Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.23.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Assets:    
Cash and due from banks $ 1,583,000 $ 814,000
Interest-bearing bank deposits 11,564,000 120,797,000
Cash and cash equivalents 13,147,000 121,611,000
Time deposits with other financial institutions 4,477,000 3,469,000
Securities available for sale 121,205,000 100,950,000
Federal Home Loan Bank stock 550,000 550,000
Loans held for sale 0 104,000
Loans, net of unearned income 103,983,000 97,313,000
Allowance for loan losses (624,000) (779,000)
Loans, net 103,359,000 96,534,000
Premises and equipment, net 5,035,000 5,087,000
Accrued interest receivable 852,000 641,000
Bank-owned life insurance (BOLI) 9,249,000 9,071,000
Other assets 6,332,000 2,852,000
Total assets 264,206,000 340,869,000
Deposits:    
Noninterest bearing 12,977,000 99,090,000
Interest-bearing    
Demand and NOW checking 18,659,000 17,931,000
Money market 42,624,000 45,414,000
Savings 49,068,000 50,312,000
Time deposits over $250,000 8,801,000 9,380,000
Other time deposits 46,585,000 63,494,000
Total deposits 178,714,000 285,621,000
Escrow deposits 1,253,000 1,442,000
Other borrowings 0 5,000,000
Accrued expenses and other liabilities 3,697,000 3,623,000
Total liabilities 183,664,000 295,686,000
Stockholders' equity:    
Common stock ($0.01 par value; 10,000,000 shares authorized; 5,397,959 shares issued and outstanding) 54,000 0
Additional paid-in capital 50,420,000 0
Retained earnings 45,291,000 45,264,000
Unallocated common shares held by ESOP (4,098,000) 0
Accumulated other comprehensive loss, net (11,125,000) (81,000)
Total stockholders' equity 80,542,000 45,183,000
Total liabilities and stockholders' equity $ 264,206,000 $ 340,869,000