Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net loss $ (188,000) $ (12,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 193,000 200,000
Securities amortization and accretion, net 412,000 803,000
Loans originated for sale (880,000) (7,457,000)
Proceeds from sales of loans held for sale 712,000 7,556,000
Gain on sale of mortgage loans (9,000) (99,000)
Provision for (reversal of) credit losses 52,000 (100,000)
Earnings on bank owned life insurance (141,000) (132,000)
Issuance of common shares donated to North Shore Trust and Savings Charitable Foundation 0 1,009,000
ESOP expense 152,000 151,000
Stock based compensation 198,000 0
Net change in accrued interest receivable and other assets 74,000 524,000
Net change in accrued expenses and other liabilities (212,000) 999,000
Net cash provided by operating activities 363,000 3,442,000
Cash flows from investing activities:    
Net change in portfolio loans (3,887,000) (1,112,000)
Principal repayments on mortgage-backed securities 6,517,000 13,853,000
Purchases of securities available for sale 0 (57,473,000)
Maturities and calls of securities available for sale 2,080,000 1,305,000
Net change in time deposits with other financial institutions, net 2,735,000 (750,000)
Purchases of premises and equipment, net (79,000) (214,000)
Net cash provided by (used in) investing activities 7,366,000 (44,391,000)
Cash flows from financing activities:    
Net change in deposits (13,384,000) (102,160,000)
Net change in escrow deposits 448,000 506,000
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 (152,681 shares) 1,355,000 (0)
Loan to ESOP 0 (4,319,000)
Net cash used in financing activities (10,187,000) (62,545,000)
Net change in cash and cash equivalents (2,458,000) (103,494,000)
Cash and cash equivalents at beginning of period 13,147,000 121,611,000
Cash and cash equivalents at end of period 10,689,000 18,117,000
Supplemental disclosures of cash flow information:    
Cash paid during the period for Interest $ 879,000 $ 580,000