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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Cash Flows from Operating Activities      
Net income $ 2,174 $ 4,531  
Adjustments to reconcile net income to net cash provided by operating activities:      
(Recovery of) provision for credit losses (10) 2  
Depreciation of premises and equipment 210 163  
Amortization of premiums and accretion of discounts, net 259 253  
Gain on sale of securities available for sale, net 0 (12)  
Loss on disposal of repossessed assets 0 5  
Increase in cash value of bank-owned life insurance (258) (239)  
Origination of mortgage loans held for sale (1,023) (1,239)  
Proceeds from sale of mortgage loans held for sale 1,453 1,255  
Gain on sale of mortgage loans held for sale (24) (16)  
Equity based compensation expense 32 0  
Net change in:      
Accrued interest receivable (165) (6)  
Other assets 44 200  
Accrued interest payable 1,098 208  
Other liabilities 50 (772)  
Net cash provided by operating activities 3,840 4,333  
Cash Flows from Investing Activities      
Proceeds from calls, principal payments, sales and maturities of securities available for sale 4,149 20,411  
Net change in restricted stock 16 12  
Purchase of loan participations (5,609) (2,280)  
Collection of loan participations 610 3,126  
Loan originations and principal collections, net (2,012) (5,166)  
Proceeds from sale of repossessed assets 0 9  
Recoveries on loans charged off 65 173  
Purchases of premises and equipment (315) (223)  
Net cash (used in) provided by investing activities (3,096) 16,062  
Cash Flows from Financing Activities      
Net change in time deposits 16,661 57,942  
Net change in other deposits 17,175 (89,215)  
Cash dividends paid 0 (5,890)  
Net cash provided by (used in) financing activities 33,836 (37,163)  
Net change in cash and cash equivalents 34,580 (16,768)  
Cash and cash equivalents at beginning of period 86,603 71,429 $ 71,429
Cash and cash equivalents at end of period 121,183 54,661 86,603
Supplemental Disclosures of Cash Flow Information      
Interest paid on deposits and borrowings 6,678 2,890  
Income taxes paid 260 1,015  
Supplemental Disclosure of Noncash Activities      
Loans charged against the allowance for credit losses 109 92 $ 478
Loans transferred to repossessed assets 0 7  
Unrealized holding (loss) gain on securities available for sale $ (4,225) $ 14,847