Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net income (losses) $ 27,000 $ (55,000)
Adjustments to reconcile net income (losses) to net cash provided by operating activities:    
Depreciation 267,000 268,000
Securities amortization and accretion, net 958,000 1,323,000
Loans originated for sale (8,540,000) (19,302,000)
Proceeds from sales of loans held for sale 8,750,000 21,580,000
Gain on sale of mortgage loans (106,000) (410,000)
Gain on sale of securities available for sale 0 (131,000)
Gain on sale of OREO 0 (7,000)
Gain on transfer to OREO 0 (15,000)
Reversal of provision for loan losses (230,000) (23,000)
Earnings on bank owned life insurance (178,000) (181,000)
Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation 1,009,000 0
ESOP expense 246,000 0
Change in deferred income taxes 64,000 (379,000)
Decrease (increase) in accrued interest receivable and other assets 648,000 (1,268,000)
Net increase in accrued expenses and other liabilities 74,000 52,000
Net cash provided by operating activities 2,989,000 1,452,000
Cash flows from investing activities:    
Purchases of loans, net (5,357,000) 0
Net (increase) decrease in portfolio loans (1,238,000) 1,772,000
Principal repayments on mortgage-backed securities 16,165,000 17,552,000
Purchases of securities available for sale (59,530,000) (48,968,000)
Sales of securities available for sale 0 6,769,000
Maturities and calls of securities available for sale 6,705,000 2,045,000
Purchase of Federal Home Loan Bank stock 0 (38,000)
Proceeds from sale of other real estate owned 0 194,000
(Increase) decrease in time deposits with other financial institutions, net (1,008,000) 8,967,000
Purchases of premises and equipment, net (215,000) (142,000)
Net cash used in investing activities (44,478,000) (11,849,000)
Cash flows from financing activities:    
Net change in deposits (106,907,000) 99,217,000
Net change in escrow deposits 189,000 77,000
Repayment of FHLB advance (5,000,000) (4,000,000)
Proceeds from FHLB advance 0 5,000,000
Net proceeds from issuance of common shares 49,440,000 0
Loan to ESOP (4,319,000) 0
Net cash (used in) provided by financing activities (66,975,000) 100,140,000
Net change in cash and cash equivalents (108,464,000) 89,743,000
Cash and cash equivalents at beginning of period 121,611,000 31,868,000
Cash and cash equivalents at end of period 13,147,000 121,611,000
Supplemental disclosures of cash flow information:    
Loans transferred to OREO 0 172,000
Cash paid during the period for: Interest 766,000 948,000
Income taxes $ 0 $ 0