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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net income $ 3,591 $ 5,326
Adjustments to reconcile net income to net cash from operating activities:    
Net amortization of investment securities (64) (12)
Stock dividends received on correspondent bank stock (200) (318)
Provision for credit losses 2,406 1,533
Net gain (loss) on loans held for sale (117) 178
Net gain on mortgage loans (3,084) (1,793)
Origination of mortgage loans held for sale (172,258) (151,189)
Proceeds from mortgage loans 155,046 142,196
Depreciation and amortization 1,256 1,164
Net amortization of purchase accounting adjustments 68 285
Deferred income tax expense (1,207) (330)
Increase in cash surrender value of company-owned life insurance (211) (181)
Stock-based compensation 631 891
Change in fair value of equity securities 8 1
Change in fair value of loans accounted for under the fair value option 617 1,667
Change in fair value of loans held for sale 0 (551)
Net changes in operating assets and liabilities:    
Change in accounts receivable 143 (89)
Change in accrued interest receivable and other assets 1,615 233
Change in accrued interest payable and other liabilities (2,069) (3,640)
Net cash used in operating activities (13,829) (4,629)
Activity in held-to-maturity securities:    
Maturities, prepayments, and calls 3,937 3,701
Purchases (8,532) 0
Purchases of correspondent bank stock (6,534) (26,082)
Redemption of correspondent bank stock 3,085 19,992
Loan and note receivable originations and principal collections, net 63,813 (65,652)
Purchases of premises and equipment (546) (1,425)
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 58,173 (30,026)
Cash flows from financing activities    
Net change in deposits (118,147) (29,835)
Payments to Federal Home Loan Bank borrowings (226,200) (881,776)
Proceeds from Federal Home Loan Bank borrowings 313,737 977,645
Payments to Federal Reserve borrowings (81,743) (221,689)
Proceeds from Federal Reserve borrowings 60,000 291,534
Proceeds from the exercise of stock options 0 115
Cash paid for withholding taxes on share-based awards (634) (283)
Net cash (used in) provided by financing activities (52,987) 135,711
Net change in cash and cash equivalents (8,643) 101,056
Cash and cash equivalents, beginning of year 254,442 196,512
Cash and cash equivalents, end of period 245,799 297,568
Supplemental cash flow information:    
Interest paid on deposits and borrowed funds 46,154 32,413
Income tax payment 93 2,170
Cash paid for lease liabilities 1,417 1,592
Supplemental noncash disclosures:    
Transfer of loans held for investment to loans held for sale 0 39,221
CECL adoption 0 5,319
RSI dissolution 0 751
Lease right-of-use-asset obtained in exchange for lease liabilities 10,910 1,704
Real Estate Owned, Transfer to Real Estate Owned $ 7,765 $ 0