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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 $ 2,771 $ 8,318
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,317 1,101
Amortization of intangibles 31 37
Amortization of securities 772 903
Proceeds from loans held for sale 125,528 147,053
Gain on sale of loans held for sale (2,530) (2,528)
Loans held for sale originated (122,744) (141,011)
Provision for credit losses 1,025 866
Deferred tax expense (benefit) 200 (91)
Increase in interest receivable (1,039) (878)
(Decrease) increase in other assets (3,624) 1,495
Decrease in accrued liabilities 798 2,763
Loss on sale of investment securities 0 2,852
Gain on sale of limited partnership investment (232) (3,785)
Amortization of limited partnership investments 821 817
Amortization of debt issuance costs 42 118
(Gain) loss on sale of fixed assets, net (15) (10)
Loss on sale and valuation adjustments of other real estate owned 0 59
Purchase of other real estate owned 55 0
Income from life insurance investment (790) (701)
Gain on life insurance investment (370) 0
Share based compensation expense 259 193
Net Cash Provided by Operating Activities 2,397 17,571
Cash Flows from Investing Activities    
Proceeds from maturities of securities available for sale 19,825 4,000
Proceeds from paydowns of mortgage-backed securities 13,934 22,317
Proceeds from sales of securities available for sale 0 40,847
Purchases of securities available for sale and other investments 0 (108,057)
Purchases of restricted stock, net (137) (2,741)
Proceeds from sale of limited partnership investments 232 3,823
Investment in limited partnership investment (250) (220)
Net increase in loans held for investment (79,962) (82,058)
Net purchase of property and equipment (5,453) (3,642)
Proceeds from sale of other real estate owned 0 138
Proceeds from life insurance benefits 1,739 0
Proceeds from the sale of property and equipment 103 27
Net Cash Used in Investing Activities (50,201) (125,566)
Cash Flows from Financing Activities    
Net change in deposits 49,859 3,082
Net change in short-term debt (10,000) 70,000
Dividends paid in cash (3,612) (3,590)
Proceeds from sale of common stock 292 279
Proceeds from issuance of common stock 29 56
Repayments of long-term debt 0 (15,000)
Net Cash Provided by Financing Activities 36,568 54,827
Net (Decrease) in Cash and Cash Equivalents (11,236) (53,168)
Cash and Cash Equivalents, Beginning of Year 34,953 88,121
Cash and Cash Equivalents, End of Year 23,717 34,953
Cash paid for:    
Interest 23,367 7,441
Income taxes 360 32
Supplemental non-cash disclosures:    
Change in unrealized loss on securities available for sale, net 10,984 (48,924)
Cumulative effect of the adoption of ASC 326 1,524 0
Minimum pension liability adjustment, net 318 3,730
Transfer Held to Maturity security from subsidiary to Bank available for sale portfolio 125 0
Transfer from loans to other real estate owned $ 0 $ 197