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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net income (loss) $ 5,726 $ (1,553)
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 40 293
Depreciation 498 228
Amortization of intangible assets 1,207 61
Accretion of discounts, net (3,268) (282)
Origination of loans to be sold (201)  
Proceeds from loan sales 251  
Gain on sale of loans (50) 0
Share-based and deferred compensation 402 174
Bank-owned life insurance income (383) (140)
Loss on sale of debt securities, available for sale   2,370
Change in accrued interest receivable and other assets (2,046) (83)
Change in accrued interest payable and other liabilities (2,863) (1,662)
Other, net (84)  
Net cash used in operating activities (771) (594)
Investment securities available for sale:    
Proceeds from sales 0 1,847
Proceeds from calls and maturities 295  
Proceeds from principal repayments 2,357 1,808
Purchases (22,622) (9,756)
Investment securities held to maturity    
Proceeds from principal repayments 133 613
Purchases   (11,289)
Proceeds from redemptions of certificates of deposit with other banks   4,878
Purchase of restricted investment in bank stocks (6,440) (2,264)
Redemption of restricted investment in bank stocks 6,119 1,507
Decrease (increase) in loans, net 213 (16,827)
Purchase of bank-owned life insurance   (5,000)
Cash paid to buy-out minority interest (483)  
Purchase of premises and equipment (452)  
Net cash used in investing activities (20,880) (34,483)
FINANCING ACTIVITIES    
Increase in deposits, net 86,524 37,726
Change in short-term borrowings, net (10,000) 10,312
Proceeds from long-term borrowings 40,000  
Issuance of shares from exercise of stock options 11  
Dividends paid (2,845) (1,217)
Net proceeds from issuance of common stock 54 9,980
Net cash provided by financing activities 113,744 56,801
Increase in cash and cash equivalents 92,093 21,724
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 80,190 30,011
CASH AND CASH EQUIVALENTS AT END OF PERIOD 172,283 51,735
SUPPLEMENTAL CASH FLOW DISCLOSURES    
Interest $ 12,844 $ 4,773