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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income $ 714 $ 1,015
Adjustment to reconcile net income to net cash provided from operating activities:    
(Recovery)/provision for credit losses (40) 74
Depreciation and amortization, net 119 116
Deferred income taxes 23 30
Losses on disposal of fixed assets 0 12
Gains on sales of repossessions 0 4
Capital improvements to foreclosed real estate 0 (12)
Gains from change in fair value of equity securities 0 (18)
Income on bank owned life insurance (72) (67)
Gains on sale of mortgage loans (6) (6)
Mortgage loans originated for sale (199) (186)
Mortgage loans sold 205 192
ESOP Compensation expense 32 37
Stock based compensation expense 264 139
Net change in operating assets and liabilities    
(Increase)/decrease in accrued interest receivable (39) 24
Increase/(decrease) in accrued interest payable 142 (4)
Decrease in other assets 518 117
Net cash provided by operating activities 1,661 1,467
Cash flows from investing activities    
Net purchases of premises and equipment (1,531) (40)
Redemption of equity securities 0 437
Proceeds from maturities, prepayments and calls of available for sale securities 424 462
Proceeds from sales of foreclosed real estate 0 1
Purchases of restricted equity securities (475) (470)
Loan originations and payments, net (3,950) (3,293)
Net cash used in investing activities (5,532) (2,903)
Cash flows from financing activities    
Net decrease in deposits (563) (16,492)
Proceeds from Federal Home Loan Bank advances 10,000 10,000
Cash payment of dividends (876) (886)
Payments from share repurchases (373) (135)
Net cash provided by/(used in) financing activities 8,188 (7,513)
Net change in cash and cash equivalents 4,317 (8,949)
Cash and cash equivalents at the beginning of period 13,036 36,645
Cash ad cash equivalents at end of the period 17,353 27,696
Supplemental cash flow information    
Interest paid 1,417 763
Income taxes paid 0 0
Supplemental noncash disclosures:    
Day 1 impact of Current Expected Credit Losses $ 0 $ (379)