Community Bancorp (CMTV) 10-Q14 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 04, 2024
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, 2024
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Entity Common Stock Shares Outstanding		5,577,794
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-16435
Entity Incorporation State Country Code	VT
Entity Tax Identification Number	03-0284070
Entity Address Address Line 1	4811 US Route 5
Entity Address City Or Town	Derby
Entity Address State Or Province	VT
Entity Address Postal Zip Code	05829
City Area Code	802
Local Phone Number	334-7915
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Assets
Cash and due from banks	$ 15,922,872	$ 15,001,122
Federal funds sold and overnight deposits	33,898,144	5,433,391
Total cash and cash equivalents	49,821,016	20,434,513
Securities available-for-sale	170,477,527	190,706,019
Restricted equity securities, at cost	2,791,250	1,642,350
Loans	912,716,917	845,429,854
Allowance for credit losses	(9,540,452)	(9,842,725)
Deferred net loan costs	632,346	573,169
Net loans	903,808,811	836,160,298
Bank premises and equipment, net	12,324,290	12,371,371
Accrued interest receivable	4,353,182	4,246,798
Bank owned life insurance	5,296,956	5,232,703
Goodwill	11,574,269	11,574,269
Other real estate owned	275,000	0
Other assets	16,565,178	16,976,613
Total assets	1,177,287,479	1,099,344,934
Deposits:
Demand, non-interest bearing	202,741,979	202,969,957
Interest-bearing transaction accounts	296,865,607	297,030,893
Money market funds	111,117,868	121,375,419
Savings	144,173,873	151,570,686
Time deposits, $250,000 and over	35,505,173	24,676,853
Other time deposits	139,175,589	99,343,974
Total deposits	929,580,089	896,967,782
Repurchase agreements	32,604,118	36,255,920
Borrowed funds	93,600,000	54,600,000
Junior subordinated debentures	12,887,000	12,887,000
Accrued interest and other liabilities	10,267,817	9,605,418
Total liabilities	1,078,939,024	1,010,316,120
Shareholders' Equity
Preferred stock, 1,000,000 shares authorized, 15 shares issued and outstanding at 09/30/24 and 12/31/23 ($100,000 liquidation value, per share)	1,500,000	1,500,000
Common stock - $2.50 par value; 15,000,000 shares authorized, 5,788,590 shares issued at 09/30/24 and 5,724,151 shares issued at 12/31/23	14,471,475	14,310,378
Additional paid-in capital	38,471,953	37,574,578
Retained earnings	58,948,585	54,198,230
Accumulated other comprehensive loss	(12,420,781)	(15,931,595)
Less: treasury stock, at cost; 210,101 shares at 09/30/24 and 12/31/23	(2,622,777)	(2,622,777)
Total shareholders' equity	98,348,455	89,028,814
Total liabilities and shareholders' equity	$ 1,177,287,479	$ 1,099,344,934
Book value per common share outstanding	$ 17.36	$ 15.87

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
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)	5,788,590	5,724,151
Treasury Stock (in Shares)	210,101	210,101

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
Consolidated Statements of Income (Unaudited) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income
Interest and fees on loans	$ 12,739,224	$ 10,919,330	$ 36,484,552	$ 30,310,324
Interest on taxable debt securities	881,822	941,956	2,786,379	2,815,397
Interest on tax-exempt debt securities	80,411	90,659	241,234	271,975
Dividends	64,051	39,904	169,706	104,556
Interest on federal funds sold and overnight deposits	201,959	94,515	342,343	568,803
Total interest income	13,967,467	12,086,364	40,024,214	34,071,055
Interest expense
Interest on deposits	3,676,889	2,501,243	10,116,896	6,570,373
Interest on borrowed funds	1,159,214	676,837	3,379,454	953,799
Interest on repurchase agreements	194,151	201,518	570,913	548,300
Interest on junior subordinated debentures	275,290	276,707	836,089	776,296
Total interest expense	5,305,544	3,656,305	14,903,352	8,848,768
Net interest income	8,661,923	8,430,059	25,120,862	25,222,287
Credit loss expense	460,745	240,889	1,105,906	808,557
Net interest income after credit loss expense	8,201,178	8,189,170	24,014,956	24,413,730
Non-interest income
Service fees	972,338	937,890	2,834,439	2,757,629
Income from sold loans	96,294	144,747	273,867	358,942
Other income from loans	381,170	310,645	913,994	1,081,093
Other income	556,872	318,309	1,390,698	1,111,136
Total non-interest income	2,006,674	1,711,591	5,412,998	5,308,800
Non-interest expense
Salaries and wages	2,358,000	2,164,760	7,104,000	6,718,280
Employee benefits	986,804	797,304	2,840,194	2,363,444
Occupancy expenses, net	683,980	662,277	2,100,714	2,133,492
Other expenses	2,479,874	2,190,203	7,035,466	6,342,955
Total non-interest expense	6,508,658	5,814,544	19,080,374	17,558,171
Income before income taxes	3,699,194	4,086,217	10,347,580	12,164,359
Income tax expense	584,943	723,708	1,682,242	2,266,751
Net income	$ 3,114,251	$ 3,362,509	$ 8,665,338	$ 9,897,608
Earnings per common share	$ 0.55	$ 0.61	$ 1.55	$ 1.80
Weighted average number of common shares used in computing earnings per share	5,563,774	5,478,960	5,542,353	5,461,660
Dividends declared per common share	$ 0.24	$ 0.23	$ 0.70	$ 0.69

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Consolidated Statements of Comprehensive Income (Unaudited)
Net income	$ 3,114,251	$ 3,362,509	$ 8,665,338	$ 9,897,608
Other comprehensive income (loss), net of tax:
Unrealized holding income (loss) on securities AFS arising during the period	6,150,345	(5,155,445)	4,444,072	(3,615,720)
Tax effect	(1,291,573)	1,082,645	(933,258)	759,302
Other comprehensive income (loss), net of tax	4,858,772	(4,072,800)	3,510,814	(2,856,418)
Total comprehensive income (loss)	$ 7,973,023	$ (710,291)	$ 12,176,152	$ 7,041,190

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 Deficit)	Accumulated other comprehensive loss	Treasury Stocks
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)
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
Issuance of common stock, amount	319,877	43,693		276,184
Cash dividends declared Common stock	(1,250,794)				(1,250,794)
Cash dividends declared Preferred stock	(28,125)				(28,125)
Net Income (Loss)	3,338,761				3,338,761
Other comprehensive income	2,672,818					2,672,818
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, 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)
Cash dividends declared Preferred stock	(89,063)
Net Income (Loss)	9,897,608
Other comprehensive income	(2,856,418)
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, 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, amount	382,247	45,720		336,527
Cash dividends declared Common stock	(1,254,835)				(1,254,835)
Cash dividends declared Preferred stock	(30,000)				(30,000)
Net Income (Loss)	3,196,339				3,196,339
Other comprehensive income	(1,456,436)					(1,456,436)
Balance, amount at Jun. 30, 2023	80,517,102	14,208,688	1,500,000	36,995,946	49,886,680	(9,451,435)	(2,622,777)
Issuance of common stock, amount	289,675	43,382		246,293
Cash dividends declared Common stock	(1,258,852)				(1,258,852)
Cash dividends declared Preferred stock	(30,938)				(30,938)
Net Income (Loss)	3,362,509				3,362,509
Other comprehensive income	(4,072,800)					(4,072,800)
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, amount at Dec. 31, 2023	89,028,814	14,310,378	1,500,000	37,574,578	54,198,230	(15,931,595)	(2,622,777)
Issuance of common stock, amount	360,451	52,890		307,561
Cash dividends declared Common stock	(1,268,320)				(1,268,320)
Cash dividends declared Preferred stock	(31,875)				(31,875)
Net Income (Loss)	2,822,901				2,822,901
Other comprehensive income	(1,508,008)					(1,508,008)
Balance, amount at Mar. 31, 2024	89,403,963	14,363,268	1,500,000	37,882,139	55,720,936	(17,439,603)	(2,622,777)
Balance, amount at Dec. 31, 2023	89,028,814	14,310,378	1,500,000	37,574,578	54,198,230	(15,931,595)	(2,622,777)
Cash dividends declared Preferred stock	(95,625)
Net Income (Loss)	8,665,338
Other comprehensive income	3,510,814
Balance, amount at Sep. 30, 2024	98,348,455	14,471,475	1,500,000	38,471,953	58,948,585	(12,420,781)	(2,622,777)
Balance, amount at Mar. 31, 2024	89,403,963	14,363,268	1,500,000	37,882,139	55,720,936	(17,439,603)	(2,622,777)
Issuance of common stock, amount	341,418	50,000		291,418
Cash dividends declared Common stock	(1,273,008)				(1,273,008)
Cash dividends declared Preferred stock	(31,875)				(31,875)
Net Income (Loss)	2,728,186				2,728,186
Other comprehensive income	160,050					160,050
Balance, amount at Jun. 30, 2024	91,328,734	14,413,268	1,500,000	38,173,557	57,144,239	(17,279,553)	(2,622,777)
Issuance of common stock, amount	356,603	58,207		298,396
Cash dividends declared Common stock	(1,278,030)				(1,278,030)
Cash dividends declared Preferred stock	(31,875)				(31,875)
Net Income (Loss)	3,114,251				3,114,251
Other comprehensive income	4,858,772					4,858,772
Balance, amount at Sep. 30, 2024	$ 98,348,455	$ 14,471,475	$ 1,500,000	$ 38,471,953	$ 58,948,585	$ (12,420,781)	$ (2,622,777)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
Consolidated Statements of Cash Flows (Unaudited) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net Income (Loss)	$ 8,665,338	$ 9,897,608
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization, bank premises and equipment	780,718	809,560
Credit loss expense	1,105,906	808,557
Deferred income tax	352,399	(269,192)
Gain on sale of loans	(66,682)	(114,912)
(Gain) loss on sale of bank premises and equipment	(13,981)	449
Income from CFS Partners	979,747	(705,342)
Amortization of bond premium, net	158,121	201,050
Proceeds from sales of loans held for sale	3,972,232	5,597,777
Originations of loans held for sale	(3,905,550)	(5,539,565)
Decrease in taxes payable	(388,763)	(271,441)
Increase in interest receivable	(106,384)	(615,797)
Decrease in mortgage servicing rights	66,093	48,123
Decrease in right-of-use assets	144,684	150,971
Decrease in operating lease liabilities	(18,220)	(161,271)
Increase in other assets	(19,409)	(71,207)
Increase in cash surrender value of BOLI	(64,253)	(59,235)
Amortization of limited partnerships	447,606	201,384
Change in net deferred loan fees and costs	(59,177)	(56,955)
Increase in interest payable	1,355,993	720,343
Decrease in accrued expenses	(492,340)	310,304
(Decrease) increase in other liabilities	(58,875)	369,059
Net cash provided by operating activities	10,875,709	10,629,660
Cash Flows from Investing Activities:
Investments - AFS Maturities, calls, pay downs and sales	24,514,443	11,164,002
Investments - AFS Purchase	0	(3,991,124)
Proceeds from redemption of restricted equity securities	4,152,400	3,516,500
Purchases of restricted equity securities	(5,301,300)	(3,528,300)
Decrease in limited partnership contributions payable	0	(1,823,301)
Investments in limited liability entities	0	(282,000)
Increase in loans, net	(69,016,918)	(90,497,664)
Capital expenditures net of proceeds from sales of bank premises and equipment	(864,341)	(516,267)
Recoveries of loans charged off	75,906	159,827
Net cash used in investing activities	(46,439,810)	(85,798,327)
Cash Flows from Financing Activities:
Net decrease in demand and interest-bearing transaction accounts	(393,264)	(20,211,447)
Net decrease in money market and savings accounts	(17,654,364)	(14,587,675)
Net increase in time deposits	50,659,935	13,031,762
Net decrease in repurchase agreements	(3,651,802)	(1,497,403)
Net increase in short-term borrowings	9,000,000	3,550,000
Proceeds from long-term borrowings	30,000,000	44,500,000
Repayments on long-term borrowings	0	(200,000)
Decrease in finance lease obligations	(169,659)	(164,420)
Dividends paid on preferred stock	(95,625)	(89,063)
Dividends paid on common stock	(2,744,617)	(2,771,073)
Net cash provided by financing activities	64,950,604	21,560,681
Net increase (decrease) in cash and cash equivalents	29,386,503	(53,607,986)
Cash and cash equivalents:
Beginning	20,434,513	71,140,328
Ending	49,821,016	17,532,342
Supplemental Schedule of Cash Paid During the Period:
Interest	13,547,359	8,128,425
Income taxes, net of refunds	1,271,000	2,606,000
Supplemental Schedule of Noncash Investing and Financing Activities:
Change in unrealized gain (loss) on securities AFS	4,444,072	(3,615,720)
Loans transferred to OREO	275,000	0
Additions to operating lease liabilities	138,058	0
Common Shares Dividends Paid:
Dividends declared	3,819,358	3,764,480
Increase in dividends payable attributable to dividends declared	(16,269)	(1,608)
Dividends reinvested	(1,058,472)	(991,799)
Total dividends paid	$ 2,744,617	$ 2,771,073

