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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 1,927 $ (703)
Adjustments to reconcile net income to net cash provided by operating activities:    
Investment securities amortization, net 409 208
Dividends on Federal Home Loan Bank stock (5) (22)
Amortization of prepayment penalties on debt restructuring 180 15
Provision for (reversal of) loan losses (660) 985
Net gain on sale of premises and equipment (24) (16)
Increase in cash surrender value of bank-owned life insurance (90) (70)
Stock-based compensation 73  
Depreciation of premises and equipment 424 347
Net losses on foreclosed assets 58 264
(Increase) decrease in other assets 456 (86)
Increase (decrease) in other liabilities 680 (65)
Net cash provided by operating activities 3,428 857
Activity in available-for-sale securities:    
Proceeds from maturities, calls, and paydowns 8,554 10,177
Purchases (77,545) (16,719)
Activity in held-to-maturity securities:    
Proceeds from maturities and calls 4,000 13,000
Purchases   (17,420)
Net decrease in loans 19,674 11,597
Proceeds from sale of foreclosed assets 216 583
Purchases of premises and equipment (1,512) (547)
Proceeds from sale of premises and equipment 24 16
Purchase of bank owned life insurance   (1,000)
Net cash used in investing activities (46,589) (313)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 12,197 22,969
Repayments of Federal Home Loan Bank advances   (15,000)
Prepayment penalties on debt restructuring   (1,177)
Proceeds from the issuance of common stock, net of costs 50,835  
Purchase of stock for ESOP (4,232)  
Net cash provided by financing activities 58,800 6,792
NET INCREASE IN CASH AND CASH EQUIVALENTS 15,639 7,336
CASH AND CASH EQUIVALENTS, beginning of period 25,245 17,909
CASH AND CASH EQUIVALENTS, end of period 40,884 25,245
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITIES    
Loans originated to facilitate the sale of real estate owned 82 48
Acquisition of real estate in settlement of loans 215 228
SUPPLEMENTAL SCHEDULE OF INTEREST AND TAXES PAID    
Cash paid for interest 634 1,768
Cash paid for income taxes $ 82 $ 75