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CONSOLIDATED STATEMENTS OF (LOSS) INCOME (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Interest and dividend income:    
Interest and fees on loans $ 6,890 $ 6,110
Interest on securities 470 417
Interest on other interest-earning assets 560 138
Total interest income 7,920 6,665
Interest expense:    
Interest on deposits 3,612 2,201
Interest on borrowings 643 395
Total interest expense 4,255 2,596
Net interest income 3,665 4,069
Provision (benefit) for credit losses 3,916 (1)
Net interest (loss) income after provision for credit losses (251) 4,070
Noninterest income:    
Service charges on deposit accounts 91 96
Bank owned life insurance 68 59
Loss on sale of other real estate owned (432)
Preliminary bargain purchase gain on the merger (Note 2) 5,136
Other income 3 3
Total noninterest income 4,866 158
Noninterest expense:    
Salaries and employee benefits 2,525 2,103
Occupancy 421 258
Data processing 742 617
FDIC and other insurance expense 96 64
Professional Fees 542 267
Merger Costs 3,348
Advertising 11 20
Other expenses 472 297
Total noninterest expense 8,157 3,626
(Loss) income before provision for income taxes (3,542) 602
(Benefit from) provision for income taxes (2,003) 158
Net (loss) income $ (1,539) $ 444
Earnings per share:    
Basic $ (0.31) $ 0.11
Diluted $ (0.31) $ 0.11