Basis of Presentation and Conso

Basis of Presentation and Consolidation and Certain Definitions	9 Months Ended
	Sep. 30, 2024
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” and a “non-accelerated filer” under the disclosure rules of the SEC. Accordingly, the Company has elected to provide smaller reporting company scaled disclosures where management deems it appropriate, and to provide its audited consolidated statements of income, comprehensive income, cash flows and changes in shareholders’ equity for a two year, rather than a three year, period.is considered a “smaller reporting company” under the disclosure rules of the SEC, as amended in 2018. 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 FASB: Financial Accounting Standards Board ACL: Allowance for Credit Losses 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 ALCO: Asset Liability Committee FHLMC: Federal Home Loan Mortgage Corporation ALL: Allowance for Loan Losses FOMC: Federal Open Market Committee AOCI: Accumulated other comprehensive income FRB: Federal Reserve Board ASC: Accounting Standards Codification FRBB: Federal Reserve Bank of Boston ASU: Accounting Standards Update GAAP: Generally Accepted Accounting Principles Bancorp: Community Bancorp. in the United States Bank: Community National Bank GSE: Government sponsored enterprise BHG: Bankers Healthcare Group HTM: Held-to-maturity BIC: Borrower-in-Custody ICS: Insured Cash Sweeps of the IntraFi Network Board: Board of Directors IRS: Internal Revenue Service BOLI: Bank owned life insurance JNE: Jobs for New England bp or bps: Basis point(s) Jr: Junior BTFP: Bank Term Funding Program 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 CECL: Current Expected Credit Loss OBS: Off-balance sheet CFSG: Community Financial Services Group, LLC OCI: Other comprehensive income (loss) CFS Partners: Community Financial Services Partners, OREO: Other real estate owned LLC OTTI: Other-than-temporary impairment CME: CME Group Benchmark Administration Ltd. 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 USDA: U.S. Department of Agriculture DRIP: Dividend Reinvestment Plan VA: U.S. Veterans Administration Exchange Act: Securities Exchange Act of 1934

Recent Accounting Developments

Recent Accounting Developments	9 Months Ended
Recent Accounting Developments	Sep. 30, 2024
Recent Accounting Developments
Recent Accounting Developments	Note 2. Recent Accounting Developments In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures.

Earnings per Common Share

Earnings per Common Share	9 Months Ended
Earnings per Common Share	Sep. 30, 2024
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, 2024 2023 Net income, as reported $ 3,114,251 $ 3,362,509 Less: dividends to preferred shareholders 31,875 30,938 Net income available to common shareholders $ 3,082,376 $ 3,331,571 Weighted average number of common shares used in calculating earnings per share 5,563,774 5,478,960 Earnings per common share $ 0.55 $ 0.61 Nine Months Ended September 30, 2024 2023 Net income, as reported $ 8,665,338 $ 9,897,608 Less: dividends to preferred shareholders 95,625 89,063 Net income available to common shareholders $ 8,569,713 $ 9,808,545 Weighted average number of common shares used in calculating earnings per share 5,542,353 5,461,660 Earnings per common share $ 1.55 $ 1.80

Investment Securities

Investment Securities	9 Months Ended
Investment Securities	Sep. 30, 2024
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, 2024 U.S. GSE debt securities $ 12,000,000 $ 0 $ 824,636 $ 11,175,364 U.S. Government securities 30,605,171 0 926,727 29,678,444 Taxable Municipal securities 300,000 0 40,395 259,605 Tax-exempt Municipal securities 10,787,598 188,260 505,176 10,470,682 Agency MBS 122,653,012 368,015 13,768,390 109,252,637 ABS and OAS 2,098,117 0 92,570 2,005,547 CMO 7,260,135 0 96,557 7,163,578 Other investments 496,000 0 24,330 471,670 Total $ 186,200,033 $ 556,275 $ 16,278,781 $ 170,477,527 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2023 U.S. GSE debt securities $ 12,000,000 $ 0 $ 1,172,426 $ 10,827,574 U.S. Government securities 41,207,049 0 1,943,800 39,263,249 Taxable Municipal securities 300,000 0 53,035 246,965 Tax-exempt Municipal securities 10,832,494 158,982 517,691 10,473,785 Agency MBS 132,043,238 321,880 16,502,319 115,862,799 ABS and OAS 2,533,872 0 186,251 2,347,621 CMO 10,963,942 0 226,346 10,737,596 Other investments 992,000 0 45,570 946,430 Total $ 210,872,595 $ 480,862 $ 20,647,438 $ 190,706,019 The Company had investments in Agency MBS exceeding 10% of shareholders’ equity with a book value of $122.7 million and $132.0 million, respectively, and a fair value of $109.3 million and $115.9 million, respectively, as of September 30, 2024 and December 31, 2023. 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, 2024 $ 55,287,171 $ 49,272,350 December 31, 2023 59,300,089 52,107,148 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 and fair value of these pledged investments as of the balance sheet dates as follows: Amortized Fair Cost Value September 30, 2024 $ 59,475,278 $ 54,660,881 December 31, 2023 49,232,069 43,795,542 There were no sales of debt securities during the first nine months of 2024 or 2023. The scheduled maturities of debt securities as of the balance sheet dates were as follows: Amortized Fair Cost Value September 30, 2024 Due in one year or less $ 21,463,669 $ 21,128,521 Due from one to five years 28,637,966 27,205,804 Due from five to ten years 1,625,056 1,428,846 Due after ten years 11,820,330 11,461,719 Agency MBS 122,653,012 109,252,637 Total $ 186,200,033 $ 170,477,527 Amortized Fair Cost Value December 31, 2023 Due in one year or less $ 17,366,548 $ 17,061,882 Due from one to five years 43,976,469 41,245,991 Due from five to ten years 4,485,724 4,141,301 Due after ten years 13,000,616 12,394,046 Agency MBS 132,043,238 115,862,799 Total $ 210,872,595 $ 190,706,019 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, 2024 U.S. GSE debt securities $ 0 $ 0 $ 11,175,364 $ 824,636 11 $ 11,175,364 $ 824,636 U.S. Government securities 0 0 29,678,444 926,727 44 29,678,444 926,727 Taxable Municipal securities 0 0 259,605 40,395 1 259,605 40,395 Tax-exempt Municipal securities 1,054,262 8,790 4,036,628 496,386 11 5,090,890 505,176 Agency MBS 0 0 97,490,581 13,768,390 116 97,490,581 13,768,390 ABS and OAS 0 0 2,005,547 92,570 4 2,005,547 92,570 CMO 0 0 7,163,578 96,557 8 7,163,578 96,557 Other investments 0 0 471,670 24,330 2 471,670 24,330 Total $ 1,054,262 $ 8,790 $ 152,281,417 $ 16,269,991 197 $ 153,335,679 $ 16,278,781 December 31, 2023 U.S. GSE debt securities $ 0 $ 0 $ 10,827,574 $ 1,172,426 11 $ 10,827,574 $ 1,172,426 U.S. Government securities 0 0 39,263,249 1,943,800 54 39,263,249 1,943,800 Taxable Municipal securities 0 0 246,965 53,035 1 246,965 53,035 Tax-exempt Municipal securities 529,571 9,468 4,058,155 508,223 10 4,587,726 517,691 Agency MBS 1,328,433 9,218 103,000,706 16,493,101 119 104,329,139 16,502,319 ABS and OAS 0 0 2,347,621 186,251 4 2,347,621 186,251 CMO 3,309,165 18,554 7,428,431 207,792 10 10,737,596 226,346 Other investments 0 0 946,430 45,570 4 946,430 45,570 Total $ 5,167,169 $ 37,240 $ 168,119,131 $ 20,610,198 213 $ 173,286,300 $ 20,647,438 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 under prior GAAP. As of September 30, 2024 and December 31, 2023, the Company did not have the intent to sell, nor was it more likely than not that we would be required to sell, any of the debt securities AFS in an unrealized loss position as of such dates 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 as of the balance sheet dates were primarily attributed to increases in market interest rates since these securities were purchased under other market conditions. Accordingly, there was no ACL on AFS debt securities as of September 30, 2024 or December 31, 2023.

