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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:                
Net income attributable to common stockholders $ 3,286 $ 4,088 $ 3,693 $ 2,498 $ 3,662 $ 11,049 $ 9,366  
Adjustments to reconcile net income to net cash provided by operating activities:                
Net accretion on debt securities           (64) (46)  
Depreciation expense           1,644 1,787  
(Negative provision) provision for credit losses (400)         (2,725) 175  
Net loss (gain) on equity securities           569 (170)  
Net realized gain on sale of debt securities 0     0   0 (12)  
Deferred tax asset valuation allowance       1,828   0 1,828  
Increase in mortgage servicing rights resulting from transfers of financial assets           (258) (138)  
Mortgage servicing rights amortization and impairment, net           427 456  
Amortization of intangible assets 178     179   536 576  
Amortization of restricted stock           475 590  
Decrease in deferred income taxes           284 226  
Increase in cash surrender value of life insurance           (753) (513)  
Net gain from disposals of foreclosed and repossessed assets           (23) 62  
Provision for valuation allowance on foreclosed properties           70 0  
Gain on sale of loans held for sale, net           (1,998) (1,501)  
Proceeds from sale of loans held for sale           48,833 34,630  
Originations of loans held for sale           (41,759) (35,866)  
Net change in:                
Accrued interest receivable and other assets           (2,528) (1,615)  
Other liabilities           3,803 (663)  
Total adjustments           6,533 (194)  
Net cash provided by operating activities           17,582 9,172  
Cash flows from investing activities:                
Proceeds from Bank Owned Life Insurance (BOLI) death benefit           499 0  
Net decrease in other interest bearing deposits           0 249  
Purchase of available for sale securities           0 (11,007)  
Proceeds from principal payments of available for sale securities           11,544 13,164  
Proceeds from sales of available for sale securities 0     0   0 5,105  
Proceeds from principal payments and maturities of held to maturity securities           4,184 4,031  
Equity investment capital distribution           170 132  
Purchase of equity investments           (300) (600)  
Net sales (purchases) of other investments           558 725  
Proceeds from sales of foreclosed and repossessed assets           232 307  
Proceeds from insurance claim on foreclosed and repossessed assets           27 0  
Net decrease (increase) in loans           36,702 (35,606)  
Net capital expenditures           (649) (771)  
Proceeds from disposal of office properties and equipment           13 12  
Net cash provided by (used in) investing activities           52,980 (24,259)  
Cash flows from financing activities:                
Change in short term Federal Home Loan Bank advances, net           (33,000) 15,000  
Federal Home Loan Bank advance repayment due to FHLB call           (10,000) 0  
Federal Home Loan Bank advance long-term maturities           (15,530) (43,000)  
Amortization of debt issuance costs           166 165  
Other borrowings principal reductions           (6,083) (5,167)  
Net increase in deposits           1,571 48,515  
Restricted common stock awarded under the equity incentive plan           0 1  
Repurchase shares of common stock           (4,727) (117)  
Surrender of restricted shares of common stock           (119) (129)  
Common stock options exercised           0 28 $ 28
Cash dividends paid           (3,346) (3,040)  
Net cash (used in) provided by financing activities           (71,068) 12,256  
Net decrease in cash and cash equivalents           (506) (2,831)  
Cash and cash equivalents at beginning of period   $ 37,138 32,532   $ 35,363 37,138 35,363 35,363
Cash and cash equivalents at end of period $ 36,632   $ 37,138 $ 32,532   36,632 32,532 $ 37,138
Cash paid during the period for:                
Interest on deposits           24,340 16,602  
Interest on borrowings           3,924 8,363  
Income taxes           2,064 3,855  
Supplemental noncash disclosure:                
Transfers from loans receivable to other real estate owned ("OREO")           $ 73 $ 144