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Consolidated Statements of Net Income (Loss) (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Interest and dividend income:    
Loans, including fees $ 3,407 $ 3,187
Non taxable securities 8 16
Taxable securities 124 91
FHLB dividends 12 24
Federal funds sold and other 18 11
Total interest income 3,569 3,329
Interest expense:    
Deposits 218 304
Federal Home Loan Bank advances and other borrowings 21 224
Total interest expense 239 528
Net interest income 3,330 2,801
Provision for loan losses 40 0
Net interest income after provision for loan losses 3,290 2,801
Noninterest income:    
Service charges on deposit accounts 225 190
Income on bank owned life insurance 37 37
Gain on sales of mortgage loans 23 65
Net gain on sale of foreclosed real estate 2 1
Gain on prepayment of Federal Home Loan Bank advances 91 104
Other 42 69
Total noninterest income 420 466
Noninterest expense:    
Salaries and employee benefits 1,611 1,593
Occupancy and equipment 211 203
Data processing 203 177
Professional and supervisory fees 183 111
Office expense 51 57
Advertising 20 17
FDIC deposit insurance 19 21
Loss on prepayment of Federal Home Loan Bank advances 4 0
Other 98 87
Total noninterest expense 2,400 2,266
Income before income taxes 1,310 1,001
Income tax expense 300 216
Net income $ 1,010 $ 785 [1]
Earnings per share:    
Basic [2] $ 0.15 $ 0.12 [1]
Dilutive [2] $ 0.14 $ 0.11 [1]
[1] Share amounts related to the periods prior to the July 15, 2021 closing of the conversion offering have been restated to give retroactive recognition to the 2.8409 exchange ratio applied in the conversion offering (see Note 1).
[2] Amounts related to the periods prior to the July 15, 2021 closing of the conversion offering have been restated to give retroactive recognition to the 2.8409 exchange ratio applied in the conversion offering. (see Note 1).