans held-for-sale	56,700	0
MSRs	$ 814,470	$ 862,593

Fair Value (Details 2)

Fair Value (Details 2) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Purchased loans	$ 5,977,866	$ 7,530,458
Fair Value
Purchased loans	5,537,000	7,119,000
Cash and cash equivalents	17,532,000	71,140,000
Debt securities AFS	181,928,000	192,918,000
Restricted equity securities	1,424,000	1,412,000
Commercial & industrial	121,460,000	109,534,000
Commercial real estate	376,490,000	340,283,000
Municipal	55,681,000	34,558,000
Residential real estate - 1st lien	184,617,000	180,944,000
Residential real estate - Jr lien	30,109,000	33,218,000
Consumer	3,473,000	3,949,000
MSRs (1)	1,286,000	1,287,000
Accrued interest receivable	3,830,000	3,214,000
Other deposits	897,998,000	918,882,000
Brokered deposits	227,000	225,000
Short-term borrowings	3,550,000
Long-term borrowings	45,223,000	1,025,000
Repurchase agreements	31,580,000	33,078,000
Operating lease obligations	497,000	658,000
Finance lease obligations	3,480,000	3,645,000
Subordinated debentures	12,694,000	12,740,000
Accrued interest payable	794,000	74,000
Carrying Amount
Purchased loans	5,960,000	7,476,000
Cash and cash equivalents	17,532,000	71,140,000
Debt securities AFS	181,928,000	192,918,000
Restricted equity securities	1,424,000	1,412,000
Commercial & industrial	125,074,000	111,792,000
Commercial real estate	401,695,000	351,738,000
Municipal	58,600,000	34,566,000
Residential real estate - 1st lien	204,319,000	197,281,000
Residential real estate - Jr lien	30,577,000	33,510,000
Consumer	3,466,000	3,970,000
MSRs (1)	814,000	863,000
Accrued interest receivable	3,830,000	3,214,000
Other deposits	900,956,000	922,723,000
Brokered deposits	249,000	249,000
Short-term borrowings	3,550,000
Long-term borrowings	45,600,000	1,300,000
Repurchase agreements	31,580,000	33,078,000
Operating lease obligations	497,000	658,000
Finance lease obligations	3,480,000	3,645,000
Subordinated debentures	12,887,000	12,887,000
Accrued interest payable	794,000	74,000
Fair Value Level 2
Purchased loans	0	0
Cash and cash equivalents	0	0
Debt securities AFS	143,386,000	154,686,000
Restricted equity securities	1,424,000	1,412,000
Commercial & industrial	680,000	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)	1,286,000	1,287,000
Accrued interest receivable	3,830,000	3,214,000
Other deposits	897,998,000	918,882,000
Brokered deposits	227,000	225,000
Short-term borrowings	3,550,000
Long-term borrowings	45,223,000	1,025,000
Repurchase agreements	31,580,000	33,078,000
Operating lease obligations	497,000	658,000
Finance lease obligations	3,480,000	3,645,000
Subordinated debentures	12,694,000	12,740,000
Accrued interest payable	794,000	74,000
Fair Value Level 1
Purchased loans	0	0
Cash and cash equivalents	17,532,000	71,140,000
Debt securities AFS	38,542,000	38,232,000
Restricted equity securities	0	0
Commercial & industrial	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
Short-term borrowings	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
Purchased loans	5,537,000	7,119,000
Cash and cash equivalents	0	0
Debt securities AFS	0	0
Restricted equity securities	0	0
Commercial & industrial	120,780,000	109,534,000
Commercial real estate	376,490,000	340,254,000
Municipal	55,681,000	34,558,000
Residential real estate - 1st lien	184,617,000	180,879,000
Residential real estate - Jr lien	30,109,000	33,218,000
Consumer	3,473,000	3,949,000
MSRs (1)	0	0
Accrued interest receivable	0	0
Other deposits	0	0
Brokered deposits	0	0
Short-term borrowings	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 ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Loan Servicing
Balance At Beginning Of Year	$ 862,593	$ 897,720
Msrs Capitalized	55,666	120,629
Msrs Amortized	(103,789)	(155,756)
Balance At end Of Year	$ 814,470	$ 862,593

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	9 Months Ended
	Sep. 30, 2023 $ / shares
Subsequent Events
Dividends Declared Per Common Share	$ 0.23