XML 17 R8.htm IDEA: XBRL DOCUMENT v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 5,257,000 $ 3,987,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Provision for credit losses (1) [1] 598,000 1,137,000
Recovery of mortgage servicing rights 0 (56,000)
Depreciation 1,901,000 1,707,000
Net amortization of investment securities premiums and discounts 533,000 774,000
Amortization of mortgage servicing rights 886,000 1,118,000
Amortization of right-of-use assets 341,000 344,000
Amortization 815,000 562,000
Compensation expense related to restricted stock awards 289,000 270,000
ESOP compensation expense for allocated shares 178,000 257,000
Net gain on sale of loans (4,960,000) (11,453,000)
Originations of loans held-for-sale (161,384,000) (314,621,000)
Proceeds from sales of loans held-for-sale 152,213,000 334,946,000
Net gain on sale of real estate owned and other repossessed assets 0 (13,000)
Net gain on sale/disposal of premises and equipment (83,000) (1,000)
Net realized loss on sales of available-for-sale securities 222,000 6,000
Net appreciation in cash surrender value of life insurance (588,000) (457,000)
Net change in:    
Accrued interest and dividends receivable 90,000 (999,000)
Other assets (4,685,000) (373,000)
Accrued expenses and other liabilities (663,000) (437,000)
Net cash (used in) provided by operating activities (9,040,000) 16,698,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales 34,020,000 43,794,000
Maturities, principal payments and calls 20,265,000 15,201,000
Purchases (28,126,000) (77,073,000)
FHLB stock purchased (5,010,000) (10,000)
FRB stock purchased 0 (392,000)
Net cash received from acquisitions 0 13,397,000
Loan origination and principal collection, net (68,608,000) (129,737,000)
Proceeds from bank owned life insurance 765,000 0
Proceeds from sale of premises and equipment 979,000 5,000
Purchases of premises and equipment, net (6,590,000) (6,959,000)
Net cash used in investing activities (52,305,000) (141,774,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (decrease) increase in deposits (56,905,000) 85,324,000
Net short-term advances from FHLB and other borrowings 121,866,000 0
Advances on long-term FHLB and other borrowings 0 4,500,000
Payments on long-term FHLB and other borrowings 0 (5,000,000)
Proceeds from issuance of subordinated debentures 40,000,000
Repayment of senior debt 0 (10,000,000)
Payments for debt issuance costs (917,000)
Purchase of treasury stock (231,000) (2,370,000)
Dividends paid (2,202,000) (1,860,000)
Net cash provided by financing activities 62,528,000 109,677,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 1,183,000 (15,399,000)
CASH AND CASH EQUIVALENTS, beginning of period 21,811,000 61,434,000
CASH AND CASH EQUIVALENTS, end of period 22,994,000 46,035,000
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid during the period for interest 8,612,000 1,530,000
Cash paid during the period for income taxes 2,014,000 2,720,000
NONCASH INVESTING AND FINANCING ACTIVITIES:    
Increase (decrease) in fair value of securities available-for-sale 3,575,000 (30,642,000)
Mortgage servicing rights recognized 975,000 2,178,000
Right-of-use assets obtained in exchange for lease liabilities 3,000 59,000
Loans transferred to real estate and other assets acquired in foreclosure 0 328,000
Stock issued in connection with acquisition 0 28,351,000
Commitments to invest in Low-Income Housing Tax Credit projects 4,972,000 0
Retained earnings 93,462,000  
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]    
NONCASH INVESTING AND FINANCING ACTIVITIES:    
Retained earnings $ (1,616,000) $ 0
[1] Provision for credit losses for the three and six months ended June 30, 2023; provision for loan losses for the three and six months ended June 30, 2022.