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Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating Activities    
Net income $ 1,908,000 $ 1,579,000
Items not requiring (providing) cash    
Depreciation and amortization 287,000 289,000
Amortization of intangible asset 37,000 37,000
Amortization of premiums and discounts on securities-net 94,000 326,000
Provision (Credit) for loan losses (205,000) 563,000
Gain on sale foreclosed assets held for sale (72,000) 0
Gain on sale of loans (75,000) (6,000)
Expense related to share based compensation programs 103,000 74,000
Increase in value of bank-owned life insurance (117,000) (135,000)
Gain on sale of available-for-sale securities 0 (69,000)
Originations of loans held for sale (4,112,000) (226,000)
Proceeds from sale of loans held for sale 4,187,000 232,000
Expense related to share-based compensation plans and ESOP 0 78,000
Amortization of debt instrument costs 15,000 15,000
Net change in accrued interest receivable and other assets 293,000 (313,000)
Net change in accrued expenses and other liabilities (941,000) (493,000)
Net cash provided by operating activities 1,402,000 1,951,000
Securities available for sale:    
Purchases of available-for-sale securities 0 (19,647,000)
Proceeds from calls/redemptions of available-for-sale securities 8,914,000 6,073,000
Proceeds from sale of available-for-sale securities 0 8,070,000
Net change in loans (6,629,000) (6,868,000)
(Purchase) redemption of FHLB Stock 80,000 (440,000)
Proceeds from sales of foreclosed assets held for sale 385,000 0
Purchases of premises and equipment (208,000) (1,037,000)
Net cash used provided by (used in) investing activities 2,542,000 (13,849,000)
Financing Activities    
Net change in deposits 28,487,000 7,449,000
Net change in securities sold under repurchase agreements 14,475,000 7,672,000
Net change in Federal Home Loan Bank advances 0 11,200,000
Repurchase of common stock 0 (526,000)
Cash dividends paid (1,447,000) (840,000)
Net cash provided by financing activities 41,515,000 24,955,000
Increase in Cash and Cash Equivalents 45,459,000 13,057,000
Cash and Cash Equivalents, Beginning of Period 51,592,000 14,985,000
Cash and Cash Equivalents, End of Period 97,051,000 28,042,000
Supplemental Cash Flows Information    
Interest paid on deposits and borrowings $ 450,000 $ 1,706,000