Annual report pursuant to Section 13 and 15(d)

Note 17 - Condensed Parent Only Financial Information (Tables)

v3.23.1
Note 17 - Condensed Parent Only Financial Information (Tables)
12 Months Ended
Dec. 31, 2022
Notes Tables  
Condensed Balance Sheet [Table Text Block]
   

Year ended December 31,

 
   

2022

   

2021

 
    (Dollars in thousands)  

Assets:

               

Cash

  $ 22,194     $ 247  

Investment in subsidiary

    54,510       44,181  

Loan to ESOP

    4,145        

Other assets

    104       755  

Total assets

  $ 80,953     $ 45,183  

Liabilities:

               

Accrued expense and other liabilities

  $ 411     $  

Total liabilities

    411        

Stockholders' equity

               

Common Stock

    54        

Additional paid-in capital

    50,420        

Retained earnings

    45,291       45,264  

Unallocated common shares held by ESOP

    (4,098 )      

Accumulated other comprehensive loss, net

    (11,125 )     (81 )

Total stockholders' equity

    80,542       45,183  

Total liabilities and stockholders’ equity

  $ 80,953     $ 45,183  
Condensed Income Statement [Table Text Block]
   

Year ended December 31,

 
   

2022

   

2021

 
    (Dollars in thousands)  

Income:

               

Interest income

  $ 140     $ 1  

Total income

    140       1  

Expense:

               

Noninterest expense

  $ 425     $ 19  

Total expense

    425       19  

Losses before income tax (benefit) expense and equity in undistributed earnings of subsidiary

  $ (285 )   $ (18 )

Income tax (benefit) expense

    (91 )     38  

Losses before equity in undistributed earnings of subsidiary

  $ (194 )   $ (56 )

Equity in undistributed earnings of subsidiary

    221       1  

Net income (losses)

  $ 27     $ (55 )
Condensed Cash Flow Statement [Table Text Block]
   

Year ended December 31,

 
   

2022

   

2021

 
    (Dollars in thousands)  

Cash flows from operating activities:

               

Net income (losses)

  $ 27     $ (55 )

Adjustments to reconcile net income (losses) to net cash used in operating activities:

               

Decrease (increase) in other assets

    651       (704 )

Increase (decrease) in accrued expenses and other liabilities

    411       (3 )

Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation

    1,009        

Equity in undistributed earnings of subsidiary

    (221 )     (1 )

Net cash provided by (used in) operating activities

    1,877       (763 )

Cash flows from investing activities:

               

Principal payments on loan to ESOP

  $ 174     $  

Net cash provided by investing activities

    174        

Cash flows from financing activities:

               

Net proceeds from issuance of common shares

    49,440        

Loan to ESOP

    (4,319 )      

Proceeds from conversion transferred to subsidiary

    (25,225 )      

Net cash provided by financing activities

    19,896        

Net change in cash

    21,947       (763 )

Cash at beginning of period

    247       1,010  

Cash at end of period

  $ 22,194     $ 247