v3.25.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (328,000) $ (246,000)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation 75,000 74,000
Securities amortization and accretion, net 121,000 129,000
Loans originated for sale (11,268,000) (5,964,000)
Proceeds from sales of loans held for sale 10,080,000 6,460,000
Gain on sale of mortgage loans (189,000) (156,000)
Reversal of provision for credit losses (37,000) (1,000)
Earnings on bank owned life insurance (56,000) (53,000)
ESOP expense 64,000 51,000
Stock based compensation 157,000 162,000
Change in deferred income taxes 429,000 (220,000)
Net change in accrued interest receivable and other assets (531,000) 403,000
Net change in accrued expenses and other liabilities (1,193,000) (547,000)
Net cash (used in) provided by operating activities (2,676,000) 92,000
Cash flows from investing activities:    
Net change in portfolio loans 161,000 (6,461,000)
Principal repayments on mortgage-backed securities 1,317,000 1,437,000
Maturities and calls of securities available for sale 1,000,000 0
Purchases of premises and equipment, net (54,000) (16,000)
Net cash provided by (used in) investing activities 2,424,000 (5,040,000)
Cash flows from financing activities:    
Net change in deposits 3,528,000 9,221,000
Net change in escrow deposits 697,000 699,000
Net cash provided by financing activities 4,225,000 9,920,000
Net change in cash and cash equivalents 3,973,000 4,972,000
Cash and cash equivalents at beginning of period 53,481,000 31,388,000
Cash and cash equivalents at end of period 57,454,000 36,360,000
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 916,000 694,000
Loans transferred to held for sale from portfolio, net $ 0 $ 1,246,000

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