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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 2,322 $ 1,632
Adjustment to reconcile net income to net cash provided from operating activities:    
Provision for loan losses 155 25
Depreciation and amortization, net 228 213
Deferred income taxes (81) (95)
Net gains from sales and impairment of foreclosed real estate (46) (7)
Net gain of extinguishment of debt (87) (84)
Gain from change in fair value of equity securities (5) 0
Losses on disposals of fixed assets 0 1
Income on bank owned life insurance (93) (75)
Gains on sale of mortgage loans (62) (122)
Mortgage loans originated for sale (1,912) (4,077)
Mortgage loans sold 1,974 3,969
ESOP Compensation expense 74 25
Stock based compensation expense 278 278
Net change in operating assets and liabilities    
(Increase)/decrease in Accrued interest receivable (238) 274
Decrease in Accrued interest payable (37) (22)
(Increase)/decrease Other 614 (590)
Net cash provided by operating activities 3,084 1,345
Cash flows from investing activities    
Net purchases of premises and equipment (565) (344)
Purchases of securities- available for sale (10,634) (3,000)
Purchases of securities- equity (1,000) 0
Proceeds from maturities, prepayments and calls of securities 773 1,962
Proceeds from sales of foreclosed real estate 453 116
Redemption of restricted equity securities 683 1,120
Purchases of bank owned life insurance (3,000)
Redemption of bank owned life insurance 0 73
Loan originations and payments, net (55,854) (11,087)
Net cash used in investing activities (69,144) (11,160)
Cash flows from financing activities    
Net increase in deposits 48,208 63,432
Proceeds from Federal Home Loan Bank advances 0 0
Repayment of Federal Home Loan Bank advances (18,413) (19,916)
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 28,906 42,643
Net change in cash and cash equivalents (37,154) 32,828
Cash and cash equivalents at the beginning of period 61,938 60,361
Cash ad cash equivalents at end of the period 24,784 93,189
Supplemental cash flow information    
Interest expense 492 1,004
Income taxes paid $ 375 $ 358