Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ (4,678) $ (6,566)
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (19,346) (29,179)
Sale of loans originated for sale 19,541 33,506
Depreciation and amortization, net of accretion 3,316 3,121
Stock based compensation expense 548 332
Loss (gain) on sale of securities, net 48 (639)
Gain on sale of loans held-for-sale, net (488) (966)
Gain on cash value of bank owned life insurance (380) (445)
(Gain) loss on derivatives (49) 68
Provision for credit losses (1) [1] 1,002 0
Net change in:    
Interest receivable (293) 388
Other assets 2,216 (3,038)
Accrued expenses and other liabilities 6,354 (3,824)
Total adjustments 12,469 11,584
Net cash provided by operating activities 17,147 5,890
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposit in other financial institutions 2,456 472
Proceeds from maturities and pay downs of securities available-for-sale 7,145 15,596
Proceeds from sales of securities available-for-sale 352 43,775
Purchase of securities available-for-sale (123) (11,713)
Proceeds from bank owned life insurance 0 314
Net change in loans receivable (20,294) (54,178)
Proceeds of Federal Home Loan Bank Stock 0 1,512
Purchase of loans receivable 0 (2,663)
Purchase of premises and equipment, net (458) (2,081)
Cash and cash equivalents from acquisition activity, net 0 33,799
Net cash provided by (used in) investing activities (10,922) 24,833
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits 20,130 7,978
Proceeds from borrowed funds 150,000 0
Repayment of borrowed funds (120,000) 0
Net surrender value of restricted stock awards (196) (120)
Change in repurchase agreements 30,899 9,955
Dividends paid (2,667) (2,410)
Net cash provided by financing activities 78,166 15,403
Net change in cash and cash equivalents 84,391 46,126
Cash and cash equivalents at beginning of period 31,282 33,176
Cash and cash equivalents at end of period 115,673 79,302
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 11,748 781
Income taxes 250 1,157
Fair value of assets acquired, including cash and cash equivalents 0 528,321
Value of goodwill and other intangible assets 0 14,726
Fair value of liabilities assumed 0 486,341
Cash paid for acquisition 0 18,725
Issuance of common stock for acquisition 0 37,981
Noncash activities:    
Dividends declared not paid 1,336 1,332
Accounting Standards Update 2016-13 [Member]    
Noncash activities:    
Initial recoginition of ASU 2016-13 $ 8,266 $ 0
[1] See note 3 regarding adoption of ASC 326