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, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income (losses) $ 170,000 $ (279,000)
Adjustments to reconcile net income (losses) to net cash provided by operating activities:    
Depreciation 65,000 66,000
Securities amortization and accretion, net 135,000 314,000
Loans originated for sale (585,000) (3,785,000)
Proceeds from sales of loans held for sale 587,000 3,745,000
Gain on sale of mortgage loans (2,000) (31,000)
Reversal of provision for credit losses (28,000) 0
Earnings on bank owned life insurance (46,000) (43,000)
Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation 0 1,009,000
ESOP expense 55,000 54,000
Increase in accrued interest receivable and other assets 173,000 1,096,000
Net increase in accrued expenses and other liabilities (261,000) (483,000)
Net cash provided by operating activities 263,000 1,663,000
Cash flows from investing activities:    
Net increase in portfolio loans (540,000) (811,000)
Principal repayments on mortgage-backed securities 2,155,000 5,249,000
Purchases of securities available for sale 0 (25,281,000)
Maturities and calls of securities available for sale 0 970,000
Decrease (increase) in time deposits with other financial institutions, net 747,000 (9,000)
Purchases of premises and equipment, net 0 (44,000)
Net cash provided by (used in) investing activities 2,362,000 (19,926,000)
Cash flows from financing activities:    
Net change in deposits (6,462,000) (97,469,000)
Net change in escrow deposits (545,000) (552,000)
Proceeds from issuance of common stock, net of costs 0 49,440,000
Loan to ESOP 0 (4,319,000)
Net cash used in financing activities (5,917,000) (51,796,000)
Net change in cash and cash equivalents (3,292,000) (70,059,000)
Cash and cash equivalents at beginning of period 13,147,000 121,611,000
Cash and cash equivalents at end of period 9,855,000 51,552,000
Supplemental disclosures of cash flow information:    
Cash paid during the period for Interest $ 221,000 $ 286,000