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 6 Months Ended
Jun. 30, 2022
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:      
Net losses $ 149,000 $ (130,000) $ (14,000)
Adjustments to reconcile net losses to net cash provided by operating activities:      
Depreciation   132,000 136,000
Securities amortization and accretion, net   594,000 615,000
Loans originated for sale   (5,671,000) (12,068,000)
Proceeds from sales of loans held for sale   5,844,000 13,906,000
Gain on sale of mortgage loans (38,000) (69,000) (245,000)
Gain on transfer to OREO 0 0 (6,000)
(Reversal of) Provision for loan losses (16,000) (16,000) 17,000
Earnings on bank owned life insurance (44,000) (87,000) (88,000)
Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation   1,009,000 0
ESOP Expense 54,000 103,000 0
Increase (decrease) in accrued interest receivable and other assets   625,000 (458,000)
Net decrease in accrued expenses and other liabilities   (639,000) (462,000)
Net cash provided by operating activities   1,695,000 1,333,000
Cash flows from investing activities:      
Net decrease in portfolio loans   1,172,000 515,000
Principal repayments on mortgage-backed securities   9,134,000 8,306,000
Purchases of securities available for sale   (42,139,000) (28,520,000)
Maturities and calls of securities available for sale   1,240,000 1,765,000
Purchase of Federal Home Loan Bank stock   0 (37,000)
(Increase) Decrease in time deposits with other financial institutions, net   (501,000) 6,237,000
Purchases of premises and equipment, net   (199,000) (69,000)
Net cash used in investing activities   (31,293,000) (11,803,000)
Cash flows from financing activities:      
Net change in deposits   (99,284,000) (1,998,000)
Net change in escrow deposits   26,000 50,000
Repayment of FHLB Advance   (5,000,000) (4,000,000)
Proceeds from FHLB Advance   0 5,000,000
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   (59,189,000) (1,048,000)
Net change in cash and cash equivalents   (88,787,000) (11,518,000)
Cash and cash equivalents at beginning of period   121,611,000 31,868,000
Cash and cash equivalents at end of period 32,824,000 32,824,000 20,350,000
Supplemental disclosures of cash flow information:      
Loan transferred to OREO $ 0 0 62,000
Cash paid during the period for: Interest   $ 381,000 $ 504,000