XML 15 R5.htm IDEA: XBRL DOCUMENT v3.23.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 1,841 $ 2,835
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for (recapture of) credit losses 810 (429)
Depreciation 323 573
Amortization of deferred loan origination costs, net (460) (376)
Net amortization of premiums and discounts on available-for-sale securities (511) 192
Amortization of purchase accounting marks on loans (66) (990)
Amortization of core deposit intangible 195 217
Accretion of premium on FHLB advances (6) (20)
ESOP compensation expense 22 45
Earnings on bank owned life insurance (20) (21)
Change in assets and liabilities:    
Net change in deferred taxes 461 1,209
Net change in accrued interest receivable (141) 678
Net change in other assets (595) (1,039)
Net change in accrued expenses and other liabilities 97 (3,375)
Net cash provided by (used in) operating activities 2,135 (359)
Cash flows from investing activities:    
Net change in loans receivable held for investment (58,668) 3,440
Principal payments on available-for-sale securities 6,821 9,231
Purchase of available-for-sale securities 0 (104,657)
Purchase of FHLB stock (3,783) (328)
Proceeds from redemption of FHLB stock 256 1,431
Proceeds from redemption of FRB stock 1,721 0
Purchase of office properties and equipment (32) (583)
Net cash used in investing activities (53,685) (91,466)
Cash flows from financing activities:    
Net change in deposits (40,853) 28,125
Net change in securities sold under agreements to repurchase 7,910 15,332
Increase in unreleased ESOP shares (2,800) 0
Proceeds from issuance of preferred stock 0 150,000
Dividends paid on preferred stock 0 (15)
Proceeds from FHLB advances 82,000 0
Repayments of FHLB advances (70) (53,000)
Net cash provided by financing activities 46,187 140,442
Net change in cash and cash equivalents (5,363) 48,617
Cash and cash equivalents at beginning of the period 16,105 231,520
Cash and cash equivalents at end of the period 10,742 280,137
Supplemental disclosures of cash flow information:    
Cash paid for interest 4,648 1,378
Cash paid for income taxes 236 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 95 84
Employees, Excluding Directors [Member]    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation expense $ 90 $ 58