v3.25.2
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income (Loss) $ 2,975,000 $ 2,130,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Net amortization of investment securities 36,000 36,000
Net amortization of deferred loan costs 163,000 266,000
Provision (credit) for credit losses 48,000 (637,000)
Recovery on previously impaired investment securities (2,000) (3,000)
Unrealized gain on equity securities (111,000) (11,000)
Loss on disposal of premises and equipment 2,000 0
Depreciation and amortization of premises and equipment 312,000 385,000
Deferred income tax (benefit) expense (105,000) 98,000
Increase in cash surrender value of bank-owned life insurance (438,000) (435,000)
ESOP shares committed to be released 62,000 46,000
Stock based compensation expense 164,000 80,000
Decrease in accrued interest receivable (59,000) 0
Increase in other assets (850,000) (191,000)
Impairment of foreclosed real estate 0 8,000
Increase (decrease) in other liabilities 359,000 (1,230,000)
Increase in annuity asset (46,000) 0
Net Cash Provided by Operating Activities 2,510,000 542,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Activity in debt securities: Maturities, prepayments and calls 1,537,000 1,569,000
Redemptions of Federal Home Loan Bank of New York Stock 394,000 551,000
Loan principal collections and origination, net (7,971,000) 11,862,000
Proceeds from surrender of bank-owned life insurance 651,000 6,585,000
Proceeds from sale of foreclosed real estate 0 37,000
Additions to premises and equipment (536,000) (6,000)
Net Cash (Used in) Provided by Investing Activities (5,925,000) 20,598,000
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase (decrease) in deposits 54,521,000 (1,529,000)
Net (decrease) increase in advances from borrowers for taxes and insurance (159,000) 69,000
Repayment of long-term debt (8,250,000) (12,000,000)
Repayment of finance lease obligation (49,000) (45,000)
Shares of common stock repurchased on vesting for payroll taxes (51,000) (17,000)
Cash dividends paid (361,000) (361,000)
Net Cash (Used in) Provided by Financing Activities 45,651,000 (13,883,000)
Net Increase in Cash and Cash Equivalents 42,236,000 7,257,000
CASH AND CASH EQUIVALENTS - BEGINNING 33,131,000 53,730,000
CASH AND CASH EQUIVALENTS - ENDING 75,367,000 60,987,000
SUPPLEMENTARY CASH FLOWS INFORMATION    
Interest paid 5,946,000 7,602,000
Income taxes paid 759,000 704,000
SUPPLEMENTARY SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES    
Unrealized loss on securities available for sale $ 288,000 $ (1,539,000)