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 ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,135 $ 4,543
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (15,664) (49,083)
Sale of loans originated for sale 19,760 57,876
Depreciation and amortization, net of accretion 1,191 1,043
Stock based compensation expense 169 146
Gain on sale of securities, net (381) (417)
Gain on sale of loans held-for-sale, net (582) (2,026)
Loss on sale of foreclosed real estate 0 9
Gain on cash value of bank owned life insurance (252) (169)
Gain on derivatives (25) (23)
Provision for loan losses 0 578
Net change in:    
Interest receivable (1,983) (284)
Net change in other assets 1,504 2,643
Accrued expenses and other liabilities (5,150) 1,558
Net cash provided by operating activities 722 16,394
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposit in other financial institutions 223 423
Proceeds from maturities and pay downs of securities available-for-sale 9,225 27,287
Proceeds from sales of securities available-for-sale 16,236 6,904
Purchase of securities available-for-sale (10,724) (54,540)
Proceeds from bank owned life insurance 314 0
Net change in loans receivable (20,094) (4,331)
Proceeds of Federal Home Loan Bank Stock 1,512 0
Purchase of loans receivable (2,113) (2,989)
Purchase of premises and equipment, net (1,219) (379)
Proceeds from sale of foreclosed real estate 0 48
Cash and cash equivalents from acquisition activity, net 33,799 0
Net cash provided by (used in) investing activities 27,159 (27,577)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits (14,025) 64,355
Repayment of FHLB advances 0 (6,000)
Net surrender value of restricted stock awards (115) (68)
Change in repurchase agreements and other borrowed funds 8,663 2,057
Dividends paid (1,079) (1,074)
Net cash (used in) provided by financing activities (6,556) 59,270
Net change in cash and cash equivalents 21,325 48,087
Cash and cash equivalents at beginning of period 33,176 19,922
Cash and cash equivalents at end of period 54,501 68,009
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 339 690
Fair value of assets acquired, including cash and cash equivalents 528,083 0
Value of goodwill and other intangible assets 14,884 0
Fair value of liabilities assumed 486,340 0
Cash paid for acquisition 18,725 0
Issuance of common stock for acquisition 37,902 0
Noncash activities:    
Dividends declared not paid 1,331 1,079
Securities purchased not settled $ 0 $ 1,765