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

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net loss $ (789,000) $ (3,957,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 293,000 266,000
Securities amortization and accretion, net 515,000 538,000
Loans originated for sale (45,583,000) (3,738,000)
Proceeds from sales of loans held for sale 54,374,000 3,390,000
Gain on sale of mortgage loans (1,245,000) (32,000)
Loss on sale of securities 0 1,794,000
Provision for credit losses 71,000 176,000
Earnings on bank owned life insurance (220,000) (192,000)
ESOP expense 214,000 199,000
Stock based compensation expense 767,000 519,000
Change in deferred income taxes (152,000) 990,000
Net change in accrued interest receivable and other assets (46,000) 165,000
Net change in accrued expenses and other liabilities 1,234,000 313,000
Net cash provided by operating activities 9,433,000 431,000
Cash flows from investing activities:    
Net change in portfolio loans (18,142,000) (17,816,000)
Principal repayments on mortgage-backed securities 5,536,000 8,207,000
Maturities and calls of securities available for sale 4,300,000 4,080,000
Sales of securities available for sale 0 28,509,000
Purchase of Federal Home Loan Bank stock (35,000) 0
Net change in time deposits with other financial institutions 497,000 2,486,000
Purchases of premises and equipment, net (319,000) (516,000)
Net cash (used in) provided by investing activities (8,163,000) 24,950,000
Cash flows from financing activities:    
Net change in deposits 21,330,000 (9,888,000)
Net change in escrow deposits 357,000 129,000
Proceeds from FHLB advance 0 5,000,000
Purchase of treasury shares (970,000) (2,381,000)
Purchase of treasury stock from taxes withheld on net share settlement of restricted stock awards (109,000) 0
Proceeds from exercise of stock options 215,000 0
Net cash provided by (used in) financing activities 20,823,000 (7,140,000)
Net change in cash and cash equivalents 22,093,000 18,241,000
Cash and cash equivalents at beginning of period 31,388,000 13,147,000
Cash and cash equivalents at end of period 53,481,000 31,388,000
Supplemental disclosures of cash flow information:    
Loans transferred to held for sale from portfolio, net 8,384,000 0
Cash paid during the period for: Interest 3,255,000 1,464,000
Bank Term Funding Program [Member]    
Cash flows from financing activities:    
Proceeds from Federal Reserve Bank - Bank Term Funding Program 0 10,000,000
Repayment of Federal Reserve Bank - Bank Term Funding Program $ 0 $ (10,000,000)