XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF (LOSS) INCOME (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Interest and dividend income:        
Interest and fees on loans $ 4,126,000 $ 3,443,000 $ 7,934,000 $ 6,884,000
Interest on debt securities:        
Taxable 360,000 261,000 702,000 457,000
Non-taxable 440,000 294,000 862,000 558,000
Total interest on debt securities 800,000 555,000 1,564,000 1,015,000
Dividends 67,000 9,000 131,000 23,000
Total interest and dividend income 4,993,000 4,007,000 9,629,000 7,922,000
Interest expense:        
Interest on deposits 1,200,000 121,000 1,786,000 249,000
Interest on borrowings 811,000 91,000 1,665,000 142,000
Total interest expense 2,011,000 212,000 3,451,000 391,000
Net interest and dividend income 2,982,000 3,795,000 6,178,000 7,531,000
Provision for credit losses 20,000   50,000 60,000
Net interest and dividend income after provision for credit losses 2,962,000 3,795,000 6,128,000 7,471,000
Non-interest income:        
Customer service fees 209,000 245,000 405,000 462,000
Gain on sale of loans       2,000
Securities gains, net       52,000
Gain on termination of interest rate swaps     849,000  
Income from bank-owned life insurance 20,000 20,000 40,000 40,000
Loan servicing income 23,000 37,000 38,000 89,000
Investment services fees 84,000 87,000 155,000 176,000
Other income 10,000 9,000 20,000 19,000
Total non-interest income 346,000 398,000 1,507,000 840,000
Non-interest expense:        
Salaries and employee benefits 2,478,000 2,413,000 4,842,000 4,677,000
Director compensation 88,000 69,000 188,000 137,000
Occupancy expense 193,000 171,000 379,000 375,000
Equipment expense 118,000 127,000 227,000 254,000
Marketing 115,000 100,000 204,000 149,000
Data processing 397,000 367,000 788,000 724,000
Deposit insurance fees 73,000 29,000 132,000 74,000
Professional fees and assessments 318,000 292,000 530,000 515,000
Debit card fees 50,000 48,000 99,000 86,000
Employee travel and education expenses 51,000 42,000 94,000 66,000
Other expense 247,000 289,000 468,000 558,000
Total non-interest expense 4,128,000 3,947,000 7,951,000 7,615,000
(Loss) income before income tax (benefit) expense (820,000) 246,000 (316,000) 696,000
Income tax (benefit) expense (280,000) 66,000 (240,000) 124,000
Net (loss) income $ (540,000) $ 180,000 $ (76,000) $ 572,000
(Loss) earnings per share:        
Basic [1] $ (0.12) $ 0.04 $ (0.02) $ 0.12
Diluted [1] $ (0.12) $ 0.04 $ (0.02) $ 0.12
Weighted average shares:        
Basic [1] 4,634,386 4,807,561 4,653,950 4,823,597
Diluted [1],[2] 4,634,386 4,828,292 4,653,950 4,839,886
[1] Adjusted for conversion of First Seacoast Bancorp, Inc.
[2] Not adjusted for potentially dilutive shares for periods where a net loss was recognized. Excludes 32,393 stock-based awards that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been antidilutive for the periods presented.