Loans Allowance for Credit Loss

Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures	9 Months Ended
	Sep. 30, 2024
Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures
Loans, Allowance for Credit Losses, Credit Quality and Off-Balance Sheet Credit Exposures	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, 2024 December 31, 2023 Commercial & industrial $ 126,769,226 13.89 % $ 121,705,707 14.40 % Purchased (1) 8,415,438 0.92 % 10,568,922 1.25 % Commercial real estate 460,121,749 50.41 % 414,880,621 49.07 % Municipal 65,503,481 7.18 % 54,466,988 6.44 % Residential real estate - 1st lien 215,935,553 23.66 % 208,824,888 24.70 % Residential real estate - Jr lien 32,942,086 3.61 % 31,668,811 3.75 % Consumer 3,029,384 0.33 % 3,313,917 0.39 % Total loans 912,716,917 100.00 % 845,429,854 100.00 % ACL (9,540,452 ) (9,842,725 ) Deferred net loan costs 632,346 573,169 Net loans $ 903,808,811 $ 836,160,298 (1) As of September 30, 2024, purchased loans consisted of $4,220,549 in commercial loans and $4,194,889 in consumer loans, compared to $5,705,659 and $4,863,263, respectively, as of December 31, 2023. Accrued interest receivable on loans totaled $3.8 million and $3.6 million as of September 30, 2024 and December 31, 2023, respectively, and was reported in accrued interest receivable on the consolidated balance sheets and is excluded from the estimate of credit losses. Three Months Ended September 30, 2024 2023 Credit loss expense - loans $ 406,955 $ 264,009 Credit loss expense (reversal) - OBS credit exposure 53,790 (23,120 ) Credit loss expense $ 460,745 $ 240,889 Nine Months Ended September 30, 2024 2023 Credit loss expense - loans $ 1,076,676 $ 849,549 Credit loss expense (reversal) - OBS credit exposure 29,230 (40,992 ) Credit loss expense $ 1,105,906 $ 808,557 The following tables present the activity in the ACL on loans for the periods presented. As of or for the three months ended September 30, 2024 Balance Credit Loss Balance June 30, Expense September 30, 2024 Charge-offs Recoveries (Reversal) 2024 Commercial & Industrial $ 1,087,079 $ (1,097,922 ) $ 1,731 $ 1,013,020 $ 1,003,908 Purchased 32,061 0 0 (6,444 ) 25,617 Commercial Real Estate 5,986,039 (81,000 ) 0 (339,428 ) 5,565,611 Municipal 85,253 0 0 78,505 163,758 Residential Real Estate - 1st Lien 2,694,655 0 0 (295,978 ) 2,398,677 Residential Real Estate - Jr Lien 425,623 0 13,122 (77,893 ) 360,852 Consumer 25,005 (45,512 ) 7,363 35,173 22,029 Totals $ 10,335,715 $ (1,224,434 ) $ 22,216 $ 406,955 $ 9,540,452 As of or for the nine months ended September 30, 2024 Balance Credit Loss Balance December 31, Expense September 30, 2023 Charge-offs Recoveries (Reversal) 2024 Commercial & Industrial $ 1,100,688 $ (1,249,441 ) 45,800 1,106,861 $ 1,003,908 Purchased 37,065 0 0 (11,448 ) 25,617 Commercial Real Estate 5,522,082 (126,393 ) 0 169,922 5,565,611 Municipal 136,167 0 0 27,591 163,758 Residential Real Estate - 1st Lien 2,590,926 0 0 (192,249 ) 2,398,677 Residential Real Estate - Jr Lien 431,007 0 15,537 (85,692 ) 360,852 Consumer 24,790 (79,021 ) 14,569 61,691 22,029 Totals $ 9,842,725 $ (1,454,855 ) $ 75,906 $ 1,076,676 $ 9,540,452 As of or for the year ended December 31, 2023 Impact of Credit Balance Adoption of Loss Balance December 31, ASU No. Expense December 31, 2022 2016-13 Charge- offs Recoveries (Reversal) 2023 Commercial & Industrial $ 1,116,322 $ (164,115 ) $ (386,578 ) $ 10,237 $ 524,822 $ 1,100,688 Purchased 53,090 (29,196 ) 0 0 13,171 37,065 Commercial Real Estate 5,061,813 (22,467 ) 0 22,058 460,678 5,522,082 Municipal 62,339 24,243 0 0 49,585 136,167 Residential Real Estate - 1st Lien 2,001,836 273,167 (1,625 ) 72,588 244,960 2,590,926 Residential Real Estate - Jr Lien 241,950 297,746 0 29,240 (137,929 ) 431,007 Consumer 69,686 (33,813 ) (131,332 ) 44,657 75,592 24,790 Unallocated 102,189 (102,189 ) 0 0 0 0 Totals $ 8,709,225 $ 243,376 $ (519,535 ) $ 178,780 $ 1,230,879 $ 9,842,725 As of or for the three months ended September 30, 2023 Balance Credit Loss Balance June 30, Expense September 30, 2023 Charge-offs Recoveries (Reversal) 2023 Commercial & Industrial $ 1,054,342 $ 0 $ 1,585 $ 9,401 $ 1,065,328 Purchased 18,337 0 0 (170 ) 18,167 Commercial Real Estate 5,271,521 0 0 43,638 5,315,159 Municipal 69,360 0 0 77,508 146,868 Residential Real Estate - 1st Lien 2,314,554 0 0 122,263 2,436,817 Residential Real Estate - Jr Lien 493,236 0 1,237 (17,723 ) 476,750 Consumer 34,151 (42,985 ) 8,626 29,092 28,884 Totals $ 9,255,501 $ (42,985 ) $ 11,448 $ 264,009 $ 9,487,973 As of or for the nine months ended September 30, 2023 Impact of Credit Balance Adoption of Loss Balance December 31, ASU No. Expense September 30, 2022 2016-13 Charge- offs Recoveries (Reversal) 2023 Commercial & Industrial $ 1,116,322 $ (164,115 ) $ (361,578 ) $ 3,935 $ 470,764 $ 1,065,328 Purchased 53,090 (29,196 ) 0 0 (5,727 ) 18,167 Commercial Real Estate 5,061,813 (22,467 ) 0 22,058 253,755 5,315,159 Municipal 62,339 24,243 0 0 60,286 146,868 Residential Real Estate - 1st Lien 2,001,836 273,167 0 72,588 89,226 2,436,817 Residential Real Estate - Jr Lien 241,950 297,746 0 28,015 (90,961 ) 476,750 Consumer 69,686 (33,813 ) (112,426 ) 33,231 72,206 28,884 Unallocated 102,189 (102,189 ) 0 0 0 0 Totals $ 8,709,225 $ 243,376 $ (474,004 ) $ 159,827 $ 849,549 $ 9,487,973 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 Senior Lender 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, 2024 Loans Loans Term Loans Amortized Cost Basis by Origination Year Amortized Converted (In thousands) 2024 2023 2022 2021 2020 Prior Cost Basis to Term Total Commercial & Industrial: Pass $ 9,974 $ 13,756 $ 15,801 $ 10,175 $ 1,934 $ 5,396 $ 59,431 $ 0 $ 116,467 Special mention 0 50 34 183 0 0 429 0 696 Substandard/Doubtful 0 306 1,284 576 358 1,898 5,185 0 9,607 Total $ 9,974 $ 14,112 $ 17,119 $ 10,934 $ 2,292 $ 7,294 $ 65,045 $ 0 $ 126,770 Purchased: Pass $ 0 $ 4,477 $ 84 $ 944 $ 1,066 $ 1,844 $ 0 $ 0 $ 8,415 Total $ 0 $ 4,477 $ 84 $ 944 $ 1,066 $ 1,844 $ 0 $ 0 $ 8,415 Commercial real estate: Pass $ 43,650 $ 68,733 $ 86,761 $ 34,419 $ 41,397 $ 108,151 $ 69,184 $ 0 $ 452,295 Special mention 0 0 0 2,037 0 805 0 0 2,842 Substandard/Doubtful 0 0 0 0 2,922 2,063 0 0 4,985 Total $ 43,650 $ 68,733 $ 86,761 $ 36,456 $ 44,319 $ 111,019 $ 69,184 $ 0 $ 460,122 Municipal: Pass $ 38,311 $ 185 $ 608 $ 2,899 $ 4,157 $ 9,745 $ 9,598 $ 0 $ 65,503 Total $ 38,311 $ 185 $ 608 $ 2,899 $ 4,157 $ 9,745 $ 9,598 $ 0 $ 65,503 Residential real estate - 1st lien: Pass $ 21,854 $ 29,281 $ 36,075 $ 38,654 $ 30,716 $ 53,903 $ 2,645 $ 0 $ 213,128 Special mention 0 161 0 0 0 215 0 0 376 Substandard/Doubtful 0 0 298 125 1,790 219 0 0 2,432 Total $ 21,854 $ 29,442 $ 36,373 $ 38,779 $ 32,506 $ 54,337 $ 2,645 $ 0 $ 215,936 Residential real estate - Jr lien: Pass $ 2,103 $ 1,982 $ 1,879 $ 318 $ 557 $ 1,289 $ 23,233 $ 1,556 $ 32,917 Substandard/Doubtful 0 0 0 0 0 25 0 0 25 Total $ 2,103 $ 1,982 $ 1,879 $ 318 $ 557 $ 1,314 $ 23,233 $ 1,556 $ 32,942 Consumer Pass $ 1,204 $ 861 $ 519 $ 216 $ 103 $ 126 $ 0 $ 0 $ 3,029 Total $ 1,204 $ 861 $ 519 $ 216 $ 103 $ 126 $ 0 $ 0 $ 3,029 Total Loans $ 117,096 $ 119,792 $ 143,343 $ 90,546 $ 85,000 $ 185,679 $ 169,705 $ 1,556 $ 912,717 Current period gross charge-offs Commercial & Industrial $ 0 $ 14 $ 0 $ 5 $ 0 $ 1,231 $ 0 $ 0 $ 1,250 Commercial real estate 0 0 0 0 45 81 0 0 126 Consumer 1 30 3 3 0 42 0 0 79 Total current period gross charge-offs $ 1 $ 44 $ 3 $ 8 $ 45 $ 1,354 $ 0 $ 0 $ 1,455 As of or for the nine months ended September 30, 2024, there were (i) no current period gross charge-offs within the Purchased, Municipal, Residential real estate 1st lien and Residential real estate Jr lien loan segments, (ii) no Special mention loans within the Purchased, Municipal, Residential real estate Jr lien and Consumer loan segments, and (iii) no Substandard/Doubtful loans within the Purchased, Municipal and Consumer loan segments. The Company did not purchase any loans during the nine months ended September 30, 2024. The following table presents 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 as of September 30, 2024 or December 31, 2023. 90 Days or Nonaccrual Total More and September 30, 2024 with No ACL Nonaccrual Accruing Commercial & industrial $ 2,301,934 $ 2,301,934 $ 7,390 Commercial real estate 1,387,849 1,387,849 0 Residential real estate - 1st lien 771,607 771,607 729,327 Residential real estate - Jr lien 24,951 24,951 137,560 Totals $ 4,486,341 $ 4,486,341 $ 874,277 December 31, 2023 Commercial & industrial $ 3,632,659 $ 3,632,659 $ 0 Commercial real estate 2,818,283 2,818,283 38,779 Residential real estate - 1st lien 415,074 415,074 446,395 Residential real estate - Jr lien 89,030 89,030 0 Totals $ 6,955,046 $ 6,955,046 $ 485,174 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, 2024 30-89 Days or More Past Due Current Total Loans Commercial & industrial $ 0 $ 1,805,734 $ 1,805,734 $ 124,963,492 $ 126,769,226 Purchased 0 0 0 8,415,438 8,415,438 Commercial real estate 625,341 155,032 780,373 459,341,376 460,121,749 Municipal 0 0 0 65,503,481 65,503,481 Residential real estate - 1st lien 85,078 1,230,810 1,315,888 214,619,665 215,935,553 Residential real estate - Jr lien 54,236 137,560 191,796 32,750,290 32,942,086 Consumer 7,415 0 7,415 3,021,969 3,029,384 Totals $ 772,070 $ 3,329,136 $ 4,101,206 $ 908,615,711 $ 912,716,917 December 31, 2023 Commercial & industrial $ 253,974 $ 3,068,578 $ 3,322,552 $ 118,383,155 $ 121,705,707 Purchased 0 0 0 10,568,922 10,568,922 Commercial real estate 178,083 944,669 1,122,752 413,757,869 414,880,621 Municipal 0 0 0 54,466,988 54,466,988 Residential real estate - 1st lien 1,856,944 646,980 2,503,924 206,320,964 208,824,888 Residential real estate - Jr lien 245,856 25,007 270,863 31,397,948 31,668,811 Consumer 14,728 0 14,728 3,299,189 3,313,917 Totals $ 2,549,585 $ 4,685,234 $ 7,234,819 $ 838,195,035 $ 845,429,854 For all loan segments, loans over 30 days past due are considered delinquent. The following table presents the amortized cost basis of collateral-dependent loans (e.g. repayment expected through underlying collateral, no other expected sources of repayment) as of the balance sheet dates, by collateral type: Business Assets (1) Real Estate September 30, 2024 Commercial & industrial $ 132,264 $ 0 Commercial real estate 0 129,982 Residential real estate - 1st lien 0 605,030 Totals $ 132,264 $ 735,012 December 31, 2023 Commercial & industrial $ 1,298,717 $ 0 Commercial real estate 0 1,263,495 Residential real estate - 1st lien 0 167,363 Totals $ 1,298,717 $ 1,430,858 (1) Including, but not limited to, inventory, equipment, and accounts receivable, but excluding real estate. Residential real estate loans in process of foreclosure as of the balance sheet dates were comprised of the following: Number of loans Balance September 30, 2024 2 $ 126,151 December 31, 2023 0 $ 0 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 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, 2024, 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, 2024. 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 2024, after review and analysis, management adjusted the qualitative factors for economic trends in all portfolios to reflect improving trends. The qualitative factors for volume and terms in the commercial and industrial, CRE, and residential portfolios were adjusted to reflect the absence of new or changed risks in those portfolios from new or increasing types of loans, industries, or collateral. The qualitative factors for concentrations in the commercial and industrial, CRE, and residential portfolios were adjusted to reflect concentrations within policy as well adjust to the appropriate level for the residential portfolios where the concentration policy does not apply. The qualitative factor for delinquencies and non-performing loans in the consumer and residential portfolios was adjusted to reflect low past due levels and a decrease year to date. The qualitative factors are reviewed periodically and determined by management 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. 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. 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. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the ACL is adjusted by the same amount. 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 number of payments typically would not require the loan to be accounted for as modified. However, pursuant to regulatory guidance, any payment delays 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 considers applicable regulatory guidance, including a 2023 Interagency Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts. The following table presents the amortized cost basis of loans as of September 30, 2024, that were both experiencing financial difficulty and modified during the nine months ended September 30, 2024, by class and by type of modification. The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below. Total Class Payment Term of Financing Delay Extension Receivable Commercial & Industrial $ 1,634,720 $ 107,135 1.37 % As of the balance sheet dates, the Company had committed to lend additional amounts totaling $250,000 to the borrower whose loans are included in the table above. The following table presents the financial effect of the loan modifications presented above to borrowers experiencing financial difficulty for the nine months ended September 30, 2024. Weighted- Average Term Extension (months/years) Commercial & Industrial 3 months There were no loan modifications that were past due as of September 30, 2024, or that had a payment default since modification. 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. As of September 30, 2024 and December 31, 2023, the ACL on OBS credit exposures totaled $835,402 and $806,172, respectively.

