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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 1,927 $ 4,181
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 808 592
Depreciation 490 630
Amortization of deferred loan origination costs, net 264 38
Net (accretion) amortization of discounts and premiums on available-for-sale securities (778) 20
Accretion of purchase accounting marks on loans (148) (647)
Amortization of core deposit intangible 293 326
Accretion of premium on FHLB advances (18) (64)
ESOP compensation expense 33 56
Earnings on bank owned life insurance (31) (32)
Change in assets and liabilities:    
Net change in deferred taxes 579 1,732
Net change in accrued interest receivable (952) (95)
Net change in other assets (266) (391)
Net change in accrued expenses and other liabilities 1,554 (1,195)
Net cash provided by operating activities 4,023 5,328
Cash flows from investing activities:    
Net change in loans receivable held for investment (70,043) (74,155)
Principal payments on available-for-sale securities 10,498 13,850
Purchase of available-for-sale securities 0 (215,500)
Purchase of FHLB stock (7,534) (332)
Proceeds from redemption of FHLB stock 3,939 1,431
Proceeds from redemption of FRB stock 1,721 0
Purchase of office properties and equipment (114) (816)
Net cash used in investing activities (61,533) (275,522)
Cash flows from financing activities:    
Net change in deposits (15,447) (19,541)
Net change in securities sold under agreements to repurchase 12,344 13,447
Purchase of unreleased ESOP shares (3,400) 0
Proceeds from issuance of preferred stock 0 150,000
Dividends paid on preferred stock 0 (15)
Proceeds from FHLB advances 329,000 0
Repayments of FHLB advances (269,605) (53,000)
Net cash provided by financing activities 52,892 90,891
Net change in cash and cash equivalents (4,618) (179,303)
Cash and cash equivalents at beginning of the period 16,105 231,520
Cash and cash equivalents at end of the period 11,487 52,217
Supplemental disclosures of cash flow information:    
Cash paid for interest 11,785 1,758
Cash paid for income taxes 236 42
Directors [Member]    
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 95 84
Employees, Excluding Directors [Member]    
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense $ 173 $ 93