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Consolidated Statements of Net Income (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Interest and dividend income:        
Loans, including fees $ 3,811 $ 3,240 $ 7,218 $ 6,426
Non taxable securities 194 98 318 189
Securities 8 12 16 28
FHLB dividends 3 22 15 46
Federal funds sold and other 74 12 92 23
Total interest income 4,090 3,384 7,659 6,712
Deposits 216 284 434 588
Federal Home Loan Bank advances and other borrowings 0 170 21 394
Total interest expense 216 454 455 982
Net interest income 3,874 2,930 7,204 5,730
Provision for loan losses 115 25 155 25
Net interest income after provision for loan losses 3,759 2,905 7,049 5,705
Noninterest income:        
Service charges on deposit accounts 256 200 481 389
Income on bank owned life insurance 56 38 93 75
Gain on sales of mortgage loans 39 56 62 122
Net gain on sale of foreclosed real estate 44 7 46 8
Gain on prepayment of Federal Home Loan Bank advances 0 0 91 104
Other 39 45 81 114
Total noninterest income 434 346 854 812
Noninterest expense:        
Salaries and employee benefits 1,759 1,471 3,370 3,064
Occupancy and equipment 215 212 426 415
Data processing 208 171 411 347
Professional and supervisory fees 169 104 352 214
Office expense 47 54 98 112
Advertising 44 45 64 62
FDIC deposit insurance 15 21 34 42
Loss on prepayment of Federal Home Loan Bank advances 0 0 4 20
Other 109 105 207 173
Total noninterest expense 2,566 2,183 4,966 4,449
Income before income taxes 1,627 1,068 2,937 2,068
Income tax expense 315 221 615 436
Net income $ 1,312 $ 847 $ 2,322 $ 1,632
Earnings per share:        
Basic [1] $ 0.19 $ 0.13 $ 0.33 $ 0.25
Dilutive [1] $ 0.19 $ 0.12 $ 0.33 $ 0.24
[1]

(1) 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).