Goodwill And Other Intangible A

Goodwill And Other Intangible Assets	9 Months Ended
Goodwill And Other Intangible Assets	Sep. 30, 2024
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, 2023, 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.

Loan Servicing

Loan Servicing	9 Months Ended
Loan Servicing	Sep. 30, 2024
Loan Servicing
Loan Servicing	Note 7. 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 September 30, 2024 Balance at beginning of year $ 787,013 MSRs capitalized 31,228 MSRs amortized (97,321 ) Balance at end of period $ 720,920 Year Ended December 31, 2023 Balance at beginning of year $ 862,593 MSRs capitalized 68,297 MSRs amortized (143,877 ) Balance at end of period $ 787,013

Fair Value

Fair Value	9 Months Ended
Fair Value	Sep. 30, 2024
Fair Value
Fair Value	Note 8. 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, individually analyzed loans, loans held-for-sale, 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: OREO 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 2024 or 2023. September 30, December 31, Assets: (market approach) 2024 2023 Level 1 U.S. Government securities $ 29,678,444 $ 39,263,249 Level 2 U.S. GSE debt securities $ 11,175,364 $ 10,827,574 Taxable Municipal securities 259,605 246,965 Tax-exempt Municipal securities 10,470,682 10,473,785 Agency MBS 109,252,637 115,862,799 ABS and OAS 2,005,547 2,347,621 CMO 7,163,578 10,737,596 Other investments 471,670 946,430 Level 2 Total $ 140,799,083 $ 151,442,770 Grand Total $ 170,477,527 $ 190,706,019 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 2024 or 2023. September 30, December 31, Level 2 2024 2023 Assets: (market approach) Individually analyzed loans, net of related allowance $ 1,940,021 $ 709,487 MSRs (1) 720,920 787,013 OREO 275,000 0 (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, 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, 2024 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 $ 49,821 $ 49,821 $ 0 $ 0 $ 49,821 Debt securities AFS 170,477 29,678 140,799 0 170,477 Restricted equity securities 2,791 0 2,791 0 2,791 Loans and loans held-for-sale, net of ACL Commercial & industrial 125,755 0 1,810 121,426 123,236 Purchased 8,390 0 0 8,069 8,069 Commercial real estate 454,533 0 130 432,257 432,387 Municipal 65,340 0 0 62,656 62,656 Residential real estate - 1st lien 214,203 0 0 200,291 200,291 Residential real estate - Jr lien 32,581 0 0 32,197 32,197 Consumer 3,007 0 0 3,035 3,035 MSRs (1) 721 0 1,146 0 1,146 Accrued interest receivable 4,353 0 4,353 0 4,353 Financial liabilities: Deposits Other deposits 915,701 0 914,594 0 914,594 Brokered deposits 13,879 0 14,031 0 14,031 Short-term advances 62,500 0 62,527 0 62,527 Long-term advances 31,100 0 31,370 0 31,370 Repurchase agreements 32,604 0 32,604 0 32,604 Operating lease obligations 425 0 425 0 425 Finance lease obligations 3,255 0 3,255 0 3,255 Subordinated debentures 12,887 0 12,748 0 12,748 Accrued interest payable 2,438 0 2,438 0 2,438 (1) Reported fair value represents all MSRs for loans serviced by the Company, regardless of carrying amount. December 31, 2023 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 20,435 $ 20,435 $ 0 $ 0 $ 20,435 Debt securities AFS 190,706 39,263 151,443 0 190,706 Restricted equity securities 1,642 0 1,642 0 1,642 Loans and loans held-for-sale, net of ACL Commercial & industrial 120,589 0 709 116,287 116,996 Purchased 10,532 0 0 10,055 10,055 Commercial real estate 409,332 0 0 382,045 382,045 Municipal 54,331 0 0 51,791 51,791 Residential real estate – 1 st 206,849 0 0 188,650 188,650 Residential real estate – Jr lien 31,238 0 0 30,745 30,745 Consumer 3,289 0 0 3,295 3,295 MSRs (1) 787 0 1,262 0 1,262 Accrued interest receivable 4,247 0 4,247 0 4,247 Financial liabilities: Deposits Other deposits 896,968 0 894,823 0 894,823 Overnight borrowings 9,000 0 9,000 0 9,000 Short-term advances 44,500 0 44,484 0 44,484 Long-term advances 1,100 0 931 0 931 Repurchase agreements 36,256 0 36,256 0 36,256 Operating lease obligations 443 0 443 0 443 Finance lease obligations 3,425 0 3,425 0 3,425 Subordinated debentures 12,887 0 12,719 0 12,719 Accrued interest payable 1,082 0 1,082 0 1,082 (1) Reported fair value represents all MSRs for loans serviced by the Company, regardless of carrying amount.

Legal Proceedings

Legal Proceedings	9 Months Ended
Legal Proceedings	Sep. 30, 2024
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
Subsequent Events	Sep. 30, 2024
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 11, 2024, the Company’s Board declared a cash dividend of $0.24 per common share, payable November 1, 2024, to shareholders of record as of October 15, 2024. 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
Earnings per Common Share (Tables)	Sep. 30, 2024
Earnings per Common Share
Schedule Of Earnings Per Common Share	Three Months Ended September 30, 2024 2023 Net income, as reported $ 3,114,251 $ 3,362,509 Less: dividends to preferred shareholders 31,875 30,938 Net income available to common shareholders $ 3,082,376 $ 3,331,571 Weighted average number of common shares used in calculating earnings per share 5,563,774 5,478,960 Earnings per common share $ 0.55 $ 0.61 Nine Months Ended September 30, 2024 2023 Net income, as reported $ 8,665,338 $ 9,897,608 Less: dividends to preferred shareholders 95,625 89,063 Net income available to common shareholders $ 8,569,713 $ 9,808,545 Weighted average number of common shares used in calculating earnings per share 5,542,353 5,461,660 Earnings per common share $ 1.55 $ 1.80

Investment Securities (Tables)

Investment Securities (Tables)	9 Months Ended
Investment Securities (Tables)	Sep. 30, 2024
Investment Securities
Schedule Of Available For Debt Securities	Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value September 30, 2024 U.S. GSE debt securities $ 12,000,000 $ 0 $ 824,636 $ 11,175,364 U.S. Government securities 30,605,171 0 926,727 29,678,444 Taxable Municipal securities 300,000 0 40,395 259,605 Tax-exempt Municipal securities 10,787,598 188,260 505,176 10,470,682 Agency MBS 122,653,012 368,015 13,768,390 109,252,637 ABS and OAS 2,098,117 0 92,570 2,005,547 CMO 7,260,135 0 96,557 7,163,578 Other investments 496,000 0 24,330 471,670 Total $ 186,200,033 $ 556,275 $ 16,278,781 $ 170,477,527 Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value December 31, 2023 U.S. GSE debt securities $ 12,000,000 $ 0 $ 1,172,426 $ 10,827,574 U.S. Government securities 41,207,049 0 1,943,800 39,263,249 Taxable Municipal securities 300,000 0 53,035 246,965 Tax-exempt Municipal securities 10,832,494 158,982 517,691 10,473,785 Agency MBS 132,043,238 321,880 16,502,319 115,862,799 ABS and OAS 2,533,872 0 186,251 2,347,621 CMO 10,963,942 0 226,346 10,737,596 Other investments 992,000 0 45,570 946,430 Total $ 210,872,595 $ 480,862 $ 20,647,438 $ 190,706,019
Schedule Of Investments Pledged For Collateral	Amortized Fair Cost Value September 30, 2024 $ 55,287,171 $ 49,272,350 December 31, 2023 59,300,089 52,107,148 Amortized Fair Cost Value September 30, 2024 $ 59,475,278 $ 54,660,881 December 31, 2023 49,232,069 43,795,542
Schedule Of Maturities Of Debt Securities Available For Sale	Amortized Fair Cost Value September 30, 2024 Due in one year or less $ 21,463,669 $ 21,128,521 Due from one to five years 28,637,966 27,205,804 Due from five to ten years 1,625,056 1,428,846 Due after ten years 11,820,330 11,461,719 Agency MBS 122,653,012 109,252,637 Total $ 186,200,033 $ 170,477,527 Amortized Fair Cost Value December 31, 2023 Due in one year or less $ 17,366,548 $ 17,061,882 Due from one to five years 43,976,469 41,245,991 Due from five to ten years 4,485,724 4,141,301 Due after ten years 13,000,616 12,394,046 Agency MBS 132,043,238 115,862,799 Total $ 210,872,595 $ 190,706,019
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, 2024 U.S. GSE debt securities $ 0 $ 0 $ 11,175,364 $ 824,636 11 $ 11,175,364 $ 824,636 U.S. Government securities 0 0 29,678,444 926,727 44 29,678,444 926,727 Taxable Municipal securities 0 0 259,605 40,395 1 259,605 40,395 Tax-exempt Municipal securities 1,054,262 8,790 4,036,628 496,386 11 5,090,890 505,176 Agency MBS 0 0 97,490,581 13,768,390 116 97,490,581 13,768,390 ABS and OAS 0 0 2,005,547 92,570 4 2,005,547 92,570 CMO 0 0 7,163,578 96,557 8 7,163,578 96,557 Other investments 0 0 471,670 24,330 2 471,670 24,330 Total $ 1,054,262 $ 8,790 $ 152,281,417 $ 16,269,991 197 $ 153,335,679 $ 16,278,781 December 31, 2023 U.S. GSE debt securities $ 0 $ 0 $ 10,827,574 $ 1,172,426 11 $ 10,827,574 $ 1,172,426 U.S. Government securities 0 0 39,263,249 1,943,800 54 39,263,249 1,943,800 Taxable Municipal securities 0 0 246,965 53,035 1 246,965 53,035 Tax-exempt Municipal securities 529,571 9,468 4,058,155 508,223 10 4,587,726 517,691 Agency MBS 1,328,433 9,218 103,000,706 16,493,101 119 104,329,139 16,502,319 ABS and OAS 0 0 2,347,621 186,251 4 2,347,621 186,251 CMO 3,309,165 18,554 7,428,431 207,792 10 10,737,596 226,346 Other investments 0 0 946,430 45,570 4 946,430 45,570 Total $ 5,167,169 $ 37,240 $ 168,119,131 $ 20,610,198 213 $ 173,286,300 $ 20,647,438

