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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (847) $ (3,896)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Provision for (recovery of) loan losses 603 (100)
Stock based compensation expense 122 36
Depreciation and amortization expense 1,029 1,017
Gain on sale of real estate owned, net of market value adjustment 0 (80)
Gain on sale of securities, net 0 (1,193)
Amortization and accretion of loan premiums and discounts and deferred charges (335) 641
Amortization and accretion of premiums and discounts - securities (609) (590)
Decrease (increase) in accrued interest receivable 226 (588)
Increase (Decrease) in Other Operating Assets (1,301) 593
Increase (Decrease) in Other Operating Liabilities 7,046 5,192
Net cash provided by operating activities 7,152 2,212
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of investments: Available-for-sale 0 74,475
Proceeds from sales of investments: Available-for-sale 0 37,802
Proceeds from principal payments, maturities and calls of investments: Available-for-sale 14,775 12,530
Proceeds from principal payments, maturities and calls of investments: Held-to-maturity 2,524 2,303
Loans held-for-investment, net of originations and repayments/payoffs and maturities 51,977 28,350
Loans purchased from third parties (50,257) (26,814)
Proceeds from participation loans sold 6,080 0
(Purchase) redemption of FHLB-NY stock (32) 16
Purchase of premises and equipment (192) (256)
Proceeds from sale of real estate owned 0 260
Net cash used in investing activities (79,079) (76,984)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 71,558 67,744
Net (decrease) increase in FHLB-NY advances and other borrowings (21,202) 23,705
Proceeds from Other Equity 0 2,500
Payments for Repurchase of Common Stock 0 (2,500)
Proceeds from Issuance of Common Stock 2,998 3,197
Proceeds from Issuance of Preferred Stock and Preference Stock 4,000 8,177
Net cash provided by financing activities 57,354 102,823
Net increase (decrease) in cash and cash equivalents (14,573) 28,051
Cash, and cash equivalents - Beginning Balance 75,591 47,540
Cash and cash equivalents - Ending Balance 61,018 75,591
Noncash financing and investing activities    
Recognition of finance lease asset 0 13
Recognition of finance lease liability 0 13
Conversion of preferred stock to commom stock 3,850 13,994
Stock Repurchased and Retired During Period, Value   0
Cash paid for:    
Interest 5,520 3,904
Income taxes 211 57
Preferred Stock    
Stock Repurchased and Retired During Period, Value 0 13,523
Common Stock    
Stock Repurchased and Retired During Period, Value $ 0 $ 2