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CONSOLIDATED STATEMENTS OF (LOSS) INCOME - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
INTEREST INCOME    
Interest and fees on loans $ 10,498,000 $ 8,559,000
Interest and dividends on securities 3,379,000 4,147,000
Interest on deposits with banks and federal funds sold 1,335,000 631,000
Total Interest Income 15,212,000 13,337,000
INTEREST EXPENSE    
Interest on deposits 2,533,000 513,000
Interest on short-term borrowings 1,738,000 689,000
Total Interest Expense 4,271,000 1,202,000
Net Interest Income 10,941,000 12,135,000
Provision of credit loss allowance 844,000 96,000
Net interest income after provision for credit losses 10,097,000 12,039,000
NONINTEREST INCOME    
Service charges on deposit accounts 150,000 159,000
Other fees and commissions 829,000 777,000
Income on life insurance 178,000 164,000
Total Noninterest Income 1,157,000 1,100,000
NONINTEREST EXPENSE    
Salary and employee benefits 6,580,000 6,710,000
Occupancy and equipment expenses 1,325,000 1,294,000
Legal, accounting and other professional fees 1,115,000 993,000
Data processing and item processing services 1,016,000 1,005,000
FDIC insurance costs 161,000 163,000
Advertising and marketing related expenses 117,000 97,000
Loan collection costs 25,000 22,000
Telephone costs 154,000 151,000
Other expenses 1,398,000 1,203,000
Total Noninterest Expenses 11,891,000 11,638,000
(Loss) income before income taxes (637,000) 1,501,000
Income tax (benefit) expense (525,000.000) 72,000
NET (LOSS) INCOME $ (111,563) $ 1,429,094
Basic net (loss) income per share of common stock (in dollars per share) $ (0.04) $ 0.5
Diluted net (loss) income per share of common stock (in dollars per share) $ (0.04) $ 0.5