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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows From Operating Activities    
Net income $ 5,489 $ 3,041
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 230 192
Accretion and amortization of investment securities premiums and discounts, net 612 1,292
Valuation adjustment on mortgage servicing rights 0 (276)
Increase (decrease) in deferred loan origination fees and costs, net 424 (801)
Amortization of core deposit intangible 151 0
Provision for credit losses 0 300
Stock-based compensation 192 164
Gain on sales/calls of available-for-sale securities (2) 0
Amortization of operating lease right-of-use asset 268 279
Gain on sales of loans held-for-sale (18) (68)
Proceeds from sales of loans held-for-sale 420 6,499
Originations of loans held-for-sale (817) (5,718)
Gain on bargain purchase (1,405) 0
Changes in assets and liabilities:    
Decrease in interest receivable and other assets 2,755 129
Net decrease in interest payable and other liabilities (3,263) (3,038)
Net cash provided by operating activities 5,036 1,995
Cash Flows From Investing Activities    
Proceeds from calls or maturities of available-for-sale securities 8,750 5,590
Proceeds from sales of available-for-sale securities 7,201 0
Principal repayments on available-for-sale securities 17,317 27,822
Purchase of available-for-sale securities (31,047) (75,663)
Proceeds from maturities of certificates of deposit 980 2,453
Purchase of certificates of deposit (1,727) (248)
Net increase in loans (495) (20,787)
Purchases of premises and equipment (285) (12)
Cash and cash equivalents acquired in acquisition 103,425 0
Net cash provided by (used in) investing activities 104,119 (60,845)
Cash Flows From Financing Activities    
Net decrease in deposits (90,429) (12,306)
Cash dividends paid in lieu of fractional shares (7) (8)
Repurchases and retirements of common stock (26) (15)
Net cash provided by (used in) financing activities (90,462) (12,329)
Net increase (decrease) in Cash and Cash Equivalents 18,693 (71,179)
Cash and Cash Equivalents, beginning of period 187,417 345,929
Cash and Cash Equivalents, end of period 206,110 274,750
Cash paid during the period for:    
Interest 870 192
Supplemental disclosures of non-cash investing and financing activities:    
Stock dividend distributed 5,652 6,992
Unrealized holding gains (losses) on available for sale securities, net of taxes 6,013 (19,963)
Market value of shares tendered in-lieu of cash to pay for exercise of options 81 65
Recognition of right-of-use assets obtained in exchange for operating lease liabilities 245 707
Non-cash assets acquired (liabilities assumed) in acquisition:    
Total assets acquired 12,612 0
Total liabilities assumed $ (115,916) $ 0