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

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 8,087 $ 12,130
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (40,875) (36,779)
Sale of loans originated for sale 42,275 36,955
Depreciation and amortization, net of accretion 6,191 7,291
Deferred tax expense (benefit) (556) 645
Stock based compensation expense 447 565
Cash payments for lease liabilities (1,603) (1,360)
(Gain) loss on sale of securities, net 1,577 531
(Gain) loss on tax credit investment (90) (1,236)
(Gain) loss on sale of loans held-for-sale, net (1,252) (1,091)
(Gain) loss on sale of property and equipment 55 (11,661)
(Gain) loss on sale of foreclosed real estate 0 (1)
(Increase) decrease of cash value of bank owned life insurance (835) (812)
(Gain) loss on death benefits of bank-owned life insurance (544) 0
(Gain) loss on derivatives 33 (47)
Provision for (benefit from) credit losses (205) (503)
Interest receivable (60) 324
Interest payable (337) (2,445)
Other assets 3,425 3,502
Accrued expenses and other liabilities (5,832) 3,797
Total adjustments 1,814 (2,325)
Net cash provided by (used in) operating activities 9,901 9,805
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 11,431 12,653
Proceeds from sales of securities available-for-sale 24,519 14,697
Net change in loans receivable 57,654 764
Purchase of premises and equipment (853) (3,074)
Proceeds from sale of premises and equipment 819 17,677
Proceeds from sale of foreclosed real estate 0 72
Proceeds from death benefits of bank owned life insurance 1,307 0
Net cash provided by (used in) investing activities 94,877 42,789
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits (33,595) (52,855)
Proceeds from borrowed funds 40,000 150,000
Repayment of borrowed funds (60,000) (165,000)
Net surrender value of restricted stock awards (150) (86)
Change in federal funds purchased and repurchase agreements (413) 1,992
Dividends paid (1,557) (2,069)
Net cash provided by (used in) financing activities (55,715) (68,018)
Net change in cash and cash equivalents 49,063 (15,424)
Cash and cash equivalents at beginning of period 70,584 86,008
Cash and cash equivalents at end of period 119,647 70,584
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 35,303 43,178
Income taxes 150 415
Noncash activities:    
Dividends declared not paid 0 518
Right-of-use asset obtained in exchange for lease liability 0 16,140
Loans transferred to other real estate owned $ 89 $ 0