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Consolidated Statements of Comprehensive (Loss) Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
INTEREST INCOME    
Interest and fees on loans $ 25,779 $ 21,818
Interest on securities 1,611 1,650
Interest on other interest-earning assets 734 293
Total interest income 28,124 23,761
Interest expense    
Interest on deposits 11,139 3,684
Interest on borrowings 1,810 1,630
Total interest expense 12,949 5,314
Net interest income 15,175 18,447
Provision for credit losses 4,223 2,420
Net interest income after provision for credit losses 10,952 16,027
NON-INTEREST INCOME    
Service charges and fees 463 391
Gain on sale of loans, net 32
Bank owned life insurance 248 238
Gain (Loss) on disposal or impairment of fixed assets 74 (25)
Other (87) (59)
Total non-interest income 730 545
NON-INTEREST EXPENSE    
Salaries and employee benefits 6,124 9,092
Occupancy 1,148 1,292
Data processing fees 2,665 2,107
FDIC and other insurance expense 348 427
Professional fees 742 525
Merger Costs 3,010
Advertising 46 89
Other 1,454 1,652
Total non-interest expense 15,537 15,184
(Loss) income before provision for income taxes (3,855) 1,388
(Benefit from) provision for income taxes (453) 58
Net (loss) income (3,402) 1,330
Other comprehensive income (loss) 1,684 (7,868)
Tax effect of other comprehensive income or loss (471) 2,015
Other comprehensive income (loss), net of tax 1,213 (5,853)
Comprehensive (loss) $ (2,189) $ (4,523)
(Loss) Earnings per common share Basic $ (0.88) $ 0.56
(Loss) Earnings per common share Diluted $ (0.88) $ 0.56