Loans Allowance for Credit Lo_2

Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures (Tables)	9 Months Ended
	Sep. 30, 2024
Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures
Schedule Of Composition Of Net Loans	September 30, 2024 December 31, 2023 Commercial & industrial $ 126,769,226 13.89 % $ 121,705,707 14.40 % Purchased (1) 8,415,438 0.92 % 10,568,922 1.25 % Commercial real estate 460,121,749 50.41 % 414,880,621 49.07 % Municipal 65,503,481 7.18 % 54,466,988 6.44 % Residential real estate - 1st lien 215,935,553 23.66 % 208,824,888 24.70 % Residential real estate - Jr lien 32,942,086 3.61 % 31,668,811 3.75 % Consumer 3,029,384 0.33 % 3,313,917 0.39 % Total loans 912,716,917 100.00 % 845,429,854 100.00 % ACL (9,540,452 ) (9,842,725 ) Deferred net loan costs 632,346 573,169 Net loans $ 903,808,811 $ 836,160,298
provision for credit losses	Three Months Ended September 30, 2024 2023 Credit loss expense - loans $ 406,955 $ 264,009 Credit loss expense (reversal) - OBS credit exposure 53,790 (23,120 ) Credit loss expense $ 460,745 $ 240,889 Nine Months Ended September 30, 2024 2023 Credit loss expense - loans $ 1,076,676 $ 849,549 Credit loss expense (reversal) - OBS credit exposure 29,230 (40,992 ) Credit loss expense $ 1,105,906 $ 808,557
Impairment evaluation by portfolio segment	Balance Credit Loss Balance June 30, Expense September 30, 2024 Charge-offs Recoveries (Reversal) 2024 Commercial & Industrial $ 1,087,079 $ (1,097,922 ) $ 1,731 $ 1,013,020 $ 1,003,908 Purchased 32,061 0 0 (6,444 ) 25,617 Commercial Real Estate 5,986,039 (81,000 ) 0 (339,428 ) 5,565,611 Municipal 85,253 0 0 78,505 163,758 Residential Real Estate - 1st Lien 2,694,655 0 0 (295,978 ) 2,398,677 Residential Real Estate - Jr Lien 425,623 0 13,122 (77,893 ) 360,852 Consumer 25,005 (45,512 ) 7,363 35,173 22,029 Totals $ 10,335,715 $ (1,224,434 ) $ 22,216 $ 406,955 $ 9,540,452 Balance Credit Loss Balance December 31, Expense September 30, 2023 Charge-offs Recoveries (Reversal) 2024 Commercial & Industrial $ 1,100,688 $ (1,249,441 ) 45,800 1,106,861 $ 1,003,908 Purchased 37,065 0 0 (11,448 ) 25,617 Commercial Real Estate 5,522,082 (126,393 ) 0 169,922 5,565,611 Municipal 136,167 0 0 27,591 163,758 Residential Real Estate - 1st Lien 2,590,926 0 0 (192,249 ) 2,398,677 Residential Real Estate - Jr Lien 431,007 0 15,537 (85,692 ) 360,852 Consumer 24,790 (79,021 ) 14,569 61,691 22,029 Totals $ 9,842,725 $ (1,454,855 ) $ 75,906 $ 1,076,676 $ 9,540,452 Impact of Credit Balance Adoption of Loss Balance December 31, ASU No. Expense December 31, 2022 2016-13 Charge- offs Recoveries (Reversal) 2023 Commercial & Industrial $ 1,116,322 $ (164,115 ) $ (386,578 ) $ 10,237 $ 524,822 $ 1,100,688 Purchased 53,090 (29,196 ) 0 0 13,171 37,065 Commercial Real Estate 5,061,813 (22,467 ) 0 22,058 460,678 5,522,082 Municipal 62,339 24,243 0 0 49,585 136,167 Residential Real Estate - 1st Lien 2,001,836 273,167 (1,625 ) 72,588 244,960 2,590,926 Residential Real Estate - Jr Lien 241,950 297,746 0 29,240 (137,929 ) 431,007 Consumer 69,686 (33,813 ) (131,332 ) 44,657 75,592 24,790 Unallocated 102,189 (102,189 ) 0 0 0 0 Totals $ 8,709,225 $ 243,376 $ (519,535 ) $ 178,780 $ 1,230,879 $ 9,842,725 Balance Credit Loss Balance June 30, Expense September 30, 2023 Charge-offs Recoveries (Reversal) 2023 Commercial & Industrial $ 1,054,342 $ 0 $ 1,585 $ 9,401 $ 1,065,328 Purchased 18,337 0 0 (170 ) 18,167 Commercial Real Estate 5,271,521 0 0 43,638 5,315,159 Municipal 69,360 0 0 77,508 146,868 Residential Real Estate - 1st Lien 2,314,554 0 0 122,263 2,436,817 Residential Real Estate - Jr Lien 493,236 0 1,237 (17,723 ) 476,750 Consumer 34,151 (42,985 ) 8,626 29,092 28,884 Totals $ 9,255,501 $ (42,985 ) $ 11,448 $ 264,009 $ 9,487,973 Impact of Credit Balance Adoption of Loss Balance December 31, ASU No. Expense September 30, 2022 2016-13 Charge- offs Recoveries (Reversal) 2023 Commercial & Industrial $ 1,116,322 $ (164,115 ) $ (361,578 ) $ 3,935 $ 470,764 $ 1,065,328 Purchased 53,090 (29,196 ) 0 0 (5,727 ) 18,167 Commercial Real Estate 5,061,813 (22,467 ) 0 22,058 253,755 5,315,159 Municipal 62,339 24,243 0 0 60,286 146,868 Residential Real Estate - 1st Lien 2,001,836 273,167 0 72,588 89,226 2,436,817 Residential Real Estate - Jr Lien 241,950 297,746 0 28,015 (90,961 ) 476,750 Consumer 69,686 (33,813 ) (112,426 ) 33,231 72,206 28,884 Unallocated 102,189 (102,189 ) 0 0 0 0 Totals $ 8,709,225 $ 243,376 $ (474,004 ) $ 159,827 $ 849,549 $ 9,487,973
Risk Ratings Portfolio Segment	As of or for the nine months ended, Revolving Revolving September 30, 2024 Loans Loans Term Loans Amortized Cost Basis by Origination Year Amortized Converted (In thousands) 2024 2023 2022 2021 2020 Prior Cost Basis to Term Total Commercial & Industrial: Pass $ 9,974 $ 13,756 $ 15,801 $ 10,175 $ 1,934 $ 5,396 $ 59,431 $ 0 $ 116,467 Special mention 0 50 34 183 0 0 429 0 696 Substandard/Doubtful 0 306 1,284 576 358 1,898 5,185 0 9,607 Total $ 9,974 $ 14,112 $ 17,119 $ 10,934 $ 2,292 $ 7,294 $ 65,045 $ 0 $ 126,770 Purchased: Pass $ 0 $ 4,477 $ 84 $ 944 $ 1,066 $ 1,844 $ 0 $ 0 $ 8,415 Total $ 0 $ 4,477 $ 84 $ 944 $ 1,066 $ 1,844 $ 0 $ 0 $ 8,415 Commercial real estate: Pass $ 43,650 $ 68,733 $ 86,761 $ 34,419 $ 41,397 $ 108,151 $ 69,184 $ 0 $ 452,295 Special mention 0 0 0 2,037 0 805 0 0 2,842 Substandard/Doubtful 0 0 0 0 2,922 2,063 0 0 4,985 Total $ 43,650 $ 68,733 $ 86,761 $ 36,456 $ 44,319 $ 111,019 $ 69,184 $ 0 $ 460,122 Municipal: Pass $ 38,311 $ 185 $ 608 $ 2,899 $ 4,157 $ 9,745 $ 9,598 $ 0 $ 65,503 Total $ 38,311 $ 185 $ 608 $ 2,899 $ 4,157 $ 9,745 $ 9,598 $ 0 $ 65,503 Residential real estate - 1st lien: Pass $ 21,854 $ 29,281 $ 36,075 $ 38,654 $ 30,716 $ 53,903 $ 2,645 $ 0 $ 213,128 Special mention 0 161 0 0 0 215 0 0 376 Substandard/Doubtful 0 0 298 125 1,790 219 0 0 2,432 Total $ 21,854 $ 29,442 $ 36,373 $ 38,779 $ 32,506 $ 54,337 $ 2,645 $ 0 $ 215,936 Residential real estate - Jr lien: Pass $ 2,103 $ 1,982 $ 1,879 $ 318 $ 557 $ 1,289 $ 23,233 $ 1,556 $ 32,917 Substandard/Doubtful 0 0 0 0 0 25 0 0 25 Total $ 2,103 $ 1,982 $ 1,879 $ 318 $ 557 $ 1,314 $ 23,233 $ 1,556 $ 32,942 Consumer Pass $ 1,204 $ 861 $ 519 $ 216 $ 103 $ 126 $ 0 $ 0 $ 3,029 Total $ 1,204 $ 861 $ 519 $ 216 $ 103 $ 126 $ 0 $ 0 $ 3,029 Total Loans $ 117,096 $ 119,792 $ 143,343 $ 90,546 $ 85,000 $ 185,679 $ 169,705 $ 1,556 $ 912,717 Current period gross charge-offs Commercial & Industrial $ 0 $ 14 $ 0 $ 5 $ 0 $ 1,231 $ 0 $ 0 $ 1,250 Commercial real estate 0 0 0 0 45 81 0 0 126 Consumer 1 30 3 3 0 42 0 0 79 Total current period gross charge-offs $ 1 $ 44 $ 3 $ 8 $ 45 $ 1,354 $ 0 $ 0 $ 1,455
Schedule Of amortized cost basis of loans on non accrual status and loans	90 Days or Nonaccrual Total More and September 30, 2024 with No ACL Nonaccrual Accruing Commercial & industrial $ 2,301,934 $ 2,301,934 $ 7,390 Commercial real estate 1,387,849 1,387,849 0 Residential real estate - 1st lien 771,607 771,607 729,327 Residential real estate - Jr lien 24,951 24,951 137,560 Totals $ 4,486,341 $ 4,486,341 $ 874,277 December 31, 2023 Commercial & industrial $ 3,632,659 $ 3,632,659 $ 0 Commercial real estate 2,818,283 2,818,283 38,779 Residential real estate - 1st lien 415,074 415,074 446,395 Residential real estate - Jr lien 89,030 89,030 0 Totals $ 6,955,046 $ 6,955,046 $ 485,174
Schedule Of Past Due Loans By Segment	90 Days Total September 30, 2024 30-89 Days or More Past Due Current Total Loans Commercial & industrial $ 0 $ 1,805,734 $ 1,805,734 $ 124,963,492 $ 126,769,226 Purchased 0 0 0 8,415,438 8,415,438 Commercial real estate 625,341 155,032 780,373 459,341,376 460,121,749 Municipal 0 0 0 65,503,481 65,503,481 Residential real estate - 1st lien 85,078 1,230,810 1,315,888 214,619,665 215,935,553 Residential real estate - Jr lien 54,236 137,560 191,796 32,750,290 32,942,086 Consumer 7,415 0 7,415 3,021,969 3,029,384 Totals $ 772,070 $ 3,329,136 $ 4,101,206 $ 908,615,711 $ 912,716,917 December 31, 2023 Commercial & industrial $ 253,974 $ 3,068,578 $ 3,322,552 $ 118,383,155 $ 121,705,707 Purchased 0 0 0 10,568,922 10,568,922 Commercial real estate 178,083 944,669 1,122,752 413,757,869 414,880,621 Municipal 0 0 0 54,466,988 54,466,988 Residential real estate - 1st lien 1,856,944 646,980 2,503,924 206,320,964 208,824,888 Residential real estate - Jr lien 245,856 25,007 270,863 31,397,948 31,668,811 Consumer 14,728 0 14,728 3,299,189 3,313,917 Totals $ 2,549,585 $ 4,685,234 $ 7,234,819 $ 838,195,035 $ 845,429,854
Schedule Of amortized cost basis of loans	Business Assets (1) Real Estate September 30, 2024 Commercial & industrial $ 132,264 $ 0 Commercial real estate 0 129,982 Residential real estate - 1st lien 0 605,030 Totals $ 132,264 $ 735,012 December 31, 2023 Commercial & industrial $ 1,298,717 $ 0 Commercial real estate 0 1,263,495 Residential real estate - 1st lien 0 167,363 Totals $ 1,298,717 $ 1,430,858 Total Class Payment Term of Financing Delay Extension Receivable Commercial & Industrial $ 1,634,720 $ 107,135 1.37 %
Schedule Of Residential real estate loans	Number of loans Balance September 30, 2024 2 $ 126,151 December 31, 2023 0 $ 0
Schedule Of financial effect of the loan modifications	Weighted- Average Term Extension (months/years) Commercial & Industrial 3 months

