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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 5,111 $ 10,014
Adjustments to reconcile net income to net cash provided by operating activities:    
Recapture of provision for credit losses (208) (900)
Net amortization of premiums and discounts on investments 408 593
Depreciation of premises and equipment 1,531 1,642
Loss on disposal of premises and equipment 4 0
Deferred federal income taxes 284 515
Allocation of ESOP shares 0 1,372
Stock compensation expense 497 641
BOLI income (826) (782)
Annuity income (9) (6)
Changes in operating assets and liabilities:    
Prepaid expenses and other assets (884) (306)
ROU 565 542
Advance payments from borrowers for taxes and insurance 1,709 2,124
Accrued interest receivable (750) (976)
Lease liability (551) (520)
Accrued interest payable 2,318 73
Other liabilities (366) 9,176
Net cash provided by operating activities 8,833 23,202
Cash flows from investing activities:    
Proceeds from calls and maturities of investments available-for-sale 0 3,781
Principal repayments on investments available-for-sale 8,669 13,796
Purchases of investments available-for-sale 0 (89,687)
Net increase in loans receivable (1,096) (38,987)
Redemption (purchase) of FHLB stock 709 (2,247)
Purchase of premises and equipment (264) (810)
Purchase of BOLI (286) (72)
Net cash provided (used) by investing activities 7,732 (114,226)
Cash flows from financing activities:    
Net increase (decrease) in deposits 40,370 (8,038)
Advances from the FHLB 179,000 105,000
Repayments of advances from the FHLB (199,000) (50,000)
Proceeds from stock options exercises 1,023 454
Net share settlement of stock awards (1,017) (226)
Repurchase and retirement of common stock 0 (1,398)
Dividends paid (3,569) (3,248)
Net cash provided by financing activities 16,807 42,544
Cash and cash equivalents:    
Net decrease in cash and cash equivalents 33,372 (48,480)
Cash and cash equivalents at beginning of period 24,320 73,391
Cash and cash equivalents at end of period 57,692 24,911
Cash paid during the period for:    
Interest paid 24,285 5,915
Federal income taxes paid 1,900 2,000
Noncash items:    
Change in unrealized loss on investments available-for-sale (3,726) (19,187)
Change in unrealized gain on cash flow hedges 213 9,569
Initial recognition of ROU 108 156
Initial recognition of lease liability 108 156
Stockholders' equity $ (159,235) $ (157,890)