Annual report pursuant to Section 13 and 15(d)

Note 17 - Condensed Parent Only Financial Information (Tables)

v3.24.1
Note 17 - Condensed Parent Only Financial Information (Tables)
12 Months Ended
Dec. 31, 2023
Notes Tables  
Condensed Balance Sheet [Table Text Block]
   

Year ended December 31,

 
   

2023

   

2022

 
    (Dollars in thousands)  

Assets:

               

Cash

  $ 18,634     $ 22,194  

Investment in subsidiary

    55,035       54,510  

Loan to ESOP

    3,973       4,145  

Other assets

    7       104  

Total assets

  $ 77,649     $ 80,953  

Liabilities:

               

Accrued expense and other liabilities

  $ 104     $ 411  

Total liabilities

    104       411  

Stockholders' equity

               

Common Stock

    56       54  

Treasury Stock

    (2,381 )      

Additional paid-in capital

    50,920       50,420  

Retained earnings

    41,055       45,291  

Unallocated common shares held by ESOP

    (3,882 )     (4,098 )

Accumulated other comprehensive loss, net

    (8,223 )     (11,125 )

Total stockholders' equity

    77,545       80,542  

Total liabilities and stockholders’ equity

  $ 77,649     $ 80,953  
Condensed Income Statement [Table Text Block]
   

Year ended December 31,

 
   

2023

   

2022

 
    (Dollars in thousands)  

Income:

               

Interest income

  $ 135     $ 140  

Total income

    135       140  

Expense:

               

Noninterest expense

  $ 1,180     $ 425  

Total expense

    1,180       425  

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

  $ (1,045 )   $ (285 )

Income tax expense (benefit)

    96       (91 )

Losses before equity in undistributed (losses) earnings of subsidiary

  $ (1,141 )   $ (194 )

Equity in undistributed (losses) earnings of subsidiary

    (2,816 )     221  

Net (loss) income

  $ (3,957 )   $ 27  
Condensed Cash Flow Statement [Table Text Block]
   

Year ended December 31,

 
   

2023

   

2022

 
    (Dollars in thousands)  

Cash flows from operating activities:

               

Net (loss) income

  $ (3,957 )   $ 27  

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:

               

Net change in other assets

    97       651  

Net change in accrued expenses and other liabilities

    (307 )     411  

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

          1,009  

Equity in undistributed losses (earnings) of subsidiary

    2,816       (221 )

Net cash (used in) provided by operating activities

    (1,351 )     1,877  

Cash flows from investing activities:

               

Principal payments on loan to ESOP

  $ 172     $ 174  

Net cash provided by investing activities

    172       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 )

Purchase of treasury shares

    (2,381 )      

Net cash (used in ) provided by financing activities

    (2,381 )     19,896  

Net change in cash

    (3,560 )     21,947  

Cash at beginning of period

    22,194       247  

Cash at end of period

  $ 18,634     $ 22,194