XML 19 R9.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows from Operating Activities    
Net (loss) income $ (10,498,000) $ 354,000
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Provision for credit losses 4,162,000 0
Depreciation 102,000 100,000
Deferred income tax expense 443,000  
Accretion of acquisition fair value adjustments, net (215,000)  
Amortization of core deposit intangible asset 54,000  
Net amortization of premiums and discounts on securities 77,000 122,000
Net amortization of deferred loan fees, costs and discounts 116,000 122,000
Income from cash surrender value of bank owned life insurance (175,000) (159,000)
Stock-based compensation expense 10,000  
Unrealized loss on equity securities 3,000 1,000
Realized loss on sale of securities available-for-sale 17,000  
(Increase) decrease in:    
Accrued interest receivable 80,000 51,000
Other assets (3,594,000) (141,000)
Other liabilities 3,338,000 774,000
Net cash (used in) provided by operating activities (6,080,000) 1,223,000
Cash Flows from Investing Activities    
Proceeds from sales, maturities and principal repayments of securities available-for-sale 12,945,000 2,860,000
Proceeds from maturities and principal repayments of securities held-to-maturity 4,773,000 5,074,000
Proceeds for sale of time deposits in other financial institutions 8,810,000  
Net increase in loans receivable (12,582,000) (10,569,000)
Purchase of premises and equipment (273,000) (65,000)
Cash paid for acquisition (69,538,000)  
Cash received from acquisition 55,294,000  
Net cash used in investing activities (571,000) (2,700,000)
Cash Flows from Financing Activities    
Net (decrease) increase in interest bearing deposits (15,974,000) 2,684,000
Net increase (decrease) in non-interest bearing deposits 17,405,000 (15,000)
Net (increase) decrease in advance payments by borrowers for taxes and insurance (98,000) 56,000
Proceeds from issuance of common stock 83,980,000  
Net cash provided by financing activities 85,313,000 2,725,000
Net increase in cash and cash equivalents 78,662,000 1,248,000
Cash and Cash Equivalents, Beginning of Period 42,449,000 35,344,000
Cash and Cash Equivalents, End of Period 121,111,000 36,592,000
Supplementary Cash Flow Information    
Interest paid 1,111,000 $ 249,000
Income taxes paid 375,000  
Acquisition:    
Fair value of assets acquired, net of cash and cash equivalents acquired 372,739,000  
Goodwill recorded at merger 20,477,000  
Fair value of liabilities assumed $ 378,972,000