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 ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net (loss) income $ (572,000) $ 44,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation 149,000 129,000
Securities amortization and accretion, net 263,000 280,000
Loans originated for sale (21,945,000) (703,000)
Proceeds from sales of loans held for sale 20,042,000 716,000
Gain on sale of mortgage loans (427,000) (13,000)
Provision for credit losses 122,000 2,000
Earnings on bank owned life insurance (106,000) (92,000)
ESOP expense 102,000 102,000
Stock based compensation 324,000 28,000
Net change in accrued interest receivable and other assets (277,000) 81,000
Net change in accrued expenses and other liabilities 785,000 (438,000)
Net cash (used in) provided by operating activities (1,540,000) 136,000
Cash flows from investing activities:    
Net change in portfolio loans (12,976,000) (1,794,000)
Principal repayments on mortgage-backed securities 2,780,000 4,127,000
Maturities and calls of securities available for sale 2,800,000 515,000
Purchase of Federal Home Loan Bank stock (35,000) 0
Net change in time deposits with other financial institutions 995,000 2,237,000
Purchases of premises and equipment, net (132,000) (5,000)
Net cash (used in) provided by investing activities (6,568,000) 5,080,000
Cash flows from financing activities:    
Net change in deposits 8,998,000 (11,471,000)
Net change in escrow deposits 343,000 13,000
Proceeds from FHLB Advance 0 5,000,000
Purchase of treasury shares (8,399 shares) (81,000) (649,000)
Purchase of treasury stock from taxes withheld on stock awards (109,000) 0
Net cash provided by (used in) financing activities 9,151,000 (7,107,000)
Net change in cash and cash equivalents 1,043,000 (1,891,000)
Cash and cash equivalents at beginning of period 31,388,000 13,147,000
Cash and cash equivalents at end of period 32,431,000 11,256,000
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 1,473,000 473,000
Loans transferred to held for sale from portfolio, net $ 2,470,000 $ 0