Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 12,130 $ 8,380
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (36,779) (37,939)
Sale of loans originated for sale 36,955 40,217
Depreciation and amortization, net of accretion 7,291 7,163
Deferred tax benefit 645 (673)
Stock based compensation expense 565 719
Cash payments for lease liabilities (1,360) (69)
Loss on sale of securities, net 531 48
Gain on tax credit investment (1,236) 0
Gain on sale of loans held-for-sale, net (1,091) (1,084)
Gain on sale of real estate (11,661) (276)
Gain on sale of foreclosed real estate (1) 13
Increase of cash value of bank owned life insurance (812) (766)
Gain on derivatives (47) 3
Provision (benefit) for credit losses [1] (503) 2,025
Change in:    
Interest receivable 324 (624)
Interest payable (2,445) 2,729
Other assets 3,502 3,002
Accrued expenses and other liabilities 3,797 1,343
Total adjustments (2,325) 15,831
Net cash provided by operating activities 9,805 24,211
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 12,653 14,332
Proceeds from sales of securities available-for-sale 14,697 476
Purchase of securities available-for-sale 0 (123)
Net change in loans receivable 764 (6,378)
Proceeds from loans held for sale previously classified as loans receivable 0 4,530
Purchase of premises and equipment (3,074) (1,148)
Proceeds from sale of premises and equipment 17,677 799
Proceeds from sale of foreclosed real estate 72 77
Net cash provided by investing activities 42,789 15,021
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits (52,855) 38,404
Proceeds from borrowed funds 150,000 80,000
Repayment of borrowed funds (165,000) (120,000)
Net surrender value of restricted stock awards (86) (196)
Change in repurchase agreements 1,992 22,621
Dividends paid (2,069) (5,335)
Net cash provided by (used in) financing activities (68,018) 15,494
Net change in cash and cash equivalents (15,424) 54,726
Cash and cash equivalents at beginning of period 86,008 31,282
Cash and cash equivalents at end of period 70,584 86,008
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 43,178 28,528
Income taxes 415 241
Noncash activities:    
Transfer of loans receivable to loans held for sale 0 4,530
Transfers from loans to foreclosed real estate 0 135
Dividends declared not paid 518 517
Initial recoginition of ASU 2016-13 0 9,295
Right-of-use asset obtained in exchange for lease liability $ 16,140 $ 0
[1] See note 3 regarding adoption of ASC 326