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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income $ 2,515 $ 3,820
Adjustments to reconcile net income to net cash from operating activities:    
Net amortization of investment securities (17) 2
Stock dividends received on correspondent bank stock (95) (173)
Provision (release) for credit losses 72 (310)
Net gain (loss) on loans held for sale (117) 178
Net gain on mortgage loans (1,264) (1,019)
Origination of mortgage loans held for sale (58,748) (54,073)
Proceeds from mortgage loans 56,247 54,120
Depreciation and amortization 625 582
Net amortization of purchase accounting adjustments 162 142
Deferred income tax expense 1,612 310
Increase in cash surrender value of company-owned life insurance (105) (90)
Stock-based compensation 209 592
Change in fair value of equity securities 6 (10)
Change in fair value of loans accounted for under the fair value option 302 543
Change in fair value of loans held for sale 0 (466)
Net changes in operating assets and liabilities:    
Change in accounts receivable 205 164
Change in accrued interest receivable and other assets (1,683) (565)
Change in accrued interest payable and other liabilities (2,265) (2,772)
Net cash (used in) provided by operating activities (2,339) 975
Activity in held-to-maturity securities:    
Maturities, prepayments, and calls 1,908 1,510
Purchases of correspondent bank stock (296) (16,324)
Redemption of correspondent bank stock 3,085 10,385
Contributions to low-income housing tax credit investments (265) 0
Loan and note receivable originations and principal collections, net 52,260 (37,897)
Purchases of premises and equipment (181) (795)
Proceeds from loans held for sale previously classified as loans held for investment 2,950 40,602
Purchases of loans 0 (1,162)
Net cash provided by (used in) investing activities 59,461 (3,681)
Cash flows from financing activities    
Net change in deposits 2,931 (13,302)
Payments to Federal Home Loan Bank borrowings (41,175) (650,401)
Proceeds from Federal Home Loan Bank borrowings 56,314 578,902
Payments to Federal Reserve borrowings (81,366) (105,494)
Proceeds from Federal Reserve borrowings 10,000 291,492
Proceeds from the exercise of stock options 0 115
Cash paid for withholding taxes on share-based awards (379) (51)
Net cash (used in) provided by financing activities (53,675) 101,261
Net change in cash and cash equivalents 3,447 98,555
Cash and cash equivalents, beginning of year 254,442 196,512
Cash and cash equivalents, end of period 257,889 295,067
Supplemental cash flow information:    
Interest paid on deposits and borrowed funds 23,706 14,491
Income tax refund (122) (12)
Cash paid for lease liabilities 802 816
Supplemental noncash disclosures:    
Transfer of loans held for investment to loans held for sale 2,729 39,221
CECL adoption 0 5,319
RSI dissolution 0 751
Lease right-of-use-asset obtained in exchange for lease liabilities $ 10,910 $ 0