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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 1,010 $ 785
Adjustment to reconcile net income to net cash provided from operating activities:    
Provision for loan losses 40 0
Depreciation and amortization, net 124 136
Deferred income taxes (4) (17)
Losses (gains) from sales and impairment of foreclosed real estate (2) 1
Net gain on extinguishment of debt (86) (104)
Losses from change in fair value of equity securities 6 0
Income on bank owned life insurance (37) (37)
Gains on sale of mortgage loans (23) (65)
Mortgage loans originated for sale (871) (1,853)
Mortgage loans sold 656 2,091
ESOP Compensation expense 37 13
Stock based compensation expense 139 139
Net change in operating assets and liabilities    
(Increase)/decrease in accrued interest receivable (74) 230
Decrease in accrued interest payable (53) (27)
(Increase)/decrease in other assets 101 (608)
Net cash provided by operating activities 963 684
Cash flows from investing activities    
Net purchases of premises and equipment (270) (69)
Purchases of securities- available for sale (8,006) (3,000)
Purchases of securities- equity (1,000) 0
Proceeds from maturities, prepayments and calls of securities 394 806
Proceeds from sales of foreclosed real estate 329 0
Redemption of restricted equity securities 683 745
Redemption of bank owned life insurance 0 72
Loan originations and payments, net (15,407) (4,484)
Net cash used in investing activities (23,277) (5,930)
Cash flows from financing activities    
Net increase in deposits 18,349 12,828
Proceeds from Federal Home Loan Bank advances 0 0
Repayment of Federal Home Loan Bank advances (18,414) (9,896)
Cash payment of dividends (889) (857)
Payments from share repurchases 0 0
Net cash settlement of stock options exercised 0 (16)
Net cash provided by financing activities (954) 2,059
Net change in cash and cash equivalents (23,268) (3,187)
Cash and cash equivalents at the beginning of period 61,938 60,361
Cash ad cash equivalents at end of the period 38,670 57,174
Supplemental cash flow information    
Interest expense 292 555
Income taxes paid 0 0
Supplemental noncash disclosures:    
Transfers for loans to foreclosed assets 0 0
Loans advanced for sales of foreclosed asset or investment property $ 0 $ 0