XML 33 R9.htm IDEA: XBRL DOCUMENT v3.20.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 873 $ 2,207
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 338 333
Amortization and accretion of premiums and discounts on investments, net 477 458
(Accretion) amortization of deferred loan fees, net (436) 167
Amortization of mortgage servicing rights, net 82 66
Additions to mortgage servicing rights, net (54) (20)
Net increase (decrease) on the valuation allowance on mortgage servicing rights 0 (3)
Provision for loan losses 1,266 335
Allocation of ESOP shares 203 207
Share-based compensation 304 283
Gain on sale of loans, net (383) (87)
Gain on sale of securities available for sale, net (605) 0
Increase in cash surrender value of life insurance, net (328) (143)
Origination of loans held for sale (20,027) (4,420)
Proceeds from loans held for sale 16,382 3,538
Change in assets and liabilities:    
Increase in accrued interest receivable (193) (66)
Increase in prepaid expenses and other assets (382) (3,916)
Decrease in accrued interest payable (179) (242)
Increase in accrued expenses and other liabilities 833 6,949
Net cash from operating activities (1,829) 5,646
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of securities available for sale (66,372) 0
Proceeds from maturities, calls, and principal repayments of securities available for sale 15,984 6,108
Proceeds from sales of securities available for sale 40,073 0
Proceeds from maturities, calls, and principal repayments of securities held to maturity 0 434
(Purchase) redemption of FHLB stock (1,547) 0
Net increase in loans receivable (21,943) (19,845)
Purchase of premises and equipment, net (227) (33)
Net cash from investing activities (34,032) (13,336)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 62,260 12,495
Net increase (decrease) in advances from the FHLB 37,091 (1,378)
Net (decrease) increase in advances from borrowers for taxes and insurance (702) 1,064
Dividends paid (533) (331)
Repurchase of common stock (3,830) (2,826)
Net cash from financing activities 94,286 9,024
NET INCREASE IN CASH AND CASH EQUIVALENTS 58,425 1,334
CASH AND CASH EQUIVALENTS, beginning of period 48,739 26,323
CASH AND CASH EQUIVALENTS, end of period 107,164 27,657
Cash paid during the year for:    
Interest on deposits and borrowings 2,751 3,156
NONCASH INVESTING ACTIVITIES    
Unrealized (loss) gain on securities available for sale (8,502) 2,030
Loans transferred to real estate owned and repossessed assets, net of deferred loan fees and allowance for loan losses $ 396 $ 74