Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,240 $ 2,135
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (8,873) (15,664)
Sale of loans originated for sale 8,949 19,760
Depreciation and amortization, net of accretion 1,078 1,191
Stock based compensation expense 307 169
Gain on sale of securities, net 0 (381)
Gain on sale of loans held-for-sale, net (206) (582)
Gain on cash value of bank owned life insurance (179) (252)
Gain on derivatives (57) (25)
Provision for credit losses (1) [1] 488 0
Net change in:    
Interest receivable (296) (1,983)
Other assets 2,712 1,504
Accrued expenses and other liabilities (2,212) (5,150)
Net cash provided by operating activities 3,951 722
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposit in other financial institutions 0 223
Proceeds from maturities and pay downs of securities available-for-sale 3,675 9,225
Proceeds from sales of securities available-for-sale 0 16,236
Purchase of securities available-for-sale 0 (10,724)
Proceeds from bank owned life insurance 0 314
Net change in loans receivable (6,433) (20,094)
Proceeds of Federal Home Loan Bank Stock 0 1,512
Purchase of loans receivable 0 (2,113)
Purchase of premises and equipment, net (217) (1,219)
Cash and cash equivalents from acquisition activity, net 0 33,799
Net cash provided by (used in) investing activities (2,975) 27,159
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits 31,093 (14,025)
Proceeds from other borrowings 100,000 0
Repayment of other borrowings (120,000) 0
Net surrender value of restricted stock awards (157) (115)
Change in repurchase agreements 12,920 8,663
Dividends paid (1,333) (1,079)
Net cash (used in) provided by financing activities 22,523 (6,556)
Net change in cash and cash equivalents 23,499 21,325
Cash and cash equivalents at beginning of period 31,282 33,176
Cash and cash equivalents at end of period 54,781 54,501
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 5,405 339
Fair value of assets acquired, including cash and cash equivalents 0 528,083
Value of goodwill and other intangible assets 0 14,884
Fair value of liabilities assumed 0 486,340
Cash paid for acquisition 0 18,725
Issuance of common stock for acquisition 0 37,902
Noncash activities:    
Dividends declared not paid $ 1,334 $ 1,331
[1] See note 3 regarding adoption of ASC 326