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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 2,122 $ 3,260
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision (recapture of provision) for credit losses 300 (500)
Net amortization of premiums and discounts on investments 127 258
Depreciation of premises and equipment 514 555
Loss on disposal of premises and equipment 1 0
Deferred federal income taxes 50 329
Allocation of ESOP shares 0 475
Stock compensation expense 128 188
BOLI income (308) (288)
Annuity income (3) (1)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (374) (318)
ROU 189 191
Advance payments from borrowers for taxes and insurance 2,396 2,390
Accrued interest receivable (498) (305)
Lease liability (188) (188)
Increase in accrued interest payable 421 0
Decrease (increase) in other liabilities (2,747) 4,025
Net cash provided by operating activities 2,130 10,071
Cash flows from investing activities:    
Proceeds from calls and maturities of investments available-for-sale 0 2,382
Principal repayments on investments available-for-sale 2,639 4,868
Purchases of investments available-for-sale 0 (25,854)
Net increase in loans receivable (18,467) (17,421)
Purchase of FHLB stock (691) (47)
Purchase of premises and equipment (55) (369)
Purchase of BOLI (53) (54)
Net cash used by investing activities (16,627) (36,495)
Cash flows from financing activities:    
Net increase (decrease) in deposits 57,088 (17,373)
Advances from the FHLB 111,000 0
Repayments of advances from the FHLB (96,000) 0
Proceeds from stock options exercises 0 21
Net share settlement of stock awards (106) (226)
Repurchase and retirement of common stock 0 (694)
Dividends paid (1,189) (1,083)
Net cash provided (used) by financing activities 70,793 (19,355)
Cash and cash equivalents:    
Net decrease in cash and cash equivalents 56,296 (45,779)
Cash and cash equivalents at beginning of period 24,320 73,391
Cash and cash equivalents at end of period 80,616 27,612
Cash paid during the period for:    
Interest paid 6,823 1,557
Noncash items:    
Change in unrealized loss on investments available-for-sale (64) (7,082)
Change in unrealized gain on cash flow hedges (1,549) 4,471
Initial recognition of ROU 108 0
Initial recognition of lease liability 108 0
Stockholders' equity $ (159,645) $ (157,757)