XML 18 R8.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
OPERATING ACTIVITIES    
Net income (loss) $ (499) $ 3,239
Adjustments to reconcile net income to net cash used for operating activities:    
Provision for loan losses 548 138
Depreciation 376 180
Amortization of intangible assets 320 51
Amortization of premiums and discounts on investment securities, net 1,170 609
Origination of loans to be sold (12,079) (22,111)
Proceeds from loan sales 13,192 22,407
Gain on sale of loans (316) (296)
Bank-owned life insurance income (176) (137)
Gain on sale of debt securities, available for sale 0 (110)
Change in accrued interest receivable and other assets 457 (702)
Change in accrued interest payable and other liabilities 2,424 (429)
Net cash provided by operating activities 5,417 2,839
Investment securities available for sale:    
Proceeds from sales 0 5,706
Proceeds from calls and maturities 1,380 11,399
Proceeds from principal repayments 16,332 9,509
Purchases (14,192) (70,419)
Purchase of certificates of deposit with other banks (249) (498)
Proceeds from redemptions of certificates of deposit with other banks 4,223 2,241
Purchase of restricted investment in bank stocks (500) (803)
Redemption of restricted investment in bank stocks 221 149
(Increase) Decrease in loans, net (16,708) 6,952
Purchase of bank-owned life insurance 0 (2,000)
Payment of death benefit under bank-owned life insurance 218 0
Purchase of premises and equipment (111) (109)
Net cash acquired through merger and acquisition 39,885 0
Net cash provided by (used for) investing activities 30,499 (37,873)
FINANCING ACTIVITIES    
Increase in deposits, net 36,311 50,930
Repayments of long-term borrowings (1,120) (1,225)
Dividends paid (725) (779)
Net cash provided by financing activities 34,466 48,926
Increase in cash and cash equivalents 70,382 13,892
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 33,162 27,708
CASH AND CASH EQUIVALENTS AT END OF PERIOD 103,544 41,600
SUPPLEMENTAL CASH FLOW DISCLOSURES    
Interest 1,614 2,206
Income taxes 560 545
Non-cash assets acquired:    
Securities available for sale 3,111 0
Loans 415,905 0
Investments in restricted bank stock 1,039 0
Premises and equipment 2,087 0
Right-to-Use Asset 4,384 0
Bank-owned life insurance 4,784 0
Goodwill and other intangible assets 34,425 0
Deferred tax assets 3,591 0
Accrued interest receivable and other assets 3,868 0
Liabilities assumed:    
Deposits 391,160 0
Other borrowings 33,034 0
Subordinated debt 20,740 0
Operating lease liabilities 4,384 0
Accrued interest payable and other liabilities 2,026 0
Net equity acquired 61,396 0
Cash and cash equivalents acquired $ 49,962 $ 0