XML 20 R8.htm IDEA: XBRL DOCUMENT v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows From Operating Activities    
Net income $ 4,276 $ 5,489
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 268 230
Accretion and amortization of investment securities premiums and discounts, net 291 612
(Decrease) increase in deferred loan origination fees and costs, net (123) 424
Amortization of core deposit intangible 210 151
Reversal of provision for credit losses (300) 0
Stock-based compensation 296 192
Loss (gain) on sales/calls of available-for-sale securities 42 (2)
Amortization of operating lease right-of-use asset 273 268
Gain on sales of loans held-for-sale 0 (18)
Proceeds from sales of loans held-for-sale 670 420
Originations of loans held-for-sale (670) (817)
Gain on bargain purchase 0 (1,405)
Changes in assets and liabilities:    
Decrease in interest receivable and other assets 1,658 2,755
Net decrease in interest payable and other liabilities (4,240) (3,263)
Net cash provided by operating activities 2,651 5,036
Cash Flows From Investing Activities    
Proceeds from calls or maturities of available-for-sale securities 16,240 8,750
Proceeds from sales of available-for-sale securities 971 7,201
Principal repayments on available-for-sale securities 16,810 17,317
Purchase of available-for-sale securities (22,512) (31,047)
Proceeds from maturities of certificates of deposit 2,465 980
Purchase of certificates of deposit (940) (1,727)
Net decrease (increase) in loans 5,592 (495)
Purchases of premises and equipment 0 (285)
Cash and cash equivalents acquired in acquisition 0 103,425
Net cash provided by investing activities 18,626 104,119
Cash Flows From Financing Activities    
Net increase (decrease) in deposits 16,428 (90,429)
Cash dividends paid in lieu of fractional shares (7) (7)
Repurchases and retirements of common stock 0 (26)
Net cash provided by (used in) financing activities 16,421 (90,462)
Net increase in Cash and Cash Equivalents 37,698 18,693
Cash and Cash Equivalents, beginning of period 149,211 187,417
Cash and Cash Equivalents, end of period 186,909 206,110
Cash paid during the period for:    
Interest 2,978 870
Income taxes 4,270 0
Supplemental disclosures of non-cash investing and financing activities:    
Stock dividend distributed 6,392 5,652
Unrealized holding (losses) gains on available for sale securities, net of taxes (1,461) 6,013
Market value of shares tendered in-lieu of cash to pay for exercise of options 93 81
Recognition of right-of-use assets obtained in exchange for operating lease liabilities 0 245
Non-cash assets acquired (liabilities assumed) in acquisition:    
Total assets acquired 0 12,612
Total liabilities assumed $ 0 $ (115,916)