Loan Servicing (Tables)

Loan Servicing (Tables)	9 Months Ended
Loan Servicing (Tables)	Sep. 30, 2024
Loan Servicing
Schedule Of Mortgage Servicing Rights	Nine Months Ended September 30, 2024 Balance at beginning of year $ 787,013 MSRs capitalized 31,228 MSRs amortized (97,321 ) Balance at end of period $ 720,920 Year Ended December 31, 2023 Balance at beginning of year $ 862,593 MSRs capitalized 68,297 MSRs amortized (143,877 ) Balance at end of period $ 787,013

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
Fair Value (Tables)	Sep. 30, 2024
Fair Value
Schedule Of Fair Value Assets And Liabilities On Recurring Basis	September 30, December 31, Assets: (market approach) 2024 2023 Level 1 U.S. Government securities $ 29,678,444 $ 39,263,249 Level 2 U.S. GSE debt securities $ 11,175,364 $ 10,827,574 Taxable Municipal securities 259,605 246,965 Tax-exempt Municipal securities 10,470,682 10,473,785 Agency MBS 109,252,637 115,862,799 ABS and OAS 2,005,547 2,347,621 CMO 7,163,578 10,737,596 Other investments 471,670 946,430 Level 2 Total $ 140,799,083 $ 151,442,770 Grand Total $ 170,477,527 $ 190,706,019
Schedule Of Fair Value Assets And Liabilities Non-recurring Basis	September 30, December 31, Level 2 2024 2023 Assets: (market approach) Individually analyzed loans, net of related allowance $ 1,940,021 $ 709,487 MSRs (1) 720,920 787,013 OREO 275,000 0
Schedule Of Estimated Fair Values Of Financial Instruments	September 30, 2024 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 $ 49,821 $ 49,821 $ 0 $ 0 $ 49,821 Debt securities AFS 170,477 29,678 140,799 0 170,477 Restricted equity securities 2,791 0 2,791 0 2,791 Loans and loans held-for-sale, net of ACL Commercial & industrial 125,755 0 1,810 121,426 123,236 Purchased 8,390 0 0 8,069 8,069 Commercial real estate 454,533 0 130 432,257 432,387 Municipal 65,340 0 0 62,656 62,656 Residential real estate - 1st lien 214,203 0 0 200,291 200,291 Residential real estate - Jr lien 32,581 0 0 32,197 32,197 Consumer 3,007 0 0 3,035 3,035 MSRs (1) 721 0 1,146 0 1,146 Accrued interest receivable 4,353 0 4,353 0 4,353 Financial liabilities: Deposits Other deposits 915,701 0 914,594 0 914,594 Brokered deposits 13,879 0 14,031 0 14,031 Short-term advances 62,500 0 62,527 0 62,527 Long-term advances 31,100 0 31,370 0 31,370 Repurchase agreements 32,604 0 32,604 0 32,604 Operating lease obligations 425 0 425 0 425 Finance lease obligations 3,255 0 3,255 0 3,255 Subordinated debentures 12,887 0 12,748 0 12,748 Accrued interest payable 2,438 0 2,438 0 2,438 December 31, 2023 Fair Fair Fair Fair Carrying Value Value Value Value Amount Level 1 Level 2 Level 3 Total (Dollars in Thousands) Financial assets: Cash and cash equivalents $ 20,435 $ 20,435 $ 0 $ 0 $ 20,435 Debt securities AFS 190,706 39,263 151,443 0 190,706 Restricted equity securities 1,642 0 1,642 0 1,642 Loans and loans held-for-sale, net of ACL Commercial & industrial 120,589 0 709 116,287 116,996 Purchased 10,532 0 0 10,055 10,055 Commercial real estate 409,332 0 0 382,045 382,045 Municipal 54,331 0 0 51,791 51,791 Residential real estate – 1 st 206,849 0 0 188,650 188,650 Residential real estate – Jr lien 31,238 0 0 30,745 30,745 Consumer 3,289 0 0 3,295 3,295 MSRs (1) 787 0 1,262 0 1,262 Accrued interest receivable 4,247 0 4,247 0 4,247 Financial liabilities: Deposits Other deposits 896,968 0 894,823 0 894,823 Overnight borrowings 9,000 0 9,000 0 9,000 Short-term advances 44,500 0 44,484 0 44,484 Long-term advances 1,100 0 931 0 931 Repurchase agreements 36,256 0 36,256 0 36,256 Operating lease obligations 443 0 443 0 443 Finance lease obligations 3,425 0 3,425 0 3,425 Subordinated debentures 12,887 0 12,719 0 12,719 Accrued interest payable 1,082 0 1,082 0 1,082

Earnings per Common Share (Deta

Earnings per Common Share (Details) - USD ($)	3 Months Ended						9 Months Ended
Earnings per Common Share (Details) - USD ($)	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings per Common Share
Net Income (Loss)	$ 3,114,251	$ 2,728,186	$ 2,822,901	$ 3,362,509	$ 3,196,339	$ 3,338,761	$ 8,665,338	$ 9,897,608
Less: dividends to preferred shareholders	31,875	$ 31,875	$ 31,875	30,938	$ 30,000	$ 28,125	95,625	89,063
Net income available to common shareholders	$ 3,082,376			$ 3,331,571			$ 8,569,713	$ 9,808,545
Weighted average number of common shares used in computing earnings per share	5,563,774			5,478,960			5,542,353	5,461,660
Earnings per common share	$ 0.55			$ 0.61			$ 1.55	$ 1.80

Investment Securities (Details)

Investment Securities (Details) - USD ($)	9 Months Ended	12 Months Ended
Investment Securities (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost	$ 186,200,033	$ 210,872,595
Gross Unrealized Gains	556,275	480,862
Gross Unrealized Losses	16,278,781	20,647,438
Fair Value	170,477,527	190,706,019
Taxable municipal securities [Member]
Amortized Cost	300,000	300,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	40,395	53,035
Fair Value	259,605	246,965
Tax-exempt municipal securities [Member]
Amortized Cost	10,787,598	10,832,494
Gross Unrealized Gains	188,260	158,982
Gross Unrealized Losses	505,176	517,691
Fair Value	10,470,682	10,473,785
U.S. GSE Debt Securities [Member]
Amortized Cost	12,000,000	12,000,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	824,636	1,172,426
Fair Value	11,175,364	10,827,574
Other investment [Member]
Amortized Cost	496,000	992,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	24,330	45,570
Fair Value	471,670	946,430
U.S. Government securities [Member]
Amortized Cost	30,605,171	41,207,049
Gross Unrealized Gains	0	0
Gross Unrealized Losses	926,727	1,943,800
Fair Value	29,678,444	39,263,249
Agency mortgage-backed securities (Agency MBS) [Member]
Amortized Cost	122,653,012	132,043,238
Gross Unrealized Gains	368,015	321,880
Gross Unrealized Losses	13,768,390	16,502,319
Fair Value	109,252,637	115,862,799
ABS and OAS [Member]
Amortized Cost	2,098,117	2,533,872
Gross Unrealized Gains	0	0
Gross Unrealized Losses	92,570	186,251
Fair Value	2,005,547	2,347,621
CMO [Member]
Amortized Cost	7,260,135	10,963,942
Gross Unrealized Gains	0	0
Gross Unrealized Losses	96,557	226,346
Fair Value	$ 7,163,578	$ 10,737,596

Investment Securities (Details

Investment Securities (Details 1) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
U.S. GSE debt securities, Agency MBS, ABS and OAS, CMO and CDs [Member]
Amortized Cost	$ 55,287,171	$ 59,300,089
Fair Value	49,272,350	52,107,148
U.S. Government securities and U.S. GSE debt securities [Member]
Amortized Cost	59,475,278	49,232,069
Fair Value	$ 54,660,881	$ 43,795,542

Investment Securities (Detail_2

Investment Securities (Details 2) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Total, Amortized Cost	$ 186,200,033	$ 210,872,595
Total, Fair Value	170,477,527	190,706,019
Available for sale Securities [Member]
Due In One Year Or Less, Amortized Cost	21,463,669	17,366,548
Due From One To Five Years, Amortized Cost	28,637,966	43,976,469
Due From Five To Ten Years, Amortized Cost	1,625,056	4,485,724
Due After Ten Years, Amortized Cost	11,820,330	13,000,616
Agency Mbs, Amortized Cost	122,653,012	132,043,238
Total, Amortized Cost	186,200,033	210,872,595
Due In One Year Or Less, Fair Value	21,128,521	17,061,882
Due From One To Five Years, Fair Value	27,205,804	41,245,991
Due From Five To Ten Years, Fair Value	1,428,846	4,141,301
Due After Ten Years, Fair Value	11,461,719	12,394,046
Agency Mbs, Fair Value	109,252,637	115,862,799
Total, Fair Value	$ 170,477,527	$ 190,706,019

