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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net income (loss) $ 5,706 $ (3,949)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Loan loss provision 997 176
Depreciation 376 287
Net change of deferred loan origination costs 229 (229)
Net amortization of premiums & discounts on available-for-sale securities (225) 643
(Accretion) amortization of purchase accounting marks on loans (831) 58
Amortization of core deposit intangible 435 393
Accretion of premium on FHLB advances (38) (38)
Valuation allowance on deferred tax asset 0 369
ESOP compensation expense 66 109
Earnings on bank owned life insurance (43) (43)
Change in assets and liabilities:    
Net change in deferred taxes 1,492 (1,272)
Net change in accrued interest receivable (601) (533)
Net change in other assets (995) 908
Net change in accrued expenses and other liabilities (461) 3,330
Net cash provided by operating activities 6,324 624
Cash flows from investing activities:    
Cash acquired in merger 0 84,745
Net change in loans receivable held for investment (119,928) (62,504)
Principal payments and maturities on available-for-sale securities 19,325 19,159
Purchase of available-for-sale securities (215,500) (16,523)
Purchase of FRB stock (4,571) 0
Purchase of FHLB stock (5,414) (152)
Proceeds from redemption of FHLB stock 2,452 1,378
Purchase of office properties and equipment (323) (1,138)
Net cash (used in) provided by investing activities (323,959) 24,965
Cash flows from financing activities:    
Net change in deposits (101,136) 118,700
Net change in securities sold under agreements to repurchase 11,511 (7,985)
Increase in unreleased ESOP shares (500) 0
Proceeds from issuance of preferred stock 150,000 0
Proceeds from issuance of common stock, net of issuance costs 0 30,837
Dividends paid on preferred stock (15) (60)
Distributions to non-controlling interest 0 (165)
Proceeds from FHLB advances 95,500 5,000
Repayments of FHLB advances (53,140) (32,676)
Stock cancelled for income tax withholding 0 (514)
Repayments of junior subordinated debentures 0 (3,315)
Net cash provided by financing activities 102,220 109,822
Net change in cash and cash equivalents (215,415) 135,411
Cash and cash equivalents at beginning of the period 231,520 96,109
Cash and cash equivalents at end of the period 16,105 231,520
Supplemental disclosures of cash flow information:    
Cash paid for interest 3,053 3,716
Cash paid for income taxes 332 711
Supplemental non-cash disclosures:    
Right-of-use assets obtained in exchange for operating lease liabilities 0 1,119
Common stock issued in exchange for preferred stock 3,000 0
Assets acquired (liabilities assumed) in acquisition:    
Securities available-for-sale, at fair value 0 149,975
Loans receivable 0 225,885
Accrued interest receivable 0 1,637
FHLB and FRB stock 0 1,061
Office property and equipment 0 6,953
Goodwill (138) 25,966
Core deposit intangible 0 3,329
Other assets 0 2,290
Deposits 0 (353,722)
FHLB advances 0 (3,166)
Securities sold under agreements to repurchase 0 (59,945)
Other borrowings 0 (14,000)
Deferred taxes 138 (717)
Accrued expenses and other liabilities 0 (4,063)
Employees, Excluding Directors [Member]    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Stock-based compensation expense 133 370
Directors [Member]    
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Stock-based compensation expense $ 84 $ 45