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Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income (loss) $ 593,000 $ (1,748,000)
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization of premises and equipment 1,280,000 1,028,000
Change in right-of-use asset 1,294,000 1,346,000
Amortization (accretion) of:    
Deferred loan fees, costs, and discounts, net (265,000) (1,954,000)
Premiums and discounts on securities 566,000 377,000
Deferred income tax benefit 52,000 0
Recovery of provision for loan losses (358,000) (1,361,000)
Gain on sales and calls of securities (14,000) 0
Loss on assets held for sale 0 21,000
Loss on premises and equipment 0 86,000
Increase in BOLI cash surrender value (230,000) (237,000)
ESOP expense 604,000 0
(Increase) decrease in interest and dividends receivable (573,000) 242,000
Increase in other assets (4,056,000) (198,000)
Decrease in other liabilities (102,000) (227,000)
Change in lease liability (1,235,000) (939,000)
Net cash used in operating activities (2,444,000) (3,564,000)
Cash flows from investing activities    
Net (increase) decrease in loans (68,711,000) 29,253,000
Purchases of residential mortgage loans (71,703,000) 0
Purchases of securities available for sale (80,039,000) (91,349,000)
Purchases of securities held to maturity (6,600,000) 0
Proceeds from calls of securities held to maturity 0 4,000,000
Proceeds from sales and calls of securities available for sale 2,408,000 4,000,000
Principal payments and maturities on securities available for sale 23,264,000 35,326,000
Purchases of other investments (150,000) 0
Purchase of Federal Home Loan Bank stock (2,130,000) 0
Redemption of Federal Home Loan Bank stock 1,125,000 833,000
Purchases of premises and equipment (3,838,000) (7,312,000)
Net cash used in investing activities (206,374,000) (25,249,000)
Cash flows from financing activities    
Net increase in deposits 49,634,000 651,883,000
Proceeds from advances from Federal Home Loan Bank 268,000,000 319,000,000
Repayments of advances from Federal Home Loan Bank (248,000,000) (333,000,000)
Net increase (decrease) in advances by borrowers for taxes and insurance 544,000 (424,000)
Net cash provided by financing activities 70,178,000 637,459,000
Net (decrease) increase in cash and cash equivalents (138,640,000) 608,646,000
Cash and cash equivalents at beginning of period 193,446,000 316,445,000
Cash and cash equivalents at end of period 54,806,000 925,091,000
Cash paid during the period for:    
Interest 3,335,000 8,197,000
Income taxes 120,000 150,000
Supplemental noncash disclosures    
Transfers of assets to held for sale 0 892,000
Operating leases $ 0 $ 2,168,000