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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 1,595 $ 982
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for credit losses 88 148
Depreciation 172 30
Net change of deferred loan origination costs (223) (148)
Net amortization of premiums & discounts on available-for-sale securities (253) 118
Amortization of purchase accounting marks on loans 0 (465)
Amortization of core deposit intangible 98 109
Accretion of premium on FHLB advances 1 (11)
ESOP compensation expense (202) 18
Earnings on bank owned life insurance (9) (10)
Change in assets and liabilities:    
Net change in deferred taxes 569 234
Net change in accrued interest receivable (246) 923
Net change in other assets 42 (3,524)
Net change in accrued expenses and other liabilities 2,035 (311)
Net cash provided by (used in) operating activities 3,801 (1,808)
Cash flows from investing activities:    
Net change in loans receivable held for investment (9,681) (4,396)
Principal payments on available-for-sale securities 3,409 4,724
Purchase of available-for-sale securities 0 (26,908)
Purchase of FHLB stock (1,765) 0
Proceeds from redemption of FHLB stock 0 351
Proceeds from redemption of FRB stock 1,721 0
Purchase of office properties and equipment (3) (67)
Net cash used in investing activities (6,319) (26,296)
Cash flows from financing activities:    
Net change in deposits (29,374) 51,662
Net change in securities sold under agreements to repurchase 7,470 4,043
Increase in unreleased ESOP shares (2,500) 0
Dividends paid on preferred stock 0 (15)
Proceeds from FHLB advances 40,500 0
Repayments of FHLB advances (35) (13,000)
Net cash provided by financing activities 16,061 42,690
Net change in cash and cash equivalents 13,543 14,586
Cash and cash equivalents at beginning of the period 16,105 231,520
Cash and cash equivalents at end of the period 29,648 246,106
Supplemental disclosures of cash flow information:    
Cash paid for interest 2,882 822
Cash paid for income taxes 0 0
Supplemental non-cash disclosures:    
Common stock issued in exchange for preferred stock 0 3,000
Directors [Member]    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation expense 96 84
Employees, Excluding Directors [Member]    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation expense $ 38 $ 15