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Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Loans $ 12,229 $ 11,886 $ 36,540 $ 35,037
Investment securities 4,183 4,447 12,753 13,512
Other investments 1,901 1,051 5,104 2,848
Total interest income 18,313 17,384 54,397 51,397
Interest expense:        
Deposits 8,469 5,408 22,658 13,261
Advances from the Federal Home Loan Bank 1,714 1,896 5,330 4,782
Advances from the Federal Reserve Bank 600   1,789  
Securities sold under agreements to repurchase 46 46 137 137
Total interest expense 10,829 7,350 29,914 18,180
Net interest income 7,484 10,034 24,483 33,217
Provision (reversal of provision) for credit losses 29 (259) 22 (147)
Net interest income after provision (reversal of provision) for credit losses 7,455 10,293 24,461 33,364
Noninterest income:        
Service and other fees 273 298 885 1,022
Income on bank-owned life insurance 255 218 750 628
Net gain on sale of loans 19   19 10
Other 69 73 215 208
Total noninterest income 616 589 1,869 1,868
Noninterest expense:        
Salaries and employee benefits 4,899 5,176 14,606 15,723
Occupancy 1,813 1,819 5,319 5,201
Equipment 1,335 1,263 3,987 3,878
Federal deposit insurance premiums 392 246 1,281 737
Other general and administrative expenses 1,561 1,163 4,851 3,251
Total noninterest expense 10,000 9,667 30,044 28,790
(Loss) income before income taxes (1,929) 1,215 (3,714) 6,442
Income tax (benefit) expense (611) 335 (1,139) 1,749
Net (loss) income $ (1,318) $ 880 $ (2,575) $ 4,693
Basic (loss) earnings per share (in dollars per share) $ (0.15) $ 0.10 $ (0.30) $ 0.54
Diluted (loss) earnings per share (in dollars per share) (0.15) 0.10 (0.30) 0.53
Cash dividends declared per common share (in dollars per share) $ 0.01 $ 0.23 $ 0.07 $ 0.69
Basic weighted-average shares outstanding (in shares) 8,618,155 8,577,632 8,604,082 8,656,915
Diluted weighted-average shares outstanding (in shares) 8,618,155 8,610,289 8,604,082 8,705,784