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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
INTEREST INCOME    
Interest and fees on loans $ 2,215,000 $ 2,087,000
Interest and dividends on securities 938,000 965,000
Interest on deposits with banks and federal funds sold 252,000 233,000
Total Interest Income 3,405,000 3,285,000
INTEREST EXPENSE    
Interest on deposits 402,000 107,000
Interest on short-term borrowings 431,000  
Total Interest Expense 833,000 107,000
Net Interest Income 2,572,000 3,178,000
Provision for (release of) credit losses 169,000 (42,000)
Net interest income after credit loss provision/(release) 2,403,000 3,220,000
NONINTEREST INCOME    
Income on life insurance 43,000 39,000
Total Noninterest Income 229,000 245,000
NONINTEREST EXPENSE    
Salary and employee benefits 1,618,000 1,698,000
Occupancy and equipment expenses 331,000 327,000
Legal, accounting and other professional fees 254,000 263,000
Data processing and item processing services 250,000 267,000
FDIC insurance costs 38,000 45,000
Advertising and marketing related expenses 23,000 22,000
Loan collection costs 5,000 1,000
Telephone costs 40,000 41,000
Other expenses 302,000 280,000
Total Noninterest Expenses 2,861,000 2,944,000
(Loss) income before income taxes (229,000) 521,000
Income tax (benefit) expense (232,000) 86,000
NET INCOME $ 3,158 $ 435,021
Basic net income per share of common stock (in dollars per share) $ 0.00 $ 0.15
Diluted net income per share of common stock (in dollars per share)   $ 0.15
Service charges on deposit accounts    
NONINTEREST INCOME    
Service charges on deposit accounts $ 38,000 $ 42,000
Other fees and commissions    
NONINTEREST INCOME    
Other fees and commissions $ 148,000 $ 164,000