Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Operations

v3.22.1
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Interest income:    
Loans, including fees $ 3,569,000 $ 4,086,000
Securities    
Taxable 1,107,000 1,146,000
Tax-exempt 248,000 271,000
Federal funds sold and other 35,000 128,000
Time deposits with other financial institutions 66,000 379,000
FHLB Stock 13,000 13,000
Total interest income 5,038,000 6,023,000
Interest expense:    
Deposits 940,000 1,488,000
Net interest income 4,098,000 4,535,000
(Reversal of) Provision for loan losses (23,000) 464,000
Net interest income after provision for loan losses 4,121,000 4,071,000
Noninterest income:    
Gain on sale of mortgage loans 410,000 788,000
Gain on sale of securities 131,000 59,000
Rental income on office building 42,000 42,000
Service charges on deposits 289,000 255,000
Increase in cash surrender value of BOLI 181,000 183,000
Other 156,000 264,000
Total noninterest income 1,209,000 1,591,000
Noninterest expense:    
Salaries and employee benefits 3,352,000 3,691,000
Equipment and occupancy 665,000 689,000
Data processing 613,000 565,000
Professional services 139,000 484,000
Advertising 71,000 68,000
Supervisory fees and assessments 126,000 117,000
Loan expenses 129,000 141,000
Deposit expenses 183,000 155,000
Other 321,000 367,000
Total noninterest expense 5,599,000 6,277,000
Losses before income taxes (269,000) (615,000)
Income tax benefit (214,000) (503,000)
Net losses $ (55,000) $ (112,000)