XML 18 R8.htm IDEA: XBRL DOCUMENT v3.24.1
Consolidated Statements of Cash flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (6,792) $ (148)
Adjustments to reconcile net loss to net cash from operating activities:    
Net amortization of investment securities 81 145
Depreciation 492 600
Provision for credit losses 300 222
Gain on sale of other real estate owned (110)  
Net change in fair value of marketable equity securities (663) 714
Net loss on sale of available-for-sale securities 4,529  
Stock compensation expense 678 363
Deferred income tax expense (benefit) 388 (171)
Originations of mortgage loans held for sale (12,445) (21,941)
Proceeds from sales of mortgage loans held for sale 12,056 23,634
Net gain on sale of mortgage loans held for sale (190) (310)
ESOP compensation 129 200
Net change in cash value of life insurance (432) (424)
Changes in operating assets and liabilities:    
Net change in mortgage servicing rights 140 176
Accrued interest receivable and other assets 556 (520)
Accrued interest payable and other liabilities 574 45
Net cash (used in) provided by operating activities (709) 2,585
Cash Flows From Investing Activities    
Proceeds from sales of available-for-sale securities 44,437 0
Maturities, prepayments and calls of available-for-sale securities 12,479 19,006
Purchases of available-for-sale securities (50,349) (37,138)
Purchase of marketable equity securities (100) (94)
Net increase in loans (35,728) (36,331)
Net increase in FHLB stock, net (735) (397)
Proceeds from cash value life insurance death benefits 721  
Proceeds from sale of other real estate owned 699  
Distribution of marketable equity securities 68  
Net capital expenditures for premises and equipment (812) (187)
Net cash (used in) provided by investing activities (29,320) (55,141)
Cash flows from financing activities    
Net increase in deposits 15,962 3,220
Net increase (decrease) in advance payments by borrowers for taxes and insurance 204 (831)
Proceeds from the issuance of Federal Home Loan Bank advances 108,500 37,000
Principal payments on Federal Home Loan Bank advances (108,957) (20,978)
Reimbursement of stock offering costs   2
Stock options exercised 19  
Repurchase and cancellation of common stock (702) (3,173)
Purchase and retirement of common stock (91) (81)
Purchases of ESOP shares   (1,062)
Net cash (used in) provided by financing activities 14,935 14,097
Net decrease in cash and cash equivalents (15,094) (38,459)
Cash and cash equivalents at beginning of period 28,344 66,803
Cash and cash equivalents at end of period 13,250 28,344
Supplemental cash flow information:    
Cash paid during the year for interest $ 7,729 1,809
Noncash activities:    
Loans transferred to held for sale   325
Change in right-of-use lease asset and liability   $ 528