Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net loss $ (386,000) $ (789,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 302,000 293,000
Securities amortization and accretion, net 461,000 515,000
Loans originated for sale (70,902,000) (45,583,000)
Proceeds from sales of loans held for sale 77,060,000 54,374,000
Gain on sale of mortgage loans (1,565,000) (1,245,000)
(Reversal of) provision for credit losses (192,000) 71,000
Earnings on bank owned life insurance (233,000) (220,000)
ESOP expense 246,000 214,000
Stock based compensation expense, net of forfeitures 678,000 767,000
Change in deferred income taxes 1,134,000 (152,000)
Net change in accrued interest receivable and other assets (871,000) (46,000)
Net change in accrued expenses and other liabilities (1,680,000) 1,234,000
Net cash provided by operating activities 4,052,000 9,433,000
Cash flows from investing activities:    
Net change in portfolio loans (5,941,000) (18,142,000)
Principal repayments on mortgage-backed securities 5,817,000 5,536,000
Purchases of securities available for sale (10,849,000) 0
Maturities and calls of securities available for sale 1,080,000 4,300,000
Purchase of Federal Home Loan Bank stock (20,000) (35,000)
Net change in time deposits with other financial institutions 249,000 497,000
Purchases of premises and equipment, net (104,000) (319,000)
Net cash used in investing activities (9,768,000) (8,163,000)
Cash flows from financing activities:    
Net change in deposits (8,684,000) 21,330,000
Net change in escrow deposits (140,000) 357,000
Repayment of FHLB advance (5,000,000) 0
Purchase of treasury stock 0 (970,000)
Purchase of treasury stock from taxes withheld on net share settlement of restricted stock awards (114,000) (109,000)
Proceeds from exercise of stock options 215,000 215,000
Net cash (used in) provided by financing activities (13,723,000) 20,823,000
Net change in cash and cash equivalents (19,439,000) 22,093,000
Cash and cash equivalents at beginning of period 53,481,000 31,388,000
Cash and cash equivalents at end of period 34,042,000 53,481,000
Supplemental disclosures of cash flow information:    
Loans transferred to held for sale from portfolio, net 7,834,000 8,384,000
Cash paid during the period for: Interest $ 3,556,000 $ 3,255,000