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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 1,791 $ 2,132  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and (accretion) amortization (804) 188  
Stock-based compensation expense 113 110  
Provision for loan losses 250 450 $ 1,075
ESOP expense 81 57  
Net gain on sale and writedown of other real estate owned   (1)  
Increase in cash surrender value of bank owned life insurance (85) (89)  
Loss on writedown of premises and equipment   873  
Change in:      
Accrued interest receivable and other assets 70 1,871  
Accrued interest payable and other liabilities 2,492 3,075  
Net cash provided by operating activities 3,908 8,666  
Cash flows from investing activities:      
Purchases of investment securities available-for-sale (1,751) (1,516)  
Purchases of premises and equipment (380) (190)  
Proceeds from paydowns of investment securities available-for-sale 799 1,061  
Purchases of other investments (378) (850)  
Proceeds from sales of other investments 1,832 345  
Proceeds from bank owned life insurance death claim   300  
Net change in loans (17,215) (27,254)  
Proceeds from sales of other real estate owned   979  
Net cash used in investing activities (17,093) (27,125)  
Cash flows from financing activities:      
Net change in deposits 13,249 (5,039)  
Stock repurchase (3,942)    
Proceeds from FHLB advances 20,000 20,000  
Repayment of FHLB advances (58,000)    
Repayment of PPPLF borrowings   (100,813)  
Repayment of holding company loan   (5,000)  
Proceeds from stock offering   37,116  
Stock offering expenses   (1,699)  
Funding of ESOP   (2,961)  
Net cash used in financing activities (28,693) (58,396)  
Net change in cash and cash equivalents (41,878) (76,855)  
Cash and cash equivalents at beginning of period 111,776 178,253 178,253
Cash and cash equivalents at end of period 69,898 101,398 $ 111,776
Supplemental disclosures of cash flow information:      
Cash paid for interest $ 587 $ 914