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 ($)
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (743,000) $ (188,000)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation 219,000 193,000
Securities amortization and accretion, net 393,000 412,000
Loans originated for sale (33,617,000) (880,000)
Proceeds from sales of loans held for sale 34,042,000 716,000
Gain on sale of mortgage loans (695,000) (13,000)
Provision for credit losses 142,000 52,000
Earnings on bank owned life insurance (162,000) (141,000)
ESOP expense 154,000 152,000
Stock based compensation 486,000 198,000
Net change in accrued interest receivable and other assets (317,000) 74,000
Net change in accrued expenses and other liabilities 172,000 (212,000)
Net cash provided by operating activities 74,000 363,000
Cash flows from investing activities:    
Net change in portfolio loans (15,753,000) (3,887,000)
Principal repayments on mortgage-backed securities 4,154,000 6,517,000
Maturities and calls of securities available for sale 4,300,000 2,080,000
Purchase of Federal Home Loan Bank stock (35,000) 0
Net change in time deposits with other financial institutions 497,000 2,735,000
Purchases of premises and equipment, net (184,000) (79,000)
Net cash (used in) provided by investing activities (7,021,000) 7,366,000
Cash flows from financing activities:    
Net change in deposits 11,061,000 (13,384,000)
Net change in escrow deposits (508,000) (448,000)
Proceeds from FHLB Advance 0 5,000,000
Purchase of treasury shares (51,845 and 152,681 shares for the nine months ended September 30, 2024 and 2023, respectively) (508,000) (1,355,000)
Purchase of treasury stock from taxes withheld on stock awards (109,000) 0
Proceeds from exercise of stock options 215,000 0
Net cash provided by (used in) financing activities 10,151,000 (10,187,000)
Net change in cash and cash equivalents 3,204,000 (2,458,000)
Cash and cash equivalents at beginning of period 31,388,000 13,147,000
Cash and cash equivalents at end of period 34,592,000 10,689,000
Supplemental disclosures of cash flow information:    
Cash paid during the period for interest 2,320,000 879,000
Loans transferred to held for sale from portfolio, net $ 2,470,000 $ 0