v3.24.3
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Loans, including fees $ 1,797 $ 1,079 $ 4,993 $ 3,119
Securities        
Taxable 370 633 1,175 1,923
Tax-exempt 60 100 184 302
Federal funds sold and other 409 99 1,183 210
Time deposits with other financial institutions 14 21 65 75
FHLB Stock 10 7 28 16
Total interest income 2,660 1,939 7,628 5,645
Interest expense:        
Deposits 769 362 2,123 845
Other borrowings 61 61 182 68
Total interest expense 830 423 2,305 913
Net interest income 1,830 1,516 5,323 4,732
Provision for credit losses 20 50 142 52
Net interest income after provision for credit losses 1,810 1,466 5,181 4,680
Noninterest income:        
Gain on sale of mortgage loans 268 0 695 13
Rental income on office building 16 16 48 48
Service charges on deposits 67 70 192 203
Increase in cash surrender value of BOLI 56 49 162 141
Other non-interest income 16 15 139 39
Total noninterest income 423 150 1,236 444
Noninterest expense:        
Salaries and employee benefits 1,483 1,162 4,325 3,095
Equipment and occupancy 190 166 602 499
Data processing 212 159 624 481
Professional services 115 150 398 394
Advertising 60 14 235 65
Supervisory fees and assessments 36 49 107 123
Loan expenses 53 25 148 69
Deposit expenses 63 56 175 163
Director fees 56 56 160 168
Other non-interest expense 136 116 386 353
Total noninterest expense 2,404 1,953 7,160 5,410
Loss before income taxes (171) (337) (743) (286)
Income tax benefit 0 (105) 0 (98)
Net loss $ (171) $ (232) $ (743) $ (188)
Loss per common share basic and diluted (in dollars per share) $ (0.03) $ (0.05) $ (0.15) $ (0.04)
Weighted average shares outstanding (in shares) 4,908,504 5,093,587 4,921,445 5,020,262

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