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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net (loss) income $ (1,209) $ 553
Adjustments to reconcile net (loss) income to net cash (used in) operating activities:    
Depreciation and amortization of premises and equipment 663 633
Change in right-of-use asset 693 646
(Accretion) amortization of:    
Deferred loan fees, costs, and discounts, net (138) (131)
Premiums and discounts on securities 245 299
Change in deferred taxes 0 49
Release of provision for credit losses (23) (952)
Proceeds from sales of loans held for sale 2,267 0
Gains on sale of loans, net (135) 0
Origination of loans held for sale (4,684) 0
Increase in bank owned life insurance cash surrender value (112) (114)
ESOP and stock-based compensation expense 939 322
Increase in interest and dividends receivable (482) (408)
Decrease in other assets 1,058 219
Decrease in other liabilities (2,872) (868)
Change in lease liability (632) (614)
Net cash used in operating activities (4,422) (366)
Cash flows from investing activities    
Net originations of loans receivable (33,995) (8,716)
Purchases of residential mortgage loans (6,804) (45,039)
Purchases of securities available-for-sale 0 (80,039)
Purchases of securities held-to-maturity 0 (6,600)
Principal payments and maturities on securities available-for-sale 9,005 13,272
Purchase of Federal Home Loan Bank stock (21,870) 0
Redemption of Federal Home Loan Bank stock 16,830 0
Proceeds from bank owned life insurance 582 0
Purchases of premises and equipment (1,677) (636)
Net cash used in investing activities (37,929) (127,758)
Cash flows from financing activities    
Net (decrease) increase in deposits (44,281) 35,983
Proceeds from advances from Federal Home Loan Bank 700,000 109,000
Repayments of advances from Federal Home Loan Bank (588,000) (109,000)
Net increase in advances by borrowers for taxes and insurance 393 257
Purchase of treasury stock (9,322) 0
Net cash provided by financing activities 58,790 36,240
Net increase (decrease) in cash and cash equivalents 16,439 (91,884)
Cash and cash equivalents at beginning of period 41,182 193,446
Cash and cash equivalents at end of period 57,621 101,562
Cash paid during the period for:    
Interest 7,196 1,652
Income taxes 13 0
Supplemental noncash disclosures    
Lease liabilities arising from obtaining right-of-use assets $ 1,107 $ 0