Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest income:    
Loans, including fees $ 1,475 $ 1,018
Securities    
Taxable 418 658
Tax-exempt 63 102
Federal funds sold and other 417 52
Time deposits with other financial institutions 23 24
FHLB Stock 9 4
Total interest income 2,405 1,858
Interest expense:    
Deposits 640 221
Other borrowings 60 0
Total interest expense 700 221
Net interest income 1,705 1,637
Reversal of provision for credit losses (1) (28)
Net interest income after reversal of provision for credit losses 1,706 1,665
Noninterest income:    
Gain on sale of mortgage loans 156 11
Rental income on office building 16 16
Service charges on deposits 61 64
Increase in cash surrender value of BOLI 53 46
Other non-interest income 26 10
Total noninterest income 312 147
Noninterest expense:    
Salaries and employee benefits 1,374 928
Equipment and occupancy 214 166
Data processing 195 161
Professional services 111 121
Advertising 84 24
Supervisory fees and assessments 36 35
Loan expenses 30 21
Deposit expenses 54 52
Director fees 48 56
Other non-interest expense 118 106
Total noninterest expense 2,264 1,670
(Loss) income before income taxes (246) 142
Income tax benefit 0 (28)
Net (loss) income $ (246) $ 170
(Loss) earnings income per common share basic and diluted (in dollars per share) $ (0.05) $ 0.03
Weighted average shares outstanding (in shares) 4,927,032 4,989,933