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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 88 $ 1,841
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Provision for credit losses 754 810
Depreciation 327 323
Net change of deferred loan origination costs 238 (460)
Net accretion of premiums and discounts on available-for-sale securities (483) (511)
Accretion of purchase accounting marks on loans (177) (66)
Amortization of core deposit intangible 168 195
Accretion of premium on FHLB advances (7) (6)
ESOP compensation expense 91 22
Earnings on bank owned life insurance (22) (20)
Change in assets and liabilities:    
Net change in deferred taxes (328) 461
Net change in accrued interest receivable (290) (141)
Net change in other assets (4,124) (595)
Net change in accrued expenses and other liabilities 1,673 97
Net cash (used in) provided by operating activities (1,881) 2,135
Cash flows from investing activities:    
Net change in loans receivable held for investment (59,094) (58,668)
Principal payments on available-for-sale securities 56,049 6,821
Purchase of FHLB stock (136) (3,783)
Proceeds from redemption of FHLB stock 0 256
Proceeds from redemption of FRB stock 0 1,721
Purchase of office properties and equipment (100) (32)
Net cash used in investing activities (3,281) (53,685)
Cash flows from financing activities:    
Net change in deposits 4,734 (40,853)
Net change in securities sold under agreements to repurchase (817) 7,910
Purchase of unreleased ESOP shares 0 (2,800)
Repayment of notes payable (14,000) 0
Cash dividends paid - ECIP (67) 0
Proceeds from FHLB advances 0 82,000
Repayments of FHLB advances (70) (70)
Net cash (used in) provided by financing activities (10,220) 46,187
Net change in cash and cash equivalents (15,382) (5,363)
Cash and cash equivalents at beginning of the period 105,195 16,105
Cash and cash equivalents at end of the period 89,813 10,742
Supplemental disclosures of cash flow information:    
Cash paid for interest 12,032 4,648
Cash paid for income taxes 0 236
Directors [Member]    
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Stock-based compensation expense 96 95
Employees, Excluding Directors [Member]    
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Stock-based compensation expense $ 115 $ 90