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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 3,610 $ 6,068
Adjustments to reconcile net income to net cash provided by operating activities:    
(Recapture of provision) provision for credit losses 91 (500)
Net amortization of premiums and discounts on investments 268 462
Depreciation of premises and equipment 1,022 1,105
Loss on disposal of premises and equipment 2 0
Deferred federal income taxes 118 336
Allocation of ESOP shares 0 942
Stock compensation expense 227 314
BOLI income (582) (539)
Annuity income (6) (4)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (1,015) (410)
ROU 365 345
Advance payments from borrowers for taxes and insurance (527) (239)
Accrued interest receivable (177) (453)
Lease liability (349) (323)
Accrued interest payable 1,717 3
Other liabilities (4,250) 7,990
Net cash provided by operating activities 514 15,097
Cash flows from investing activities:    
Proceeds from calls and maturities of investments available-for-sale 0 3,382
Principal repayments on investments available-for-sale 5,796 9,841
Purchases of investments available-for-sale 0 (68,264)
Net increase in loans receivable (5,233) (15,834)
Redemption (purchase) of FHLB stock 909 (47)
Purchase of premises and equipment (115) (520)
Purchase of BOLI (54) (70)
Net cash provided by (used in) investing activities 1,303 (71,512)
Cash flows from financing activities:    
Net increase in deposits 54,924 21,995
Advances from the FHLB 131,000 35,000
Repayments of advances from the FHLB (156,000) (35,000)
Proceeds from stock options exercises 0 48
Net share settlement of stock awards (106) (226)
Repurchase and retirement of common stock 0 (977)
Dividends paid (2,378) (2,164)
Net cash provided by financing activities 27,440 18,676
Cash and cash equivalents:    
Net decrease in cash and cash equivalents 29,257 (37,739)
Cash and cash equivalents at beginning of period 24,320 73,391
Cash and cash equivalents at end of period 53,577 35,652
Cash paid during the period for:    
Interest paid 14,915 3,267
Federal income taxes paid 1,820 1,270
Noncash items:    
Change in unrealized loss on investments available-for-sale (2,787) (12,701)
Change in unrealized gain on cash flow hedges (507) 6,387
Initial recognition of ROU 108 0
Initial recognition of lease liability 108 0
Stockholders' equity $ (158,715) $ (156,896)