Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net losses $ (55) $ (112)
Adjustments to reconcile net losses to net cash (used in) provided by operating activities:    
Depreciation 268 290
Securities amortization and accretion, net 1,323 835
Loans originated for sale (19,302) (37,725)
Proceeds from sales of loans held for sale 21,580 37,263
Gain on sale of mortgage loans (410) (788)
Gain on sale of securities available for sale (131) (59)
Gain on sale of OREO (7) 0
Gain on transfer to OREO (15) 0
(Reversal of) Provision for loan losses (23) 464
Earnings on bank owned life insurance (181) (183)
Increase in accrued interest receivable and other assets (1,647) (272)
Net increase (decrease) in accrued expenses and other liabilities 52 (333)
Net cash provided by (used in) operating activities 1,452 (620)
Cash flows from investing activities:    
Net (increase) decrease in portfolio loans 1,772 (1,241)
Principal repayments on mortgage-backed securities 17,552 12,730
Purchases of securities available for sale (48,968) (38,631)
Sales of securities available for sale 6,769 12,112
Maturities and calls of securities available for sale 2,045 1,465
Purchase of Federal Home Loan Bank Stock (38) 0
Proceeds from sale of other real estate owned 194 0
Decrease in time deposits with other financial institutions, net 8,967 7,735
Purchases of premises and equipment, net (142) (104)
Net cash used in investing activities (11,849) (5,934)
Cash flows from financing activities:    
Net change in deposits 99,217 2,033
Net change in escrow deposits 77 (10)
Repayment of FHLB Advance (4,000) 0
Proceeds from FHLB Advance 5,000 4,000
Net cash provided by financing activities 100,140 6,043
Net change in cash and cash equivalents 89,743 (511)
Cash and cash equivalents at beginning of period 31,868 32,379
Cash and cash equivalents at end of period 121,611 31,868
Supplemental disclosures of cash flow information:    
Loans transferred to OREO 172 0
Cash paid during the period for: Interest 948 1,543
Income taxes $ 0 $ 37