XML 18 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 772 $ 637
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 255 155
Depreciation 156 181
Net accretion of loan portfolio discount and deposit premium (32) (59)
Net amortization on securities available for sale 194 199
(Gain) loss on sales and impairments of foreclosed assets (11) (7)
Loss on sale of available for sale securities (15) 3
Increase in cash surrender value of life insurance (99) (98)
ESOP compensation 128 69
Stock based compensation 178 159
Changes in operating assets and liabilities:    
Accrued interest receivable (174) (9)
Loans held for sale (1,267) (1,272)
Other assets 590 133
Accrued interest payable 314 550
Other liabilities 138 1,162
Net cash provided by operating activities 1,127 1,803
Cash flows from investing activities:    
Proceeds from sales of available for sale securities 1,017 4,837
Maturities, calls, paydowns on available for sale securities 6,480 2,316
Purchases of available for sale securities (16,974) (5,947)
Net (increase) decrease in loans (9,945) 5,521
Purchases of premises and equipment (37) (12)
Proceeds from redemption of FHLB stock   130
Proceeds from sale of foreclosed assets 95  
Cash received in MHC merger 99 76
Net cash provided by (used in) investing activities (19,265) 6,921
Cash flows from financing activities:    
Net increase in deposits (42,171) (5,660)
Net increase in advance payments by borrowers for taxes and insurance 781 716
Repayments of FHLB advances (2,000) (2,000)
Proceeds from FHLB advances 4,000  
Repurchase of common stock   (871)
Purchase of shares of ESOP (3,814)  
Net proceeds from issuance of common stock 41,571  
Net cash used in financing activities (1,633) (7,815)
Net increase (decrease) in cash and cash equivalents (19,771) 909
Cash and cash equivalents at beginning 39,377 4,488
Cash and cash equivalents at end 19,606 5,397
Supplemental Cash Flow Disclosures:    
Cash paid for interest 673 833
Cash paid for income taxes   160
Loans transferred to foreclosed assets $ 347 $ 84