v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (586,000) $ (572,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 152,000 149,000
Securities amortization and accretion, net 242,000 263,000
Loans originated for sale (38,366,000) (21,945,000)
Proceeds from sales of loans held for sale 38,595,000 20,042,000
Gain on sale of mortgage loans (696,000) (427,000)
Provision for credit losses 20,000 122,000
Earnings on bank owned life insurance (113,000) (106,000)
ESOP expense 127,000 102,000
Stock based compensation 332,000 324,000
Change in deferred income taxes 628,000 (282,000)
Net change in accrued interest receivable and other assets (434,000) 5,000
Net change in accrued expenses and other liabilities (1,922,000) 785,000
Net cash used in operating activities (2,021,000) (1,540,000)
Cash flows from investing activities:    
Net change in portfolio loans (5,222,000) (12,976,000)
Principal repayments on mortgage-backed securities 2,545,000 2,780,000
Maturities and calls of securities available for sale 1,080,000 2,800,000
Purchase of Federal Home Loan Bank stock (20,000) (35,000)
Net change in time deposits with other financial institutions 0 995,000
Purchases of premises and equipment, net (93,000) (132,000)
Net cash used in investing activities (1,710,000) (6,568,000)
Cash flows from financing activities:    
Net change in deposits 2,804,000 8,998,000
Net change in escrow deposits 42,000 343,000
Repayment of FHLB Advance (5,000,000) 0
Purchase of treasury shares (None and 8,399 shares for the six months ended June 30, 2025 and 2024, respectively) 0 (81,000)
Purchase of treasury stock from taxes withheld on stock awards (108,000) (109,000)
Net cash (used in) provided by financing activities (2,262,000) 9,151,000
Net change in cash and cash equivalents (5,993,000) 1,043,000
Cash and cash equivalents at beginning of period 53,481,000 31,388,000
Cash and cash equivalents at end of period 47,488,000 32,431,000
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 1,877,000 1,473,000
Loans transferred to held for sale from portfolio, net $ 2,744,000 $ 2,470,000

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