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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities    
Net income $ 5,524 $ 5,999
Adjustments to reconcile net income to net cash used in operating activities:    
Net amortization of investment securities 27 145
Stock dividends received on correspondent bank stock (19) (23)
Provision for loan losses 210  
Net gain on mortgage loans (2,494) (5,196)
Origination of mortgage loans held for sale (148,647) (490,783)
Proceeds from mortgage loans 147,618 482,058
Depreciation and amortization 626 284
Deferred income tax benefits, net of valuation allowance 14 30
Increase in cash surrender value of company-owned life insurance (86) (88)
Stock-based compensation 727 613
Net changes in operating assets and liabilities:    
Change in accounts receivable 288 172
Change in accrued interest receivable and other assets (1,591) (2,473)
Change in accrued interest payable and other liabilities (3,183) (1,829)
Net cash used in operating activities (986) (11,091)
Activity in available-for-sale securities:    
Maturities, prepayments, and calls 3,218 5,673
Purchases (9,000)  
Purchases of correspondent bank stock   (1)
Redemption of correspondent bank stock 986  
Contributions to low-income housing tax credit investments (214)  
Loan and note receivable originations and principal collections, net 30,800 (10,406)
Purchases of premises and equipment (45) (725)
Purchases of loans (6,380)  
Proceeds from sale of other real estate owned   194
Net cash provided by/(used in) investing activities 19,365 (5,265)
Cash flows from financing activities    
Net change in deposits 66,438 187,915
Payments to Federal Reserve borrowings (11,053) (28,513)
Proceeds from Federal Reserve borrowings   76,991
Payments on subordinated notes (6,575)  
Proceeds from subordinated notes, net of issuance costs   (56)
Proceeds from the exercise of stock options 58  
Settlement of restricted stock (131) (34)
Net cash provided by financing activities 48,737 236,303
Net change in cash and cash equivalents 67,116 219,947
Cash and cash equivalents, beginning of year 386,983 155,989
Cash and cash equivalents, end of period 454,099 375,936
Supplemental cash flow information:    
Interest paid on deposits and borrowed funds 1,424 1,287
Cash paid for lease liabilities 1,462 1,300
Supplemental noncash disclosures:    
Change in unrealized loss on available-for-sale securities $ (2,591) $ (148)