v3.24.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net (loss) income $ (3,957,000) $ 27,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation 266,000 267,000
Securities amortization and accretion, net 538,000 958,000
Loans originated for sale (3,738,000) (8,540,000)
Proceeds from sales of loans held for sale 3,390,000 8,750,000
Gain on sale of mortgage loans (32,000) (106,000)
Loss on sale of securities 1,794,000 0
Provision for (reversal of) credit losses 176,000 (230,000)
Earnings on bank owned life insurance (192,000) (178,000)
Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation 0 1,009,000
ESOP expense 199,000 246,000
Stock based compensation expense 519,000 0
Change in deferred income taxes 990,000 64,000
Net change in accrued interest receivable and other assets 165,000 648,000
Net change in accrued expenses and other liabilities 313,000 74,000
Net cash provided by operating activities 431,000 2,989,000
Cash flows from investing activities:    
Purchases of loans, net 0 (5,357,000)
Net change in portfolio loans (17,816,000) (1,238,000)
Principal repayments on mortgage-backed securities 8,207,000 16,165,000
Purchases of securities available for sale 0 (59,530,000)
Maturities and calls of securities available for sale 4,080,000 6,705,000
Sales of securities available for sale 28,509,000 0
Decrease (increase) in time deposits with other financial institutions, net 2,486,000 (1,008,000)
Purchases of premises and equipment, net (516,000) (215,000)
Net cash provided by (used in) investing activities 24,950,000 (44,478,000)
Cash flows from financing activities:    
Net change in deposits (9,888,000) (106,907,000)
Net change in escrow deposits 129,000 (189,000)
Repayment of FHLB advance 0 (5,000,000)
Proceeds from FHLB advance 5,000,000 0
Purchase of treasury shares (2,381,000) 0
Net proceeds from issuance of common shares 0 49,440,000
Loan to ESOP 0 (4,319,000)
Net cash used in financing activities (7,140,000) (66,975,000)
Net change in cash and cash equivalents 18,241,000 (108,464,000)
Cash and cash equivalents at beginning of period 13,147,000 121,611,000
Cash and cash equivalents at end of period 31,388,000 13,147,000
Supplemental disclosures of cash flow information:    
Cash paid during the period for: Interest 1,464,000 766,000
Bank Term Funding Program [Member]    
Cash flows from financing activities:    
Proceeds from Federal Reserve Bank - Bank Term Funding Program 10,000,000 0
Repayment of Federal Reserve Bank - Bank Term Funding Program $ (10,000,000) $ 0

Source

PDF HTML 10-K Filing
ZIP XLS HTML XBRL