Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 44,000 $ (130,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 129,000 132,000
Securities amortization and accretion, net 280,000 594,000
Loans originated for sale (703,000) (5,671,000)
Proceeds from sales of loans held for sale 712,000 5,844,000
Gain on sale of mortgage loans (9,000) (69,000)
Provision for (reversal of) credit losses 2,000 (16,000)
Earnings on bank owned life insurance (92,000) (87,000)
Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation 0 1,009,000
ESOP expense 102,000 103,000
Stock based compensation 28,000 0
Net change in accrued interest receivable and other assets 81,000 625,000
Net change in accrued expenses and other liabilities (438,000) (639,000)
Net cash provided by operating activities 136,000 1,695,000
Cash flows from investing activities:    
Net (increase) decrease in portfolio loans (1,794,000) 1,172,000
Principal repayments on mortgage-backed securities 4,127,000 9,134,000
Purchases of securities available for sale 0 (42,139,000)
Maturities and calls of securities available for sale 515,000 1,240,000
Decrease (increase) in time deposits with other financial institutions, net 2,237,000 (501,000)
Purchases of premises and equipment, net (5,000) (199,000)
Net cash provided by (used in) investing activities 5,080,000 (31,293,000)
Cash flows from financing activities:    
Net change in deposits (11,471,000) (99,284,000)
Net change in escrow deposits (13,000) 26,000
Repayment of FHLB Advance 0 (5,000,000)
Proceeds from FHLB Advance 5,000,000 0
Proceeds from issuance of common stock, net of costs 0 49,440,000
Purchase of treasury shares (74,295 shares) 649,000 (0)
Loan to ESOP 0 (4,319,000)
Net cash used in financing activities (7,107,000) (59,189,000)
Net change in cash and cash equivalents (1,891,000) (88,787,000)
Cash and cash equivalents at beginning of period 13,147,000 121,611,000
Cash and cash equivalents at end of period 11,256,000 32,824,000
Supplemental disclosures of cash flow information:    
Cash paid during the period for Interest $ 473,000 $ 381,000