Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net (loss) income $ (246,000) $ 170,000
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 74,000 65,000
Securities amortization and accretion, net 129,000 135,000
Loans originated for sale (5,964,000) (576,000)
Proceeds from sales of loans held for sale 6,460,000 587,000
Gain on sale of mortgage loans (156,000) (11,000)
Reversal of provision for credit losses (1,000) (28,000)
Earnings on bank owned life insurance (53,000) (46,000)
ESOP expense 51,000 55,000
Stock based compensation 162,000 0
Net change in accrued interest receivable and other assets 183,000 173,000
Net change in accrued expenses and other liabilities (547,000) (261,000)
Net cash provided by operating activities 92,000 263,000
Cash flows from investing activities:    
Net change in portfolio loans (6,461,000) (540,000)
Principal repayments on mortgage-backed securities 1,437,000 2,155,000
Net change in time deposits with other financial institutions 0 747,000
Purchases of premises and equipment, net (16,000) 0
Net cash (used in) provided by investing activities (5,040,000) 2,362,000
Cash flows from financing activities:    
Net change in deposits 9,221,000 (6,462,000)
Net change in escrow deposits 699,000 545,000
Net cash provided by (used in) financing activities 9,920,000 (5,917,000)
Net change in cash and cash equivalents 4,972,000 (3,292,000)
Cash and cash equivalents at beginning of period 31,388,000 13,147,000
Cash and cash equivalents at end of period 36,360,000 9,855,000
Supplemental disclosures of cash flow information:    
Cash paid during the period for Interest 694,000 221,000
Loans transferred to held for sale from portfolio, net $ 1,246,000 $ 0