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, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net losses $ (279,000) $ (81,000)
Adjustments to reconcile net losses to net cash provided by operating activities:    
Depreciation 66,000 70,000
Securities amortization and accretion, net 314,000 288,000
Loans originated for sale (3,785,000) (8,020,000)
Proceeds from sales of loans held for sale 3,745,000 9,069,000
Gain on sale of mortgage loans (31,000) (164,000)
Gain on transfer to OREO 0 (6,000)
Provision for loan losses 0 0
Earnings on bank owned life insurance (43,000) (44,000)
Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation 1,009,000 0
ESOP Expense 54,000 0
Increase in accrued interest receivable and other assets 1,096,000 58,000
Net decrease in accrued expenses and other liabilities (483,000) (856,000)
Net cash provided by operating activities 1,663,000 314,000
Cash flows from investing activities:    
Net (increase) decrease in portfolio loans (811,000) 265,000
Principal repayments on mortgage-backed securities 5,249,000 4,196,000
Purchases of securities available for sale (25,281,000) (15,456,000)
Maturities and calls of securities available for sale 970,000 1,265,000
(Increase) Decrease in time deposits with other financial institutions, net (9,000) 3,995,000
Purchases of premises and equipment, net (44,000) (40,000)
Net cash used in investing activities (19,926,000) (5,775,000)
Cash flows from financing activities:    
Net change in deposits (97,469,000) (1,085,000)
Net change in escrow deposits (552,000) (637,000)
Proceeds from issuance of common stock, net of costs 49,440,000 0
Loan to ESOP (4,319,000) 0
Net cash used in financing activities (51,796,000) (448,000)
Net change in cash and cash equivalents (70,059,000) (5,909,000)
Cash and cash equivalents at beginning of period 121,611,000 31,868,000
Cash and cash equivalents at end of period 51,552,000 25,959,000
Supplemental disclosures of cash flow information:    
Loan transferred to OREO 0 62,000
Cash paid during the period for: Interest $ 286,000 $ 264,000