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, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 9,423 $ 4,678
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (10,594) (19,346)
Sale of loans originated for sale 10,217 19,541
Depreciation and amortization, net of accretion 3,436 3,316
Stock based compensation expense 305 548
Cash payments for lease liabilities (570) 0
Loss on sale of securities, net 531 48
Gain on sale of loans held-for-sale, net (470) (488)
Gain on sale of real estate (11,873) 0
Loss (gain) on sale of foreclosed real estate (1) 0
Gain on cash value of bank owned life insurance (405) (380)
Gain on derivatives (2) (49)
Provision for credit losses 76 1,002
Change in:    
Interest receivable 350 (293)
Interest payable (1,543) 1,294
Other assets 2,855 2,216
Accrued expenses and other liabilities 990 5,060
Total adjustments (6,698) 12,469
Net cash provided by operating activities 2,725 17,147
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposit in other financial institutions 0 2,456
Proceeds from maturities and pay downs of securities available-for-sale 6,326 7,145
Proceeds from sales of securities available-for-sale 14,697 352
Purchase of securities available-for-sale 0 (123)
Net change in loans receivable 5,976 (20,294)
Purchase of premises and equipment (2,344) (458)
Proceeds from sale of premises and equipment 17,677 0
Proceeds from sale of foreclosed real estate 72 0
Net cash provided by (used in) investing activities 42,404 (10,922)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits (56,667) 20,130
Proceeds from borrowed funds 90,000 150,000
Repayment of borrowed funds (85,000) (120,000)
Net surrender value of restricted stock awards (82) (196)
Change in repurchase agreements 4,849 30,899
Dividends paid (1,030) (2,667)
Net cash provided by (used in) financing activities (47,930) 78,166
Net change in cash and cash equivalents (2,801) 84,391
Cash and cash equivalents at beginning of period 86,008 31,282
Cash and cash equivalents at end of period 83,207 115,673
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 21,779 11,748
Income taxes 160 250
Noncash activities:    
Transfers from loans to foreclosed real estate 0 64
Dividends declared not paid 515 1,336
Transfer of premises and equipment to other real estate 0 64
Initial recognition of ASU 2016-13 0 8,266
Right-of-use asset obtained in exchange for lease liability $ 16,140 $ 0