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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income $ 5,226 $ 7,534
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:    
Provision for (reversal of) credit losses 145 (338)
Depreciation and amortization of premises and equipment 367 334
Amortization of net premiums on securities 35 72
Amortization of servicing assets 888 961
Accretion of net discounts on loans (641) (984)
Amortization of low income housing partnerships 517 361
Stock-based compensation, net 319 324
Deferred income taxes 54 1,698
Gain on sale of loans (1,703) (2,570)
Earnings on company owned life insurance (166) (149)
Net change in fair value of equity investment with readily determinable fair value 36 (54)
Origination of loans held for sale (40,017) (9,666)
Proceeds from sales of loans held for sale 26,888 47,937
Net change in:    
Accrued interest receivable (111) (122)
Other assets 8,000 443
Accrued interest payable (358) 2,980
Other liabilities (2,633) (3,715)
Net cash from operating activities (3,154) 45,046
Cash flows from investing activities    
Net change in loans receivable (38,510) (1,080)
Proceeds from matured, called, or paid-down securities available for sale 5,142 5,721
Purchase of loans 0 (12,142)
Purchase of available-for-sale debt securities 0 (5,647)
Purchase of equity investments (24) (20)
Purchase of premises and equipment, net (90) (581)
Investments in low-income housing partnerships (1,042) (113)
Net cash from investing activities (34,524) (13,862)
Cash flows from financing activities    
Net change in deposits 87,853 19,047
Cash received from stock option exercises 160 720
Proceeds from Federal Home Loan Bank advances 0 50,000
Repurchase of common stock (483) (571)
Cash dividend paid on common stock (1,801) (1,832)
Payments related to tax-withholding for vested restricted stock awards (21) (11)
Net cash from financing activities 85,708 67,353
Net change in cash and cash equivalents 48,030 98,537
Cash and cash equivalents at beginning of period 91,216 82,972
Cash and cash equivalents at end of period 139,246 181,509
Cash paid during the period for:    
Interest 17,292 7,722
Supplemental noncash disclosure:    
Initial recognition of right-of-use assets 871 849
Transfer of loan to other real estate owned $ 1,237 $ 0