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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities    
Net (loss) income $ (5,966) $ 3,465
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Amortization and accretion of premiums and discounts on investments, net 148 214
Net realized loss on sales and calls of securities 11,996  
Net realized gain on sale of other real estate owned (4)  
Provision for credit losses 1,419 1,472
Loans originated for sale (4,919) (3,568)
Proceeds from sale of loans 5,519 3,800
Net gain on sale of loans (131) (92)
Amortization of intangible assets 60 67
Depreciation and amortization 1,017 1,075
Net loss (gain) from disposal of premises and equipment 18 (36)
Deferred income tax benefit (1,838) (369)
Increase in cash surrender value of insurance (564) (494)
Gain on life insurance (412) (218)
Net decrease in accrued interest receivable 241 792
Expense of earned ESOP shares 135 125
Share-based compensation expense 9 395
Net increase in other assets (4,477) (2,889)
Net increase in accrued expenses and other liabilities 2,640 3,149
Net cash provided by operating activities 4,891 6,888
Cash Flows from Investing Activities    
Proceeds from sales of securities 58,564  
Proceeds from maturities and principal repayments of securities 27,294 25,328
Purchases of securities (56,749)  
Net purchases of FHLB Stock 3,004 (1,439)
Net decrease (increase) in loans 42,089 (11,643)
Purchases of bank owned life insurance (23) (23)
Purchases of bank premises and equipment (422) (338)
Proceeds from disposal of premises and equipment 2,892  
Net proceeds from life insurance 1,025 669
Proceeds from sale of other real estate owned 29  
Net cash provided by investing activities 77,703 12,554
Cash Flows from Financing Activities    
Net decrease in demand deposits, NOW, money market and savings accounts (9,766) (134,129)
Net increase in time deposits 25,436 86,496
Net decrease in mortgagors' escrow accounts (5,722) (4,935)
Net decrease in short-term debt (50,000) (11,273)
Net (decrease) increase in long-term debt (18,291) 41,233
Stock repurchase   (1,458)
Net cash used in financing activities (58,343) (24,066)
Net increase (decrease) in cash and cash equivalents 24,251 (4,624)
Cash and Cash Equivalents    
Beginning balance 22,129 31,384
Ending balance 46,380 26,760
Supplemental Disclosures of Cash Flow Information    
Interest 20,194 16,064
Income taxes $ 768 $ 1,106