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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
ASSETS    
Cash and due from banks $ 2,035 $ 2,111
Interest-bearing deposits in other financial institutions 28,057 60,070
Cash and Cash Equivalents 30,092 62,181
Investment securities available for sale, at fair value 144,133 155,927
Restricted equity securities, at cost 221 1,062
Loans, net of deferred fees and costs 186,440 210,392
Less: Allowance for credit losses [1] (2,162) (2,470)
Loans, net 184,278 207,922
Premises and equipment, net 3,277 3,564
Bank owned life insurance 8,493 8,338
Deferred tax assets, net 8,902 956
Accrued interest receivable 1,159 1,085
Accrued taxes receivable   301
Prepaid expenses 493 347
Other assets 388 383
Total Assets 381,436 442,066
LIABILITIES    
Noninterest-bearing deposits 143,262 155,624
Interest-bearing deposits 219,685 227,623
Total Deposits 362,947 383,247
Short-term borrowings   10,000
Long-term borrowings   10,000
Defined pension liability 317 304
Accrued taxes payable 151  
Accrued expenses and other liabilities 1,967 2,799
Total Liabilities 365,382 406,350
STOCKHOLDERS' EQUITY    
Common stock, par value $1, authorized 15,000,000 shares, issued and outstanding 2,865,046 and 2,853,880 shares as of December 31, 2022 and December 31, 2021, respectively. 2,865 2,854
Additional paid-in capital 10,862 10,759
Retained earnings 23,579 22,977
Accumulated other comprehensive (loss) gain (21,252) (874)
Total Stockholders' Equity 16,054 35,716
Total Liabilities and Stockholders' Equity $ 381,436 $ 442,066
[1] Effective January 1, 2021, the Company applied ASU 2016-13, Financial Instruments – Credit Losses (“ASC 326”), such that the allowance calculation is based on current expected credit loss methodology (“CECL”). Prior to January 1, 2021, the calculation was based on incurred loss methodology. See Note 4 “Loans and Allowance for Losses on Loans” for details.