XML 20 R6.htm IDEA: XBRL DOCUMENT v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net income $ 1,951 $ 4,538
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 664 933
Depreciation and amortization 424 385
Net change of deferred loan origination costs 641 413
Net accretion of premiums and discounts on available-for-sale securities (807) (1,044)
Accretion of purchase accounting marks on loans (424) (235)
Amortization of core deposit intangible 336 390
Accretion of premium on FHLB advances (9) (23)
ESOP compensation expense 188 93
Earnings on bank owned life insurance (46) (42)
Net change in assets and liabilities:    
Deferred tax assets (195) 1,238
Accrued interest receivable (63) (965)
Other assets 1,412 (677)
Accrued expenses and other liabilities (3,084) 2,287
Net cash provided by operating activities 1,393 7,594
Cash flows from investing activities:    
Net change in loans receivable held for investment (89,285) (115,331)
Principal payments and maturities on available-for-sale securities 117,127 18,395
Purchase of FHLB stock (13,654) (13,287)
Proceeds from redemption of FHLB stock 14,173 8,667
Proceeds from redemption of FRB stock 0 1,720
Purchase of office properties and equipment (138) (208)
Net cash provided by (used in) investing activities 28,223 (100,044)
Cash flows from financing activities:    
Net change in deposits 62,764 (4,281)
Net change in securities sold under agreements to repurchase (6,865) 10,004
Increase in unreleased ESOP shares 0 (3,400)
Repayments of Bank Term Funding Program (100,000) 0
Proceeds from Bank Term Funding Program 0 100,000
Repayment of notes payable (14,000) 0
Dividends paid on ECIP preferred stock (1,567) 0
Share repurchase - FDIC 0 (1,781)
Proceeds from FHLB advances 339,000 456,138
Repayments of FHLB advances (352,778) (375,140)
Net cash (used in) provided by financing activities (73,446) 181,540
Net change in cash and cash equivalents (43,830) 89,090
Cash and cash equivalents at beginning of the period 105,195 16,105
Cash and cash equivalents at end of the period 61,365 105,195
Supplemental disclosures of cash flow information:    
Cash paid for interest 30,628 16,921
Cash paid for income taxes 416 2,036
Directors [Member]    
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense 96 95
Employees, Excluding Directors [Member]    
Adjustments to reconcile net income to net cash provided by operating activities:    
Stock-based compensation expense $ 309 $ 208