Investment Securities (Detail_3

Investment Securities (Details 3)	Sep. 30, 2024 USD ($) integer	Dec. 31, 2023 USD ($) integer
Fair Value Less Than 12 Months	$ 1,054,262	$ 5,167,169
Unrealized Loss Less Than 12 Months	8,790	37,240
Fair Value 12 Months Or More	152,281,417	168,119,131
Unrealized Loss 12 Months Or More	$ 16,269,991	$ 20,610,198
Number Of Securities \| integer	197	213
Fair Value	$ 153,335,679	$ 173,286,300
Unrealized Loss	16,278,781	20,647,438
Taxable municipal securities [Member]
Fair Value Less Than 12 Months	0	0
Unrealized Loss Less Than 12 Months	0	0
Fair Value 12 Months Or More	259,605	246,965
Unrealized Loss 12 Months Or More	$ 40,395	$ 53,035
Number Of Securities \| integer	1	1
Fair Value	$ 259,605	$ 246,965
Unrealized Loss	40,395	53,035
Tax-exempt municipal securities [Member]
Fair Value Less Than 12 Months	1,054,262	529,571
Unrealized Loss Less Than 12 Months	8,790	9,468
Fair Value 12 Months Or More	4,036,628	4,058,155
Unrealized Loss 12 Months Or More	$ 496,386	$ 508,223
Number Of Securities \| integer	11	10
Fair Value	$ 5,090,890	$ 4,587,726
Unrealized Loss	505,176	517,691
U.S. Government securities [Member]
Fair Value Less Than 12 Months	0	0
Unrealized Loss Less Than 12 Months	0	0
Fair Value 12 Months Or More	29,678,444	39,263,249
Unrealized Loss 12 Months Or More	$ 926,727	$ 1,943,800
Number Of Securities \| integer	44	54
Fair Value	$ 29,678,444	$ 39,263,249
Unrealized Loss	926,727	1,943,800
Agency mortgage-backed securities (Agency MBS) [Member]
Fair Value Less Than 12 Months	0	1,328,433
Unrealized Loss Less Than 12 Months	0	9,218
Fair Value 12 Months Or More	97,490,581	103,000,706
Unrealized Loss 12 Months Or More	$ 13,768,390	$ 16,493,101
Number Of Securities \| integer	116	119
Fair Value	$ 97,490,581	$ 104,329,139
Unrealized Loss	13,768,390	16,502,319
ABS and OAS [Member]
Fair Value Less Than 12 Months	0	0
Unrealized Loss Less Than 12 Months	0	0
Fair Value 12 Months Or More	2,005,547	2,347,621
Unrealized Loss 12 Months Or More	$ 92,570	$ 186,251
Number Of Securities \| integer	4	4
Fair Value	$ 2,005,547	$ 2,347,621
Unrealized Loss	92,570	186,251
CMO [Member]
Fair Value Less Than 12 Months	0	3,309,165
Unrealized Loss Less Than 12 Months	0	18,554
Fair Value 12 Months Or More	7,163,578	7,428,431
Unrealized Loss 12 Months Or More	$ 96,557	$ 207,792
Number Of Securities \| integer	8	10
Fair Value	$ 7,163,578	$ 10,737,596
Unrealized Loss	96,557	226,346
U.S. GSE Debt Securities [Member]
Fair Value Less Than 12 Months	0	0
Unrealized Loss Less Than 12 Months	0	0
Fair Value 12 Months Or More	11,175,364	10,827,574
Unrealized Loss 12 Months Or More	$ 824,636	$ 1,172,426
Number Of Securities \| integer	11	11
Fair Value	$ 11,175,364	$ 10,827,574
Unrealized Loss	824,636	1,172,426
Other investments [Member]
Fair Value Less Than 12 Months	0	0
Unrealized Loss Less Than 12 Months	0	0
Fair Value 12 Months Or More	471,670	946,430
Unrealized Loss 12 Months Or More	$ 24,330	$ 45,570
Number Of Securities \| integer	2	4
Fair Value	$ 471,670	$ 946,430
Unrealized Loss	$ 24,330	$ 45,570

Investment Securities (Detail_4

Investment Securities (Details Narrative) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Total, Fair Value	$ 170,477,527	$ 190,706,019
CMTVAgency Mortgage Backed Securities Securities [Member] \| Investment Securities Exceeding 10% Shareholders' Equity [Member]
Book value of investment	122,700,000	132,000,000
Total, Fair Value	$ 109,300,000	$ 115,900,000

Loans Allowance for Credit Lo_3

Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Total Loans	$ 912,716,917	$ 845,429,854
Composition of Commercial & Industrial loan	13.89%	14.40%
Composition of Purchased loans	0.92%	1.25%
Composition of commercial Real Estate	50.41%	49.07%
Composition of municipal	7.18%	6.44%
Composition of residential Real Estate - 1st Lien	23.66%	24.70%
Composition of residential Real Estate - Jr Lien	3.61%	3.75%
Composition of consumer	0.33%	0.39%
Total Loan percentage	100%	100%
Deduct (add):
Allowance for credit losses	$ (9,540,452)	$ (9,842,725)
Deferred net loan costs (fees)	632,346	573,169
Net Loans	903,808,811	836,160,298
Commercial Real Estate [Member]
Total Loans	460,121,749	414,880,621
Residential Real Estate - 1st Lien
Total Loans	215,935,553	208,824,888
Residential Real Estate - Jr Lien
Total Loans	32,942,086	31,668,811
Commercial & Industrial
Total Loans	126,769,226	121,705,707
Purchased [Member]
Total Loans	8,415,438	10,568,922
Municipal [Member]
Total Loans	65,503,481	54,466,988
Consumer
Total Loans	$ 3,029,384	$ 3,313,917

Loans Allowance for Credit Lo_4

Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures
Credit loss expense - loans	$ 406,955	$ 264,009	$ 1,076,676	$ 849,549
Credit loss expense - OBS credit exposures	53,790	(23,120)	29,230	(40,992)
Credit loss expense	$ 460,745	$ 240,889	$ 1,105,906	$ 808,557

Loans Allowance for Credit Lo_5

Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures (Details 2) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
ACL beginning balance	$ 10,335,715	$ 9,255,501	$ 9,842,725	$ 8,709,225	$ 8,709,225
Impact of adopting CECL				243,376	243,376
Charge-offs	(1,224,434)	(42,985)	(1,454,855)	(474,004)	(519,535)
Recoveries	22,216	11,448	75,906	159,827	178,780
Credit loss expense (reversal)	406,955	264,009	1,076,676	849,549	1,230,879
ACL ending balance	9,540,452	9,487,973	9,540,452	9,487,973	9,842,725
Commercial Real Estate [Member]
ACL beginning balance	5,986,039	5,271,521	5,522,082	5,061,813	5,061,813
Impact of adopting CECL				(22,467)	(22,467)
Charge-offs	(81,000)	0	(126,393)	0	0
Recoveries	0	0	0	22,058	22,058
Credit loss expense (reversal)	(339,428)	43,638	169,922	253,755	460,678
ACL ending balance	5,565,611	5,315,159	5,565,611	5,315,159	5,522,082
Residential real estate - 1st lien [Member]
ACL beginning balance	2,694,655	2,314,554	2,590,926	2,001,836	2,001,836
Impact of adopting CECL				273,167	273,167
Charge-offs	0	0	0	0	(1,625)
Recoveries	0	0	0	72,588	72,588
Credit loss expense (reversal)	(295,978)	122,263	(192,249)	89,226	244,960
ACL ending balance	2,398,677	2,436,817	2,398,677	2,436,817	2,590,926
Unallocated [Member]
ACL beginning balance			0	102,189	102,189
Impact of adopting CECL				(102,189)	(102,189)
Charge-offs				0	0
Recoveries				0	0
Credit loss expense (reversal)				0	0
ACL ending balance		0		0	0
Purchased Loan [Member]
ACL beginning balance	32,061	18,337	37,065	53,090	53,090
Impact of adopting CECL				(29,196)	(29,196)
Charge-offs	0	0	0	0	0
Recoveries	0	0	0	0	0
Credit loss expense (reversal)	(6,444)	(170)	(11,448)	(5,727)	13,171
ACL ending balance	25,617	18,167	25,617	18,167	37,065
Commercial & industrial [Member]
ACL beginning balance	1,087,079	1,054,342	1,100,688	1,116,322	1,116,322
Impact of adopting CECL				(164,115)	(164,115)
Charge-offs	(1,097,922)	0	(1,249,441)	(361,578)	(386,578)
Recoveries	1,731	1,585	45,800	3,935	10,237
Credit loss expense (reversal)	1,013,020	9,401	1,106,861	470,764	524,822
ACL ending balance	1,003,908	1,065,328	1,003,908	1,065,328	1,100,688
Municipal [Member]
ACL beginning balance	85,253	69,360	136,167	62,339	62,339
Impact of adopting CECL				24,243	24,243
Charge-offs	0	0	0	0	0
Recoveries	0	0	0	0	0
Credit loss expense (reversal)	78,505	77,508	27,591	60,286	49,585
ACL ending balance	163,758	146,868	163,758	146,868	136,167
Residential real estate - Jr lien [Member]
ACL beginning balance	425,623	493,236	431,007	241,950	241,950
Impact of adopting CECL				297,746	297,746
Charge-offs	0	0	0	0	0
Recoveries	13,122	1,237	15,537	28,015	29,240
Credit loss expense (reversal)	(77,893)	(17,723)	(85,692)	(90,961)	(137,929)
ACL ending balance	360,852	476,750	360,852	476,750	431,007
Consumer [Member]
ACL beginning balance	25,005	34,151	24,790	69,686	69,686
Impact of adopting CECL				(33,813)	(33,813)
Charge-offs	(45,512)	(42,985)	(79,021)	(112,426)	(131,332)
Recoveries	7,363	8,626	14,569	33,231	44,657
Credit loss expense (reversal)	35,173	29,092	61,691	72,206	75,592
ACL ending balance	$ 22,029	$ 28,884	$ 22,029	$ 28,884	$ 24,790

Loans Allowance for Credit Lo_6

Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures (Details 3) $ in Thousands	Sep. 30, 2024 USD ($)
Residential real estate - 1st lien [Member]
2024	$ 21,854
2023	29,442
2022	36,373
2021	38,779
2020	32,506
Prior	54,337
Revolving loan amortized cost basis	2,645
Revolving loan converted to term	0
Total loan	215,936
Commercial Real Estate [Member]
2024	43,650
2023	68,733
2022	86,761
2021	36,456
2020	44,319
Prior	111,019
Revolving loan amortized cost basis	69,184
Revolving loan converted to term	0
Total loan	460,122
Pass [Member] \| Residential real estate - 1st lien [Member]
2024	21,854
2023	29,281
2022	36,075
2021	38,654
2020	30,716
Prior	53,903
Revolving loan amortized cost basis	2,645
Revolving loan converted to term	0
Total loan	213,128
Pass [Member] \| Commercial Real Estate [Member]
2024	43,650
2023	68,733
2022	86,761
2021	34,419
2020	41,397
Prior	108,151
Revolving loan amortized cost basis	69,184
Revolving loan converted to term	0
Total loan	452,295
Special mention [Member] \| Residential real estate - 1st lien [Member]
2024	0
2023	161
2022	0
2021	0
2020	0
Prior	215
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	376
Special mention [Member] \| Commercial Real Estate [Member]
2024	0
2023	0
2022	0
2021	2,037
2020	0
Prior	805
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	2,842
Substandard Doubtful [Member] \| Residential real estate - 1st lien [Member]
2024	0
2023	0
2022	298
2021	125
2020	1,790
Prior	219
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	2,432
Substandard Doubtful [Member] \| Commercial Real Estate [Member]
2024	0
2023	0
2022	0
2021	0
2020	2,922
Prior	2,063
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	4,985
Current period gross charge-offs [Member] \| Commercial Real Estate [Member]
2024	0
2023	0
2022	0
2021	0
2020	45
Prior	81
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	126
Municipal [Member]
2024	38,311
2023	185
2022	608
2021	2,899
2020	4,157
Prior	9,745
Revolving loan amortized cost basis	9,598
Revolving loan converted to term	0
Total loan	65,503
Municipal [Member] \| Pass [Member]
2024	38,311
2023	185
2022	608
2021	2,899
2020	4,157
Prior	9,745
Revolving loan amortized cost basis	9,598
Revolving loan converted to term	0
Total loan	65,503
Residential real estate - Jr lien [Member]
2024	2,103
2023	1,982
2022	1,879
2021	318
2020	557
Prior	1,314
Revolving loan amortized cost basis	23,233
Revolving loan converted to term	1,556
Total loan	32,942
Residential real estate - Jr lien [Member] \| Pass [Member]
2024	2,103
2023	1,982
2022	1,879
2021	318
2020	557
Prior	1,289
Revolving loan amortized cost basis	23,233
Revolving loan converted to term	1,556
Total loan	32,917
Residential real estate - Jr lien [Member] \| Substandard Doubtful [Member]
2024	0
2023	0
2022	0
2021	0
2020	0
Prior	25
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	25
Consumer [Member]
2024	1,204
2023	861
2022	519
2021	216
2020	103
Prior	126
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	3,029
Consumer [Member] \| Pass [Member]
2024	1,204
2023	861
2022	519
2021	216
2020	103
Prior	126
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	3,029
Consumer [Member] \| Current period gross charge-offs one [Member]
2024	1
2023	30
2022	3
2021	3
2020	0
Prior	42
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	79
Commercial [Member]
2024	9,974
2023	14,112
2022	17,119
2021	10,934
2020	2,292
Prior	7,294
Revolving loan amortized cost basis	65,045
Revolving loan converted to term	0
Total loan	126,770
Commercial [Member] \| Pass [Member]
2024	9,974
2023	13,756
2022	15,801
2021	10,175
2020	1,934
Prior	5,396
Revolving loan amortized cost basis	59,431
Revolving loan converted to term	0
Total loan	116,467
Commercial [Member] \| Special mention [Member]
2024	0
2023	50
2022	34
2021	183
2020	0
Prior	0
Revolving loan amortized cost basis	429
Revolving loan converted to term	0
Total loan	696
Commercial [Member] \| Substandard Doubtful [Member]
2024	0
2023	306
2022	1,284
2021	576
2020	358
Prior	1,898
Revolving loan amortized cost basis	5,185
Revolving loan converted to term	0
Total loan	9,607
Commercial [Member] \| Current period gross charge-offs [Member]
2024	0
2023	14
2022	0
2021	5
2020	0
Prior	1,231
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	1,250
Purchased [Member]
2024	0
2023	4,477
2022	84
2021	944
2020	1,066
Prior	1,844
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	8,415
Purchased [Member] \| Pass [Member]
2024	0
2023	4,477
2022	84
2021	944
2020	1,066
Prior	1,844
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	8,415
Total Loans Amount [Member]
2024	117,096
2023	119,792
2022	143,343
2021	90,546
2020	85,000
Prior	185,679
Revolving loan amortized cost basis	169,705
Revolving loan converted to term	1,556
Total loan	912,717
Total current period gross charge-offs [Member]
2024	1
2023	44
2022	3
2021	8
2020	45
Prior	1,354
Revolving loan amortized cost basis	0
Revolving loan converted to term	0
Total loan	$ 1,455

