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 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Interest income:        
Loans, including fees $ 1,721 $ 1,022 $ 3,196 $ 2,040
Securities        
Taxable 387 632 805 1,290
Tax-exempt 61 100 124 202
Federal funds sold and other 357 59 774 111
Time deposits with other financial institutions 28 30 51 54
FHLB Stock 9 5 18 9
Total interest income 2,563 1,848 4,968 3,706
Interest expense:        
Deposits 714 262 1,354 483
Other borrowings 61 7 121 7
Total interest expense 775 269 1,475 490
Net interest income 1,788 1,579 3,493 3,216
Provision for credit losses 123 30 122 2
Net interest income after provision for credit losses 1,665 1,549 3,371 3,214
Noninterest income:        
Gain on sale of mortgage loans 271 2 427 13
Rental income on office building 16 16 32 32
Service charges on deposits 64 69 125 133
Increase in cash surrender value of BOLI 53 46 106 92
Other non-interest income 97 14 123 24
Total noninterest income 501 147 813 294
Noninterest expense:        
Salaries and employee benefits 1,468 1,005 2,842 1,933
Equipment and occupancy 198 167 412 333
Data processing 217 161 412 322
Professional services 172 123 283 244
Advertising 91 27 175 51
Supervisory fees and assessments 35 39 71 74
Loan expenses 65 23 95 44
Deposit expenses 58 55 112 107
Director fees 56 56 104 112
Other non-interest expense 132 131 250 237
Total noninterest expense 2,492 1,787 4,756 3,457
(Loss) income before income taxes (326) (91) (572) 51
Income tax benefit 0 35 0 7
Net (loss) income $ (326) $ (126) $ (572) $ 44
(Loss) earnings income per common share basic and diluted (in dollars per share) $ (0.07) $ (0.03) $ (0.12) $ 0.01
Weighted average shares outstanding (in shares) 4,925,388 4,976,127 4,957,483 4,982,992