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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net income $ 4,538 $ 5,706
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 933 997
Depreciation and amortization 385 376
Net change of deferred loan origination costs 413 229
Net amortization of premiums & discounts on available-for-sale securities (1,044) (225)
Accretion of purchase accounting marks on loans (235) (831)
Amortization of core deposit intangible 390 435
Accretion of premium on FHLB advances (23) (38)
ESOP compensation expense 93 66
Earnings on bank owned life insurance (42) (43)
Net change in assets and liabilities:    
Deferred tax assets 1,238 1,492
Accrued interest receivable (965) (601)
Other assets (677) (995)
Accrued expenses and other liabilities 2,287 (461)
Net cash provided by operating activities 7,594 6,324
Cash flows from investing activities:    
Net change in loans receivable held for investment (115,331) (119,928)
Principal payments and maturities on available-for-sale securities 18,395 19,325
Purchase of available-for-sale securities 0 (215,500)
Purchase of FRB stock 0 (4,571)
Purchase of FHLB stock (13,287) (5,414)
Proceeds from redemption of FHLB stock 8,667 2,452
Proceeds from redemption of FRB stock 1,720 0
Purchase of office properties and equipment (208) (323)
Net cash used in investing activities (100,044) (323,959)
Cash flows from financing activities:    
Net change in deposits (4,281) (101,136)
Net change in securities sold under agreements to repurchase 10,004 11,511
Increase in unreleased ESOP shares (3,400) (500)
Proceeds from issuance of preferred stock 0 150,000
Proceeds from Bank Term Funding Program 100,000 0
Dividends paid on preferred stock 0 (15)
FDIC stock repurchase (1,781) 0
Proceeds from FHLB advances 456,138 95,500
Repayments of FHLB advances (375,140) (53,140)
Net cash provided by financing activities 181,540 102,220
Net change in cash and cash equivalents 89,090 (215,415)
Cash and cash equivalents at beginning of the period 16,105 231,520
Cash and cash equivalents at end of the period 105,195 16,105
Supplemental disclosures of cash flow information:    
Cash paid for interest 16,921 3,053
Cash paid for income taxes 2,036 332
Supplemental non-cash disclosures:    
Common stock issued in exchange for preferred stock 0 3,000
Assets acquired (liabilities assumed) in acquisition:    
Goodwill 0 (138)
Deferred taxes 0 138
Employees, Excluding Directors [Member]    
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 208 133
Directors [Member]    
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense $ 95 $ 84