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
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 6,566 $ 8,114
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (29,179) (85,903)
Sale of loans originated for sale 33,506 94,163
Depreciation and amortization, net of accretion 3,121 2,154
Stock based compensation expense 332 285
Gain on sale of securities, net (639) (686)
Gain on sale of loans held-for-sale, net (966) (3,293)
Gain on sale of foreclosed real estate 0 (27)
Gain on cash value of bank owned life insurance (445) (357)
Loss on derivatives 68 128
Provision for loan losses 0 1,154
Net change in:    
Interest receivable 388 (90)
Other assets (3,038) 1,728
Accrued expenses and other liabilities (3,824) (3,723)
Net cash provided by operating activities 5,890 13,647
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposit in other financial institutions 472 426
Proceeds from maturities and pay downs of securities available-for-sale 15,596 43,322
Proceeds from sales of securities available-for-sale 43,775 19,290
Purchase of securities available-for-sale (11,713) (119,075)
Proceeds from bank owned life insurance 314 0
Net change in loans receivable (54,178) 1,660
Proceeds of Federal Home Loan Bank Stock 1,512 671
Purchase of loans receivable (2,663) (5,978)
Purchase of premises and equipment, net (2,081) (470)
Proceeds from sale of foreclosed real estate 0 197
Cash and cash equivalents from acquisition activity, net 33,799 0
Net cash provided by (used in) investing activities 24,833 (59,957)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits 7,978 92,757
Repayment of FHLB advances 0 (6,000)
Net surrender value of restricted stock awards (120) (131)
Change in repurchase agreements and other borrowed funds 9,955 10,539
Dividends paid (2,410) (2,152)
Net cash (used in) provided by financing activities 15,403 95,013
Net change in cash and cash equivalents 46,126 48,703
Cash and cash equivalents at beginning of period 33,176 19,922
Cash and cash equivalents at end of period 79,302 68,625
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 781 1,262
Income taxes 1,157 2,020
Fair value of assets acquired, including cash and cash equivalents 528,321 0
Value of goodwill and other intangible assets 14,726 0
Fair value of liabilities assumed 486,341 0
Cash paid for acquisition 18,725 0
Issuance of common stock for acquisition 37,981 0
Noncash activities:    
Dividends declared not paid 1,332 1,077
Securities purchased not settled $ 0 $ 9,764