SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of basic and diluted earnings per share

(In thousands, except earnings per share)	Year Ended
	December 31,
	2023		2022
Net income	$	5,560	$	14,024
Weighted-average common shares outstanding		6,054		5,974
Basic and diluted earnings per share	$	0.91	$	2.35

Schedule of the effect of the adoption of the ASU

		January 1, 2023
		As Reported Under ASU 2016-13		Pre- ASU 2016-13 Adoption		Impact of ASU 2016-13 Adoption
Assets:
Allowance For Credit Losses	$	(7,155)	$	(8,274)	$	1,119
Deferred Income Taxes		8,925		9,129		(204)	A
Liabilities:
Other Liabilities		9,446		9,299		147	B
Equity:
Retained Earnings		101,480		100,712		768	C

A. Effect on deferred tax assets related to the adjustment to the allowance for credit losses and reserve for unfunded lending commitments from the adoption of ASU 2016-13 using a 21% tax rate

B. Adjustment to the reserve for unfunded lending commitments related to the adoption of ASU 2016-13

C. Adjustment to undistributed profits related to the adoption of ASU 2016-13