Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Operations (Unaudited)

v3.23.3
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Interest income:        
Loans, including fees $ 1,079 $ 877 $ 3,119 $ 2,603
Securities        
Taxable 633 578 1,923 1,340
Tax-exempt 100 104 302 298
Federal funds sold and other 99 111 210 213
Time deposits with other financial institutions 21 14 75 25
FHLB Stock 7 4 16 11
Total interest income 1,939 1,688 5,645 4,490
Interest expense:        
Deposits 362 192 845 574
Other borrowings 61 0 68 0
Total interest expense 423 192 913 574
Net interest income 1,516 1,496 4,732 3,916
Provision for (reversal of) credit losses 50 (84) 52 (100)
Net interest income after provision for credit losses 1,466 1,580 4,680 4,016
Noninterest income:        
Gain on sale of mortgage loans 0 30 9 99
Rental income on office building 16 16 48 37
Service charges on deposits 70 75 203 222
Increase in cash surrender value of BOLI 49 45 141 132
Other non-interest income 15 19 43 572
Total noninterest income 150 185 444 1,062
Noninterest expense:        
Salaries and employee benefits 1,162 938 3,095 2,842
Equipment and occupancy 166 154 499 496
Data processing 159 159 481 461
Professional services 150 141 394 411
Advertising 14 29 65 67
Supervisory fees and assessments 49 33 123 111
Loan expenses 25 16 69 65
Deposit expenses 56 61 163 149
Director fees 56 59 168 172
Other non-interest expense 116 88 353 383
Total noninterest expense 1,953 1,678 5,410 5,157
(Loss) income before income taxes (337) 87 (286) (79)
Income tax benefit (105) (31) (98) (67)
Net (loss) income $ (232) $ 118 $ (188) $ (12)
Earnings (loss) income per common share basic and diluted (in dollars per share) $ (0.05) $ 0.02 $ (0.04) $ (0)
Weighted average shares outstanding (in shares) 5,093,587 4,971,930 5,020,262 4,644,521