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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES    
Net income $ 396 $ 353
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 150 135
Deferred income tax expense (benefit) (407) 79
Realized gains on equity securities 12 15
Depreciation 235 259
Amortization of intangible asset 16 16
Amortization of fair value adjustment to purchased loan portfolio (17) (17)
ESOP expense 14 11
Amortization of deferred loan costs 27 26
Earnings on bank-owned life insurance (27) (32)
Change in pension plan assets (581) (580)
Net amortization of premiums and discounts on investment securities 75 21
Net change in accrued interest receivable (25) (120)
Net change in other assets and liabilities (464) (192)
Net cash provided by operating activities (596) (26)
INVESTING ACTIVITIES    
Purchase of investment securities available-for-sale (2,258) (15,734)
Net proceeds from the redemption of Federal Home Loan Bank stock 115 124
Proceeds from maturities and principal reductions of:    
Available-for-sale investment securities 837 851
Held-to-maturity investment securities 62 88
Proceeds from sale of:    
Real estate and repossessed assets acquired 27 10
Net change in loans 3,475 3,119
Purchase of premises and equipment (72) (156)
Net cash used in investing activities 2,186 (11,698)
FINANCING ACTIVITIES    
Net change in demand deposits, savings accounts, and money market accounts 2,156 1,809
Net change in time deposits 706 (411)
Payments on long-term borrowings (1,782) (2,321)
Proceeds (Repayment) from subordinated debt offering   (1,235)
Net proceeds from stock offering and conversion   13,128
Purchase of common stock for ESOP   (1,104)
Net cash provided by financing activities 1,080 9,866
Net change in cash and cash equivalents 2,670 (1,858)
Cash and cash equivalents at beginning of period 20,997 26,830
Cash and cash equivalents at end of period 23,667 24,972
Supplemental Cash Flows Information    
Interest $ 348 550
Transfer of loans to foreclosed real estate and repossessed assets   $ 10