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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 (loss) income $ (482) $ 2,316
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Provision (reversal of provision) for credit losses 19  
Reversal of provision for credit losses   (100)
Depreciation and amortization 242 292
Deferred income tax (benefit) expense (220) 266
Accretion of fees, discounts, and premiums, net (60) (90)
Amortization of right-of-use asset 695 716
Origination of loans held for sale   (355)
Proceeds from sales of loans held for sale   356
Gain on sale of loans, net   (1)
ESOP expense 118 281
Share-based compensation expense 81 (42)
Net increase in accrued interest receivable (169) (13)
Income on bank-owned life insurance (246) (203)
Net decrease (increase) in prepaid expenses and other assets 99 (154)
Net decrease in accounts payable and accrued expenses (3,183) (1,661)
Net decrease in lease liability (104) (694)
Net decrease in advance payments by borrowers for taxes and insurance (3,196) (2,691)
Net (decrease) increase in income taxes payable (260) 196
Net cash used in operating activities (6,666) (1,581)
Cash flows from investing activities:    
Purchases of investment securities held to maturity   (6,693)
Principal repayments on investment securities held to maturity 8,162 8,879
Principal repayments on investment securities available for sale 159 220
Principal repayments on loans receivable, net of loan originations (1,126) 409
Purchases of Federal Home Loan Bank stock (40) (5,087)
Proceeds from redemption of Federal Home Loan Bank stock   840
Purchases of Federal Reserve Bank stock (3) (7)
Purchases of premises and equipment (202) (116)
Net cash from (used in) investing activities 6,950 (1,555)
Cash flows from financing activities:    
Net decrease in deposits (36,456) (54,179)
Proceeds from advances from the Federal Home Loan Bank   126,000
Repayments of advances from the Federal Home Loan Bank   (21,000)
Purchases of Fed Funds 100,000  
Sales of Fed Funds (100,000)  
Repurchases of common stock   (1,345)
Cash dividends paid (428) (2,033)
Net cash (used in) financing activities (36,884) 47,443
Net change in cash and cash equivalents (36,600) 44,307
Cash and cash equivalents at beginning of the year 126,659 40,553
Cash and cash equivalents at end of the year 90,059 84,860
Cash paid for:    
Interest on deposits and borrowings 9,128 4,318
Income taxes 237 390
Supplemental disclosure of noncash investing and financing activities:    
Company stock repurchased through stock swap and net settlement transactions   43
Establishment of right-of-use asset, net of incentives and modifications 404 118
Establishment of lease liability, net of modifications $ 404 $ 118