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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities    
Net income (loss) $ 1,772 $ 1,540
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 163 140
Amortization of debt issuance costs   8
Deferred income taxes (32) 59
Provision for credit losses 150  
Gain on sales of loans held for sale (514) (611)
Stock compensation expense 81 102
Proceeds from sale of mortgage loans 19,954 25,187
Origination of mortgage loans held for sale (21,476) (24,160)
Amortization of premiums and accretion of discounts on securities, net (69) (39)
Increase in bank owned life insurance (78) (68)
Net change in:    
Interest receivable 296 77
Other assets (408) (615)
Interest payable 196 142
Other liabilities (679) 334
Net cash (used in) provided by operating activities (644) 2,096
Cash Flows from Investing Activities    
Purchases of available for sale securities   (2,652)
Proceeds from the sale of available-for-sale securities 0 0
Proceeds from maturities, calls and paydowns of available for sale securities 21,880 2,467
Net increase in loans (16,263) (1,667)
Purchases of premises and equipment, net (176) (198)
Purchase of restricted stock, net 230 (626)
Net cash provided by (used in) investing activities 5,671 (2,676)
Cash Flows from Financing Activities    
Cash dividends paid (269) (237)
Net increase (decrease) in deposits 14,924 (6,727)
Net (decrease) increase in other borrowings (5,000) 15,000
Net cash provided by financing activities 9,655 8,036
Net increase in cash and cash equivalents 14,682 7,456
Cash and cash equivalents, beginning of period 17,714 16,678
Cash and cash equivalents, end of period 32,396 24,134
Supplemental Disclosure of Cash Flow Information    
Cash payments for interest 2,743 1,076
Cash payments for taxes   168
Supplemental Schedule of Non-Cash Activities    
Unrealized (losses) gains on securities available for sale $ (990) 1,876
Minimum pension adjustment   $ 3