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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Cash flows from operating activities:          
Net income $ 3,461,000 $ 5,619,000 $ 5,564,000 $ 11,144,000  
Adjustments to reconcile net income to net cash provided by operating activities:          
Amortization of securities premiums, net of accretion     79,000 102,000  
ESOP expense 169,000 349,000 356,000 732,000  
Change in deferred loan fees, net     (990,000) (884,000)  
Provision for credit losses (1,067,000) 1,041,000 712,000 1,124,000  
Depreciation and amortization     541,000 542,000  
Decrease (increase) in accrued interest receivable     1,590,000 (62,000)  
Deferred tax expense     731,000 1,247,000  
Share-based compensation expense     651,000 913,000  
Bank-owned life insurance income     (538,000) (514,000)  
Principal repayments of operating lease obligations     (55,000) (52,000)  
Gain on loans sold, net       (284,000)  
Gain on sale of other repossessed assets     (166,000) 0  
Write down of other repossessed assets     21,000    
Net increase in other assets     (796,000) (2,591,000)  
Net decrease in other liabilities     (3,867,000) (5,345,000)  
Net cash provided by operating activities     3,833,000 6,072,000  
Cash flows from investing activities:          
Proceeds from pay downs, maturities and calls of debt securities available-for-sale     1,265,000 2,565,000  
Redemption (purchase) of Federal Home Loan Bank stock     957,000 (2,958,000)  
Loan principal collections net of originations     83,866,000 (75,927,000)  
Proceeds from loan sales       15,851,000  
Proceeds from other repossessed asset sales     6,196,000    
Proceeds from principal repayments on loans held for sale       2,560,000  
Additions to premises and equipment     (280,000) (94,000)  
Net cash used in (provided by) investing activities     92,004,000 (58,003,000)  
Cash flows from financing activities:          
Net (decrease) increase in noninterest-bearing accounts     (116,214,000) 48,824,000  
Net increase (decrease) in interest-bearing accounts     284,718,000 (68,847,000)  
Net cash dividends forfeited (paid) on common stock     4,000 (1,341,000)  
Payments from exercise of stock options, net     (27,000) (116,000)  
Net change in short-term borrowings     (38,500,000) 78,000,000  
Repayments of Federal Home Loan Bank long-term advances     (8,566,000)    
Shares surrendered related to tax withholdings on restricted stock awards     (23,000) (40,000)  
Repurchase of common stock       (2,860,000)  
Net cash provided by financing activities     121,392,000 53,620,000  
Net increase in cash and cash equivalents     217,229,000 1,689,000  
Cash and cash equivalents at beginning of period     80,629,000 153,115,000 $ 153,115,000
Cash and cash equivalents at end of period $ 297,858,000 $ 154,804,000 297,858,000 154,804,000 $ 80,629,000
Supplemental disclosures:          
Interest paid     11,589,000 931,000  
Income taxes paid     $ 136,000 3,029,000  
Reclassification of loans held for sale to loans held for investment       $ 9,599,000