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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) income $ 1,541 $ (1,726)
Adjustments to reconcile net (loss) income to net cash provided by operating activities    
Depreciation and amortization 754 419
Stock dividends on other investments (263) (32)
Amortization of premiums and discounts on securities, net 118 200
Amortization of equity awards 187 105
Originations of loans held for sale (1,866) (924)
Gain on sale of loans (27) (83)
Proceeds from sale of loans 3,088 1,007
Loss on sale other real estate owned 432
Provision for credit losses 3,866 3,280
Net appreciation on bank-owned life insurance (207) (183)
Deferred income tax (benefit) expense (995) 1
Preliminary bargain purchase gain from CBOA Financial, Inc. merger (5,018)
Accretion of discount on loans (2,602)
Core deposit intangible amortization 926
Amortization of discount on time deposits 173
Amortization of discount on subordinated debt 40
Changes in operating assets and liabilities:    
Accrued interest receivable 556 16
Prepaid and other assets 300 695
Accrued interest and other liabilities 1,054 1,519
Other, net 291
Net cash provided by operating activities 2,348 4,304
CASH FLOWS FROM INVESTING ACTIVITIES    
CBOA Financial, Inc. merger, cash acquired 30,927
Proceeds from calls, sales, maturities, or principal payments on available-for-sale securities 59,933 4,136
Purchases of available-for-sale securities (4,953)
Net (purchase) redemptions of other investments (1,606)
Net change in loans held for investment 67,003 (17,173)
Proceeds from sale of other real estate owned 2,568
Purchases of premises and equipment (242) (100)
Net cash provided by (used in) investing activities 155,236 (14,743)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in deposits (21,721) (19,146)
Proceeds from Federal Home Loan Bank advances and other borrowings 1,663 242,398
Repayments of Federal Home Loan Bank advances and other borrowings (38,623) (229,398)
Common stock repurchases (210)
Common stock issuance, net 10,866
Preferred stock issuance, net 4,176
Payment of dividends (656)
Net cash (used in) provided by financing activities (58,681) 8,030
NET CHANGE IN CASH AND CASH EQUIVALENTS 98,903 (2,409)
CASH AND CASH EQUIVALENTS, beginning of period 28,897 16,947
CASH AND CASH EQUIVALENTS, end of period 127,800 14,538
SUPPLEMENTAL DISCLOSURES    
Interest paid on deposits and borrowings 14,110 8,867
Income taxes paid (refunds received) 7 124
Right-of-use assets obtained in exchange for new operating lease liabilities $ 156