Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings per share:

Schedule of Earning Per Share

	Year Ended December 31,
(dollars in thousands, except for earnings per common share amounts)	2024			2023
Net income (loss)	$	1,689		$	(3,402	)
Less: convertible preferred stock dividends		—			115
Less: earnings allocated to participating securities		(2	)		(11	)
Net income (loss) allocated to common shareholders	$	1,687		$	(3,506	)
Basic weighted average common shares outstanding - Voting		5,902			3,654
Basic weighted average common shares outstanding - Non-Voting		820			373
Diluted weighted average common shares outstanding - Voting		5,903			3,656
Diluted weighted average common shares outstanding - Non-Voting		820			373
Basic earnings per common share - Voting	$	0.25		($	0.88	)
Basic earnings per common share - Non-Voting	$	0.25		($	0.88	)
Diluted earnings per common share - Voting	$	0.25		($	0.88	)
Diluted earnings per common share - Non-Voting	$	0.25		($	0.88	)

Schedule of Segment Reporting

Note 18 – Segment Reporting

The Company is a bank holding company, whose principal activity is the ownership and management of its wholly-owned subsidiary, the Bank. As a community-oriented financial institution, substantially all of the Company’s operations involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of these banking operations, which constitute the Company’s only operating segment for financial reporting purposes.

The Company’s chief operating decision maker is comprised of the executive leadership team. For the Company, the executive leadership team net interest income after provision and income (loss) before provision for income taxes to allocate resources for in the annual budget and forecasting process. The chief operating decision maker considers budget-to-actual variances on a monthly basis for profit measures when making decisions about allocating capital and personnel to the operating segment. For the Bank, the executive leadership team uses net-interest income and non-interest income to allocate resources (including employees, financial, or capital resources) to that segment in the annual budget and forecasting process and uses that measure as a basis for evaluating lending terms for customer loans.

The following tables present information about reported segment revenue, measures of a segment’s profit or loss, and significant segment expenses for the years ended December 31, 2024, and December 31, 2023. The Company does not allocate all holding company expenses, income taxes, or unusual items to the reportable segment.

The following tables present the reconciliations of reportable segment revenues and measures of profit or loss and line-item reconciliation to the Company’s consolidated financial statement totals.

				Unallocated Holding Company			Eliminations			Total
For the year ended December 31, 2024	Bank			Amounts
Interest and dividend income:
Interest and fees on loans	$	44,013		$	—		$	—		$	44,013
Interest on securities		2,164			—			—			2,164
Interest on other interest-earning assets		4,608			—			—			4,608
Interest on ESOP Loan		—			130			(130	)		—
Total interest income		50,785			130			(130	)		50,785
Interest expense:
Interest on deposits		19,016			—			—			19,016
Interest on borrowings		1,119			1,352			—			2,471
Interest on ESOP Loan		130			—			(130	)		—
Total interest expense		20,265			1,352			(130	)		21,487
Net interest income		30,520			(1,222	)		—			29,298
Provision for credit losses		3,825			—			—			3,825
Net interest income after provision for credit losses		26,696			(1,222	)		—			25,473
Noninterest income:
Service charges on deposit accounts		545			—			—			545
Bank owned life insurance		370			—			—			370
Gain on sale of loans, net		28			—			—			28
Loss on sale of other real estate owned		(432	)		—			—			(432	)
Preliminary bargain purchase gain on the merger (Note 2)		—			5,018			—			5,018
Other income		29			—			—			29
Income from subsidiary		—			(480	)		480			—
Total noninterest income		540			4,538			480			5,558
Noninterest expense:
Salaries and employee benefits		12,939			—			—			12,939
Occupancy		2,520			—			—			2,520
Data processing		3,934			—			—			3,934
FDIC and other insurance expense		586			—			—			586
Professional Fees		1,225			636			—			1,861
Merger Costs		1,929			1,834			—			3,763
Advertising		302			—			—			302
Core Deposit Intangible Amortization		1,341			—			—			1,341
Other expenses		3,167			3			—			3,170
Total noninterest expense		27,943			2,473			—			30,416
(Loss) income before provision for income taxes		(707	)		843			480			615
(Benefit from) provision for income taxes		(227	)		(846	)		—			(1,074	)
Net (loss) income	$	(480	)		1,689			480			1,689

