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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 3,574 $ 4,450  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and (accretion) amortization (602) 354  
Stock-based compensation expense 179 185  
Provision for loan losses 467 750 $ 1,075
ESOP expense 160 122  
Net gain on sale and writedown of other real estate owned   (127)  
Increase in cash surrender value of bank owned life insurance (172) (181)  
Loss on writedown of premises and equipment   873  
Change in:      
Accrued interest receivable and other assets 426 2,568  
Accrued interest payable and other liabilities 1,831 3,488  
Net cash provided by operating activities 5,863 12,482  
Cash flows from investing activities:      
Purchases of investment securities available-for-sale (5,201) (15,365)  
Purchases of premises and equipment (678) (232)  
Proceeds from paydowns of investment securities available-for-sale 2,780 2,198  
Purchases of other investments (756) (1,412)  
Proceeds from sales of other investments 1,832 533  
Proceeds from bank owned life insurance death claim   300  
Net change in loans (38,821) 9,155  
Proceeds from sales of other real estate owned   1,420  
Net cash used in investing activities (40,844) (3,403)  
Cash flows from financing activities:      
Net change in deposits 11,383 (28,251)  
Stock repurchase (4,779)    
Proceeds from FHLB advances 75,000 35,000  
Repayment of FHLB advances (103,000) (5,000)  
Repayment of PPPLF borrowings   (100,813)  
Repayment of holding company loan   (5,000)  
Proceeds from stock offering   37,108  
Stock offering expenses   (1,699)  
Funding of ESOP   (2,961)  
Net cash used in financing activities (21,396) (71,616)  
Net change in cash and cash equivalents (56,377) (62,537)  
Cash and cash equivalents at beginning of period 111,776 178,253 178,253
Cash and cash equivalents at end of period 55,399 115,716 $ 111,776
Supplemental disclosures of cash flow information:      
Cash paid for income taxes 929 1,510  
Cash paid for interest $ 1,134 $ 1,804