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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net (loss) income $ (183) $ 1,595
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Provision for credit losses 260 88
Depreciation 164 172
Net change of deferred loan origination costs 137 (223)
Net amortization of premiums and discounts on available-for-sale securities (253) (253)
Accretion of purchase accounting marks on loans (32) 0
Amortization of core deposit intangible 84 98
(Accretion) amortization of premium on FHLB advances (4) 1
ESOP compensation expense 47 (202)
Earnings on bank owned life insurance (11) (9)
Change in assets and liabilities:    
Net change in deferred taxes (57) 569
Net change in accrued interest receivable (700) (246)
Net change in other assets (9,857) 42
Net change in accrued expenses and other liabilities (1,336) 2,035
Net cash (used in) provided by operating activities (11,664) 3,801
Cash flows from investing activities:    
Net change in loans receivable held for investment (46,405) (9,681)
Principal payments on available-for-sale securities 23,157 3,409
Purchase of FHLB stock (136) (1,765)
Proceeds from redemption of FRB stock 0 1,721
Purchase of office properties and equipment (55) (3)
Net cash used in investing activities (23,439) (6,319)
Cash flows from financing activities:    
Net change in deposits 12,859 (29,374)
Net change in securities sold under agreements to repurchase (1,794) 7,470
Purchase of unreleased ESOP shares 0 (2,500)
Repayment of notes payable (14,000) 0
Proceeds from FHLB advances 0 40,500
Repayments of FHLB advances (35) (35)
Net cash (used in) provided by financing activities (2,970) 16,061
Net change in cash and cash equivalents (38,073) 13,543
Cash and cash equivalents at beginning of the period 105,195 16,105
Cash and cash equivalents at end of the period 67,122 29,648
Supplemental disclosures of cash flow information:    
Cash paid for interest 5,913 2,882
Cash paid for income taxes 48 0
Directors [Member]    
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Stock-based compensation expense 0 96
Employees, Excluding Directors [Member]    
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Stock-based compensation expense $ 77 $ 38