				Unallocated Holding Company			Eliminations			Total
For the year ended December 31, 2023	Bank			Amounts
Interest and dividend income:
Interest and fees on loans	$	25,779		$	—		$	—		$	25,779
Interest on securities		1,611			—			—			1,611
Interest on other interest-earning assets		734			—			—			734
Interest on ESOP Loan		—			117			(117	)		—
Total interest income		28,124			117			(117	)		28,124
Interest expense:
Interest on deposits		11,139			—			—			11,139
Interest on borrowings		756			1,054			—			1,810
Interest on ESOP Loan		117			—			(117	)		—
Total interest expense		12,012			1,054			(117	)		12,949
Net interest income		16,112			(937	)		—			15,175
Provision  for credit losses		4,223			—			—			4,223
Net interest income after provision for credit losses		11,889			(937	)		—			10,952
Noninterest income:
Service charges on deposit accounts		463			—			—			463
Bank owned life insurance		248			—			—			248
Gain on sale of loans, net		32			—			—			32
Other income		(13	)		—			—			(13	)
Income from subsidiary		—			(1,709	)		1,709			—
Total noninterest income		730			(1,709	)		1,709			730
Noninterest expense:
Salaries and employee benefits		6,124			—			—			6,124
Occupancy		1,148			—			—			1,148
Data processing		2,665			—			—			2,665
FDIC and other insurance expense		348			—			—			348
Professional Fees		658			84			—			742
Merger Costs		2,196			814			—			3,010
Advertising		46			—			—			46
Other expenses		1,327			127			—			1,454
Total noninterest expense		14,512			1,025			—			15,537
(Loss) income before provision for income taxes		(1,893	)		(3,671	)		1,709			(3,855	)
(Benefit from) provision for income taxes		(119	)		(334	)		—			(453	)
Net (loss) income	$	(1,774	)	$	(3,337	)	$	1,709		$	(3,402	)

Schedule of Segment Reporting

The following tables present the reconciliations of reportable segment revenues and measures of profit or loss and line-item reconciliation to the Company’s consolidated financial statement totals.

				Unallocated Holding Company			Eliminations			Total
For the year ended December 31, 2024	Bank			Amounts
Interest and dividend income:
Interest and fees on loans	$	44,013		$	—		$	—		$	44,013
Interest on securities		2,164			—			—			2,164
Interest on other interest-earning assets		4,608			—			—			4,608
Interest on ESOP Loan		—			130			(130	)		—
Total interest income		50,785			130			(130	)		50,785
Interest expense:
Interest on deposits		19,016			—			—			19,016
Interest on borrowings		1,119			1,352			—			2,471
Interest on ESOP Loan		130			—			(130	)		—
Total interest expense		20,265			1,352			(130	)		21,487
Net interest income		30,520			(1,222	)		—			29,298
Provision for credit losses		3,825			—			—			3,825
Net interest income after provision for credit losses		26,696			(1,222	)		—			25,473
Noninterest income:
Service charges on deposit accounts		545			—			—			545
Bank owned life insurance		370			—			—			370
Gain on sale of loans, net		28			—			—			28
Loss on sale of other real estate owned		(432	)		—			—			(432	)
Preliminary bargain purchase gain on the merger (Note 2)		—			5,018			—			5,018
Other income		29			—			—			29
Income from subsidiary		—			(480	)		480			—
Total noninterest income		540			4,538			480			5,558
Noninterest expense:
Salaries and employee benefits		12,939			—			—			12,939
Occupancy		2,520			—			—			2,520
Data processing		3,934			—			—			3,934
FDIC and other insurance expense		586			—			—			586
Professional Fees		1,225			636			—			1,861
Merger Costs		1,929			1,834			—			3,763
Advertising		302			—			—			302
Core Deposit Intangible Amortization		1,341			—			—			1,341
Other expenses		3,167			3			—			3,170
Total noninterest expense		27,943			2,473			—			30,416
(Loss) income before provision for income taxes		(707	)		843			480			615
(Benefit from) provision for income taxes		(227	)		(846	)		—			(1,074	)
Net (loss) income	$	(480	)		1,689			480			1,689

				Unallocated Holding Company			Eliminations			Total
For the year ended December 31, 2023	Bank			Amounts
Interest and dividend income:
Interest and fees on loans	$	25,779		$	—		$	—		$	25,779
Interest on securities		1,611			—			—			1,611
Interest on other interest-earning assets		734			—			—			734
Interest on ESOP Loan		—			117			(117	)		—
Total interest income		28,124			117			(117	)		28,124
Interest expense:
Interest on deposits		11,139			—			—			11,139
Interest on borrowings		756			1,054			—			1,810
Interest on ESOP Loan		117			—			(117	)		—
Total interest expense		12,012			1,054			(117	)		12,949
Net interest income		16,112			(937	)		—			15,175
Provision  for credit losses		4,223			—			—			4,223
Net interest income after provision for credit losses		11,889			(937	)		—			10,952
Noninterest income:
Service charges on deposit accounts		463			—			—			463
Bank owned life insurance		248			—			—			248
Gain on sale of loans, net		32			—			—			32
Other income		(13	)		—			—			(13	)
Income from subsidiary		—			(1,709	)		1,709			—
Total noninterest income		730			(1,709	)		1,709			730
Noninterest expense:
Salaries and employee benefits		6,124			—			—			6,124
Occupancy		1,148			—			—			1,148
Data processing		2,665			—			—			2,665
FDIC and other insurance expense		348			—			—			348
Professional Fees		658			84			—			742
Merger Costs		2,196			814			—			3,010
Advertising		46			—			—			46
Other expenses		1,327			127			—			1,454
Total noninterest expense		14,512			1,025			—			15,537
(Loss) income before provision for income taxes		(1,893	)		(3,671	)		1,709			(3,855	)
(Benefit from) provision for income taxes		(119	)		(334	)		—			(453	)
Net (loss) income	$	(1,774	)	$	(3,337	)	$	1,709		$	(3,402	)