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
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 11,122 $ 11,652
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (40,775) (120,101)
Sale of loans originated for sale 45,994 131,477
Depreciation and amortization, net of accretion 4,695 3,289
Stock based compensation expense 535 428
Gain on sale of securities, net (662) (1,276)
Gain on sale of loans held-for-sale, net (1,352) (4,546)
Net loss recognized on sale of premises and equipment 254 0
Gain on sale of foreclosed real estate 0 (27)
Gain on cash value of bank owned life insurance (628) (537)
Loss on derivatives 110 152
Provision for loan losses 0 1,293
Net change in:    
Interest receivable 431 (546)
Other assets (5,043) 1,591
Accrued expenses and other liabilities (3,045) (6,290)
Net cash provided by operating activities 11,636 16,559
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposit in other financial institutions 474 920
Purchase of certificates of deposit in other financial institutions (734) 0
Proceeds from maturities and pay downs of securities available-for-sale 37,289 43,488
Proceeds from sales of securities available-for-sale 53,953 28,565
Purchase of securities available-for-sale (30,421) (191,130)
Proceeds from bank owned life insurance 314 0
Net change in loans receivable (82,501) 20,148
Proceeds of Federal Home Loan Bank Stock 1,512 671
Purchase of loans receivable (2,663) (11,331)
Purchase of premises and equipment, net (2,656) (1,019)
Proceeds from sale of premises and equipment 1,694 0
Proceeds from sale of foreclosed real estate 0 484
Cash and cash equivalents from acquisition activity, net 33,799 0
Net cash provided by (used in) investing activities 10,060 (109,204)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits (76,273) 103,861
Proceeds from FHLB advances 37,000 0
Repayment of FHLB advances 0 (6,000)
Net surrender value of restricted stock awards (120) (131)
Change in repurchase agreements 7,385 10,133
Change in other borrowed funds 19,174 (149)
Dividends paid (3,742) (3,226)
Net cash (used in) provided by financing activities (16,576) 104,488
Net change in cash and cash equivalents 5,120 11,843
Cash and cash equivalents at beginning of period 33,176 19,922
Cash and cash equivalents at end of period 38,296 31,765
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 1,749 1,744
Income taxes 1,157 2,185
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 1,080
Securities purchased not settled $ 0 $ 11,187