v3.25.2
Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Loans, including fees $ 10,646 $ 13,349 $ 21,884 $ 26,702
Taxable 42 50 85 101
Tax exempt 3,999 2,234 7,359 3,452
Other 1,442 2,022 3,113 4,745
Total interest income 16,129 17,655 32,441 35,000
Interest expense        
Deposits 4,524 4,624 8,947 8,960
Borrowings and Subordinated notes 340 455 734 937
Total interest expense 4,864 5,079 9,681 9,897
Net interest income 11,265 12,576 22,760 25,103
Provision for (recovery of) credit losses - loans 2,261 (98) 2,000 (37)
Recovery of credit losses - unfunded commitments (9) (24) (44) (73)
Provision for (recovery of) credit losses 2,252 (122) 1,956 (110)
Net interest income after provision for (recovery of) credit losses 9,013 12,698 20,804 25,213
Noninterest income        
Deposit service charges and fees 972 834 1,856 1,643
Loan servicing fees [1] 76 97 263 253
Trust and insurance commissions and annuities income 394 349 831 799
Loss on disposal of premises and equipment (4) (9) (9) (84)
Loss on bank-owned life insurance [1] (5) (91) (1) (178)
Bank-owned life insurance death benefit (1) 417 0 417 0
Gain on repurchase of Subordinated notes [1] 0 0 42 107
Other [1] 109 96 194 197
Total noninterest income 1,959 1,276 3,593 2,737
Noninterest expense        
Compensation and benefits 5,565 5,943 11,269 11,995
Office occupancy and equipment 1,790 1,861 3,837 4,102
Advertising and public relations 232 112 362 202
Information technology 985 1,049 2,000 2,051
Professional fees 770 382 1,175 836
Supplies, telephone, and postage 284 292 573 578
FDIC insurance premiums 157 144 314 305
Other 2,065 1,352 3,230 2,832
Total noninterest expense 11,848 11,135 22,760 22,901
(Loss) income before income taxes (876) 2,839 1,637 5,049
Income tax (benefit) expense (517) 705 (85) 1,205
Net (loss) income $ (359) $ 2,134 $ 1,722 $ 3,844
Basic and diluted (loss) earnings per common share (in dollars per share) $ (0.03) $ 0.17 $ 0.14 $ 0.31
Basic and diluted weighted average common shares outstanding (in shares) 12,460,678 12,460,678 12,460,678 12,464,365
[1] Not within the scope of ASC 606