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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ (3,715) $ 219
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Investment securities amortization, net 119 236
Federal Home Loan Bank stock dividends (62) (49)
Amortization of prepayment penalties on debt restructuring 135 135
Provision for credit losses 531  
Increase in cash surrender value of bank-owned life insurance (344) (300)
Loss on sales of investment securities 5,507  
Gain on disposals and sales of premises and equipment (6)  
Stock-based compensation 608 572
Depreciation of premises and equipment 306 301
Net write-downs and losses on the sale of foreclosed assets 57 62
Deferred income tax expense (benefit) (1,039) (74)
(Increase) decrease in other assets (215) (395)
Increase (decrease) in other liabilities 654 371
Net cash provided by operating activities 2,536 1,078
Activity in available-for-sale securities:    
Proceeds from maturities, calls, and paydowns 3,845 6,259
Proceeds from sales 42,525  
Purchases (7,873)  
Net (increase) decrease in loans (21,515) (2,019)
Proceeds from sale of foreclosed assets 114 259
Purchases of premises and equipment (375) (158)
Proceeds from sale of premises and equipment 12  
Net cash provided by investing activities 16,733 4,341
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 1,814 126
Net advances from the Federal Reserve Bank of Atlanta 10,000  
Purchase of stock to fund the 2022 Recognition and Retention Plan   (415)
Repurchase of common stock (4,341) (5,336)
Net cash provided by (used in) financing activities 7,473 (5,625)
NET CHANGE IN CASH AND CASH EQUIVALENTS 26,742 (206)
CASH AND CASH EQUIVALENTS, beginning of period 19,011 13,472
CASH AND CASH EQUIVALENTS, end of period 45,753 13,266
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING ACTIVITIES    
Acquisition of real estate in settlement of loans 284 37
SUPPLEMENTAL SCHEDULE OF INTEREST AND TAXES PAID    
Cash paid for interest 2,547 $ 916
Cash paid for income taxes $ 200