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Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities:    
Net income $ 407 $ 249
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 40 70
Depreciation 79 84
Net accretion of loan portfolio discount and deposit premium   (34)
Net amortization on securities available for sale 81 103
(Gain) loss on sales and impairments of foreclosed assets (11)  
Loss on sale of available for sale securities   8
Increase in cash surrender value of life insurance (49) (47)
ESOP compensation 61 35
Stock based compensation 87 77
Changes in operating assets and liabilities:    
Accrued interest receivable (91) (88)
Loans held for sale (343) 679
Other assets 641 99
Accrued interest payable 208 294
Other liabilities (60) (24)
Net cash provided by operating activities 1,050 1,505
Cash flows from investing activities:    
Proceeds from sales of available for sale securities 0 2,133
Maturities, calls, paydowns on available for sale securities 2,655 1,147
Purchases of available for sale securities (8,624) (3,209)
Net (increase) decrease in loans (4,012) 572
Purchases of premises and equipment (16) (2)
Proceeds from redemption of FHLB stock   130
Proceeds from sale of foreclosed assets 95  
Cash received in MHC merger 99  
Net cash provided by (used in) investing activities (9,803) 771
Cash flows from financing activities:    
Net increase in deposits (53,858) (2,267)
Net increase in advance payments by borrowers for taxes and insurance 334 375
Repayments of FHLB advances   (2,000)
Repurchase of common stock   (319)
Purchase of shares of ESOP (3,814)  
Net proceeds from issuance of common stock 41,571  
Net cash used in financing activities (15,767) (4,211)
Net increase (decrease) in cash and cash equivalents (24,520) (1,935)
Cash and cash equivalents at beginning 39,377 4,488
Cash and cash equivalents at end 14,857 2,553
Supplemental Cash Flow Disclosures:    
Cash paid for interest 336 $ 364
Loans transferred to foreclosed assets $ 347