Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.1
Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 8,380 $ 15,080
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (37,939) (44,856)
Sale of loans originated for sale 40,217 49,628
Depreciation and amortization, net of accretion 7,163 5,968
Deferred tax expense (benefit) (673) 1,187
Stock based compensation expense 719 741
Loss (gain) on sale of securities, net 48 (662)
Gain on sale of loans held-for-sale, net (1,084) (1,470)
Net (gain) recognized on sale of premises and equipment (276) 303
Impairment charge on assets held for sale 0 1,232
Loss (gain) on sale of foreclosed real estate 13 (16)
Gain on cash value of bank owned life insurance (766) (810)
Loss on derivatives 3 102
Provision for credit losses 2,025 [1] 0 [1]
Net change in:    
Interest receivable 2,105 (141)
Other assets 3,002 (5,080)
Accrued expenses and other liabilities 1,274 (3,476)
Total adjustments 15,831 2,650
Net cash provided by operating activities 24,211 17,730
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposit in other financial institutions 2,456 232
Purchase of certificates of deposit in other financial institutions 0 (734)
Proceeds from maturities and pay downs of securities available-for-sale 14,332 41,524
Proceeds from sales of securities available-for-sale 476 53,953
Purchase of securities available-for-sale (123) (30,421)
Proceeds from bank owned life insurance 0 314
Net change in loans receivable (6,378) (93,998)
Proceeds from loans held for sale previously classified as loans receivable 4,530 0
Purchase of Federal Home Loan Bank Stock 0 (1,997)
Purchase of loans receivable 0 (2,663)
Purchase of premises and equipment, net (1,148) (3,031)
Proceeds from sale of premises and equipment 799 1,798
Proceeds from sale of foreclosed real estate 77 93
Cash and cash equivalents from acquisition activity, net 0 33,799
Net cash provided by (used in) investing activities 15,021 (1,131)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits 38,404 (134,220)
Proceeds from borrowed funds 80,000 120,000
Repayment of borrowed funds (120,000) 0
Net surrender value of restricted stock awards (196) (120)
Change in repurchase agreements 22,621 922
Dividends paid (5,335) (5,075)
Net cash provided by (used in) financing activities 15,494 (18,493)
Net change in cash and cash equivalents 54,726 (1,894)
Cash and cash equivalents at beginning of year 31,282 33,176
Cash and cash equivalents at end of year 86,008 31,282
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 28,528 4,572
Income taxes 241 1,347
Fair value of assets acquired, including cash and cash equivalents 0 528,539
Value of goodwill and other intangible assets 0 14,506
Fair value of liabilities assumed 0 486,339
Cash paid for acquisition 0 18,725
Issuance of common stock for acquisition 0 37,981
Noncash activities:    
Transfer of loans receivable to loans held for sale 4,530 0
Transfers from loans to foreclosed real estate 135 0
Dividends declared not paid 517 1,332
Transfer of premises and equipment to other real estate 0 1,815
Accounting Standards Update 2016-13 [Member]    
Noncash activities:    
Initial recognition of ASU 2016-13 $ 9,295 $ 0
[1] See note 3 regarding adoption of ASC 326