Loans Allowance for Credit Lo_7

Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures (Details 4) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
90 Days Or More	$ 874,277	$ 485,174
Total Non accural	4,486,341	6,955,046
Nonaccrual with No ACL	4,486,341	6,955,046
Residential real estate - 1st lien [Member]
90 Days Or More	729,327	446,395
Total Non accural	771,607	415,074
Nonaccrual with No ACL	771,607	415,074
Commercial Real Estate [Member]
90 Days Or More	0	38,779
Total Non accural	1,387,849	2,818,283
Nonaccrual with No ACL	1,387,849	2,818,283
Commercial & industrial [Member]
90 Days Or More	7,390	0
Total Non accural	2,301,934	3,632,659
Nonaccrual with No ACL	2,301,934	3,632,659
Residential real estate - Jr lien [Member]
90 Days Or More	137,560	0
Total Non accural	24,951	89,030
Nonaccrual with No ACL	$ 24,951	$ 89,030

Loans Allowance for Credit Lo_8

Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures (Details 5) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
30-89 Days	$ 772,070	$ 2,549,585
90 Days Or More	3,329,136	4,685,234
Total Past Due	4,101,206	7,234,819
Current	908,615,711	838,195,035
Total Loans	912,716,917	845,429,854
Residential real estate - 1st lien [Member]
30-89 Days	85,078	1,856,944
90 Days Or More	1,230,810	646,980
Total Past Due	1,315,888	2,503,924
Current	214,619,665	206,320,964
Total Loans	215,935,553	208,824,888
Commercial Real Estate [Member]
30-89 Days	625,341	178,083
90 Days Or More	155,032	944,669
Total Past Due	780,373	1,122,752
Current	459,341,376	413,757,869
Total Loans	460,121,749	414,880,621
Purchased Loan [Member]
30-89 Days	0	0
90 Days Or More	0	0
Total Past Due	0	0
Current	8,415,438	10,568,922
Total Loans	8,415,438	10,568,922
Commercial & industrial [Member]
30-89 Days	0	253,974
90 Days Or More	1,805,734	3,068,578
Total Past Due	1,805,734	3,322,552
Current	124,963,492	118,383,155
Total Loans	126,769,226	121,705,707
Municipal [Member]
30-89 Days	0	0
90 Days Or More	0	0
Total Past Due	0	0
Current	65,503,481	54,466,988
Total Loans	65,503,481	54,466,988
Residential real estate - Jr lien [Member]
30-89 Days	54,236	245,856
90 Days Or More	137,560	25,007
Total Past Due	191,796	270,863
Current	32,750,290	31,397,948
Total Loans	32,942,086	31,668,811
Consumer [Member]
30-89 Days	7,415	14,728
90 Days Or More	0	0
Total Past Due	7,415	14,728
Current	3,021,969	3,299,189
Total Loans	$ 3,029,384	$ 3,313,917

Loans Allowance for Credit Lo_9

Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures (Details 6) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Business Assets	$ 132,264	$ 1,298,717
Real Estate	735,012	1,430,858
Commercial [Member]
Business Assets	132,264	1,298,717
Real Estate	0	0
Residential real estate - 1st lien [Member]
Business Assets	0	0
Real Estate	605,030	167,363
Commercial Real Estate [Member]
Business Assets	0	0
Real Estate	$ 129,982	$ 1,263,495

Loans Allowance for Credit L_10

Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures (Details 7) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures
Number of loans	$ 2	$ 0
Balance Amount	$ 126,151	$ 0

Loans Allowance for Credit L_11

Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures (Details 8) - Commercial & industrial [Member]	9 Months Ended
	Sep. 30, 2024 USD ($)
Payment Delay	$ 1,634,720
Term Extension	$ 107,135
Total Class of Financing Receivable	1.37%
Weighted- Average Term Extension	3 months

Loans Allowance for Credit L_12

Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures (Details Narrative) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Loans Allowance for Credit Losses Credit Quality and OffBalance Sheet Credit Exposures
Commercial loans	$ 4,220,549	$ 5,705,659
Accrued interest	835,402	806,172
Additional Loan borrower	250,000
Consumer loans	4,194,889	4,863,263
Accrued interest receivable	$ 3,800,000	$ 3,600,000

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Details Narrative) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Goodwill	$ 11,574,269	$ 11,574,269
LyndonBank [Member]
Goodwill		$ 11,574,269

Loan Servicing (Details)

Loan Servicing (Details) - USD ($)	9 Months Ended	12 Months Ended
Loan Servicing (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Loan Servicing
Balance At Beginning Of Year	$ 787,013	$ 862,593
Msrs Capitalized	31,228	68,297
Msrs Amortized	(97,321)	(143,877)
Balance At end Of Year	$ 720,920	$ 787,013

Fair Value (Details)

Fair Value (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Assets: (market approach)
Assets recorded at fair value on a recurring basis	$ 170,477,527	$ 190,706,019
Fair Value Level 1 [Member] \| U.S. Government securities [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	29,678,444	39,263,249
Fair Value Level 2 [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	140,799,083	151,442,770
Fair Value Level 2 [Member] \| Other investments [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	471,670	946,430
Fair Value Level 2 [Member] \| Taxable municipal securities [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	259,605	246,965
Fair Value Level 2 [Member] \| Tax-exempt municipal securities [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	10,470,682	10,473,785
Fair Value Level 2 [Member] \| U.S. GSE debt securities [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	11,175,364	10,827,574
Fair Value Level 2 [Member] \| Agency MBS [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	109,252,637	115,862,799
Fair Value Level 2 [Member] \| ABS and OAS [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	2,005,547	2,347,621
Fair Value Level 2 [Member] \| CMO [Member]
Assets: (market approach)
Assets recorded at fair value on a recurring basis	$ 7,163,578	$ 10,737,596

Fair Value (Details 1)

Fair Value (Details 1) - Fair Value Level 2 [Member] - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Individually analyzed loans, net of related allowance	$ 1,940,021	$ 709,487
MSRs	720,920	787,013
OREO	$ 275,000	$ 0

Fair Value (Details 2)

Fair Value (Details 2) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying Amount [Member]
Cash and cash equivalents	$ 49,821	$ 20,435
Debt securities AFS	170,477	190,706
Restricted equity securities	2,791	1,642
Commercial & industrial	125,755	120,589
Purchased	8,390	10,532
Commercial real estate	454,533	409,332
Municipal	65,340	54,331
Residential real estate - 1st lien	214,203	206,849
Residential real estate - Jr lien	32,581	31,238
Consumer	3,007	3,289
MSRs (1)	721	787
Accrued interest receivable	4,353	4,247
Other deposits	915,701	896,968
Brokered deposits	13,879
Overnight borrowings		9,000
Short-term Advances	62,500	44,500
Long-term Advances	31,100	1,100
Repurchase agreements	32,604	36,256
Operating lease obligations	425	443
Finance lease obligations	3,255	3,425
Subordinated debentures	12,887	12,887
Accrued interest payable	2,438	1,082
Fair Value [Member]
Cash and cash equivalents	49,821	20,435
Debt securities AFS	170,477	190,706
Restricted equity securities	2,791	1,642
Commercial & industrial	123,236	116,996
Purchased	8,069	10,055
Commercial real estate	432,387	382,045
Municipal	62,656	51,791
Residential real estate - 1st lien	200,291	188,650
Residential real estate - Jr lien	32,197	30,745
Consumer	3,035	3,295
MSRs (1)	1,146	1,262
Accrued interest receivable	4,353	4,247
Other deposits	914,594	894,823
Brokered deposits	14,031
Overnight borrowings		9,000
Short-term Advances	62,527	44,484
Long-term Advances	31,370	931
Repurchase agreements	32,604	36,256
Operating lease obligations	425	443
Finance lease obligations	3,255	3,425
Subordinated debentures	12,748	12,719
Accrued interest payable	2,438	1,082
Fair Value Level 2 [Member]
Cash and cash equivalents	0	0
Debt securities AFS	140,799	151,443
Restricted equity securities	2,791	1,642
Commercial & industrial	1,810	709
Purchased	0	0
Commercial real estate	130	0
Municipal	0	0
Residential real estate - 1st lien	0	0
Residential real estate - Jr lien	0	0
Consumer	0	0
MSRs (1)	1,146	1,262
Accrued interest receivable	4,353	4,247
Other deposits	914,594	894,823
Brokered deposits	14,031
Overnight borrowings		9,000
Short-term Advances	62,527	44,484
Long-term Advances	31,370	931
Repurchase agreements	32,604	36,256
Operating lease obligations	425	443
Finance lease obligations	3,255	3,425
Subordinated debentures	12,748	12,719
Accrued interest payable	2,438	1,082
Fair Value Level 1 [Member]
Cash and cash equivalents	49,821	20,435
Debt securities AFS	29,678	39,263
Restricted equity securities	0	0
Commercial & industrial	0	0
Purchased	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
Overnight borrowings		0
Short-term Advances	0	0
Long-term Advances	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 [Member]
Cash and cash equivalents	0	0
Debt securities AFS	0	0
Restricted equity securities	0	0
Commercial & industrial	121,426	116,287
Purchased	8,069	10,055
Commercial real estate	432,257	382,045
Municipal	62,656	51,791
Residential real estate - 1st lien	200,291	188,650
Residential real estate - Jr lien	32,197	30,745
Consumer	3,035	3,295
MSRs (1)	0	0
Accrued interest receivable	0	0
Other deposits	0	0
Brokered deposits	0
Overnight borrowings		0
Short-term Advances	0	0
Long-term Advances	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

Subsequent Events (Details Narr

Subsequent Events (Details Narrative)	Sep. 11, 2024 $ / shares
Subsequent Events
Dividends Declared Per Common Share	$ 0.24