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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 2,633,000 $ 1,268,000
Adjustments to reconcile net income to net cash from operating activities    
Provision for credit losses - loans 85,000 276,000
Recovery of credit losses - unfunded commitments (37,000) 0
Depreciation and amortization 216,000 489,000
Net change in net deferred loan origination costs (83,000) (194,000)
Losses on sales of securities [1] 454,000 0
Valuation adjustment on bank premises held-for-sale [1] 553,000 (0)
Loss on disposal of premises and equipment 4,000 0
Gain on sale of foreclosed assets 0 (6,000)
Foreclosed assets valuation adjustments 0 (8,000)
(Loss) earnings on bank-owned life insurance [1] 84,000 (28,000)
Net change in:    
Accrued interest receivable (978,000) (1,242,000)
Other assets 1,132,000 (334,000)
Accrued interest payable and other liabilities (6,338,000) (8,220,000)
Net cash from operating activities (2,275,000) (7,999,000)
Cash flows from (used in) investing activities    
Proceeds from maturities 0 1,488,000
Proceeds from principal repayments 170,000 325,000
Proceeds from sale of securities 42,631,000 0
Purchases of securities (744,000) (52,778,000)
Net change in loans receivable (1,387,000) (11,227,000)
Proceeds from sale of foreclosed assets 4,000 45,000
Proceeds from sale of premises and equipment 3,000 0
Purchase of premises and equipment, net (320,000) (402,000)
Net cash from (used in) investing activities 40,357,000 (62,549,000)
Cash flows from financing activities    
Deposits (59,720,000) (26,826,000)
Borrowings 35,000,000 0
Advance payments by borrowers for taxes and insurance (1,353,000) (1,924,000)
Repurchase and retirement of common stock (502,000) (539,000)
Cash dividends paid on common stock (1,273,000) (1,323,000)
Net cash from financing activities (27,848,000) (30,612,000)
Net change in cash and cash equivalents 10,234,000 (101,160,000)
Beginning cash and cash equivalents 66,771,000 502,162,000
Ending cash and cash equivalents 77,005,000 401,002,000
Supplemental disclosures of cash flow information:    
Interest paid 2,411,000 456,000
Income taxes paid 1,000 16,000
Income taxes refunded 0 3,000
Assets transferred to premises held-for-sale 1,799,000 0
Loans transferred to foreclosed assets $ 921,000 $ 274,000
[1] Not within the scope of ASC 606