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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Cash Flows from Operating Activities          
Net income     $ 3,465 $ 6,189  
Adjustments to reconcile net income to net cash provided by operating activities:          
Amortization and accretion of premiums and discounts on investments, net     214 181  
Net realized loss on sales and calls of securities       170  
Provision for credit losses   $ 545   1,112  
Provision for credit losses $ 910   1,472    
Loans originated for sale     (3,568) (19,399)  
Proceeds from sale of loans     3,800 24,097  
Net gain on sale of loans     (92) (840)  
Amortization of intangible assets 22 24 67 75 $ 99
Depreciation and amortization     1,075 1,167  
Gain from disposal of premises and equipment     (36)    
Deferred income tax benefit     (369) (27)  
Increase in cash surrender value of insurance     (494) (481)  
Gain on life insurance (218)   (218)    
Net decrease in accrued interest receivable     792 722  
Expense of earned ESOP shares     125 163  
Share-based compensation expense     395 460  
Net increase in other assets     (2,889) (3,122)  
Net increase in accrued expenses and other liabilities     3,149 5,507  
Net cash provided by operating activities     6,888 15,974  
Cash Flows from Investing Activities          
Proceeds from sales and calls of securities       14,825  
Proceeds from maturities and principal repayments of securities     25,328 34,276  
Purchases of securities       (30,225)  
Net purchases of FHLB Stock     (1,439) (1,028)  
Net increase in loans     (11,643) (101,285)  
Purchases of bank owned life insurance     (23) (23)  
Purchases of bank premises and equipment     (338) (842)  
Net proceeds from life insurance     669    
Net cash provided by (used in) investing activities     12,554 (84,302)  
Cash Flows from Financing Activities          
Net (decrease) increase in demand deposits, NOW, money market and savings accounts     (134,129) 44,538  
Net increase (decrease) in time deposits     86,496 (36,345)  
Decrease in mortgagors' escrow accounts     (4,935) (3,235)  
Net (decrease) increase in short-term debt     (11,273) 20,773  
Net increase (decrease) in long-term debt     41,233 (1,273)  
Stock repurchase     (1,458) (111)  
Net cash (used in) provided by financing activities     (24,066) 24,347  
Net decrease in cash and cash equivalents     (4,624) (43,981)  
Cash and Cash Equivalents          
Beginning balance     31,384 72,091 72,091
Ending balance $ 26,760 $ 28,110 26,760 28,110 $ 31,384
Supplemental Disclosures of Cash Flow Information          
Interest     16,064 3,140  
Income taxes     $ 1,106 $ 1,542