Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 10,029 $ 6,869
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (22,536) (30,374)
Sale of loans originated for sale 21,051 30,568
Depreciation and amortization, net of accretion 5,532 5,076
Stock based compensation expense 443 646
Cash payments for lease liabilities (965) 0
Loss on sale of securities, net 531 48
Gain on sale of loans held-for-sale, net (744) (717)
Gain on sale of real estate (11,873) 0
Gain on sale of foreclosed real estate (1) 0
Increase of cash value of bank owned life insurance (610) (573)
Gain on derivatives (66) (12)
Provision for credit losses 76 1,246
Change in:    
Interest receivable 603 (443)
Interest payable (2,294) 2,699
Other assets 3,134 (2,430)
Accrued expenses and other liabilities (3,310) 9,769
Total adjustments (11,029) 15,503
Net cash provided by (used in) operating activities (1,000) 22,372
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 9,486 10,950
Proceeds from sales of securities available-for-sale 14,698 476
Purchase of securities available-for-sale 0 (123)
Net change in loans receivable 3,891 (12,612)
Purchase of premises and equipment (2,852) (784)
Proceeds from sale of premises and equipment 17,677 0
Proceeds from sale of foreclosed real estate 72 0
Net cash provided by investing activities 42,972 363
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits (64,611) 9,020
Proceeds from borrowed funds 150,000 150,000
Repayment of borrowed funds (145,000) (170,000)
Net surrender value of restricted stock awards (82) (196)
Change in repurchase agreements 4,914 32,807
Dividends paid (1,552) (4,000)
Net cash provided by (used in) financing activities (56,331) 17,631
Net change in cash and cash equivalents (14,359) 40,366
Cash and cash equivalents at beginning of period 86,008 31,282
Cash and cash equivalents at end of period 71,649 71,648
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 33,038 18,987
Income taxes 385 335
Noncash activities:    
Transfers from loans to foreclosed real estate 0 64
Dividends declared not paid 518 1,333
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