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
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ (6,869) $ (11,122)
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (30,374) (40,775)
Sale of loans originated for sale 30,568 45,994
Depreciation and amortization, net of accretion 5,076 4,695
Stock based compensation expense 646 535
Loss (gain) on sale of securities, net 48 (662)
Gain on sale of loans held-for-sale, net (717) (1,352)
Loss on sale of premises and equipment, net 0 254
Gain on cash value of bank owned life insurance (573) (628)
(Gain) loss on derivatives (12) 110
Provision for credit losses (1) [1] 1,246 0
Net change in:    
Interest receivable (443) 431
Other assets 269 (5,043)
Accrued expenses and other liabilities 9,769 (3,045)
Total adjustments 15,503 514
Net cash provided by operating activities 22,372 11,636
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposit in other financial institutions 2,456 474
Purchase of certificates of deposit in other financial institutions 0 (734)
Proceeds from maturities and pay downs of securities available-for-sale 10,950 37,289
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 (12,612) (82,501)
Proceeds of Federal Home Loan Bank Stock 0 1,512
Purchase of loans receivable 0 (2,663)
Purchase of premises and equipment, net (784) (2,656)
Proceeds from sale of premises and equipment 0 1,694
Cash and cash equivalents from acquisition activity, net 0 33,799
Net cash provided by (used in) investing activities 363 10,060
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits 9,020 (76,273)
Proceeds from borrowed funds 150,000 56,174
Repayment of borrowed funds (170,000) 0
Net surrender value of restricted stock awards (196) (120)
Change in repurchase agreements 32,807 7,385
Dividends paid (4,000) (3,742)
Net cash (used in) provided by financing activities 17,631 (16,576)
Net change in cash and cash equivalents 40,366 5,120
Cash and cash equivalents at beginning of period 31,282 33,176
Cash and cash equivalents at end of period 71,648 38,296
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 18,987 1,749
Income taxes 335 1,157
Fair value of assets acquired, including cash and cash equivalents 0 528,321
Value of goodwill and other intangible assets 0 14,726
Fair value of liabilities assumed 0 486,341
Cash paid for acquisition 0 18,725
Issuance of common stock for acquisition 0 37,981
Noncash activities:    
Dividends declared not paid 1,333 1,332
Accounting Standards Update 2016-13 [Member]    
Noncash activities:    
Initial recoginition of ASU 2016-13 $ 8,266 $ 0
[1] See note 3 regarding adoption of ASC 326