XML 32 R6.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 10,302 $ 7,793 $ 8,236
Adjustments to reconcile net income to cash provided by operating activities:      
Provision for loan losses 2,699 (1,216) (649)
Depreciation 1,108 1,129 1,078
Amortization of premiums, net 221 3 16
Amortization of deferred loan fees (977) (91) (260)
Amortization of core deposit intangible 1,400 900 700
Amortization of purchased asset fair value adjustments (29) (41) (70)
Amortization of mortgage servicing rights 1,318 780 551
Capitalized mortgage servicing rights (2,189) (1,097) (682)
Deferred income tax (credit) expense (802) 496 1,084
Losses (gains) recognized on equity securities, net 19 (46) 36
(Gains) losses on sale of premises (5) 24 11
Gains on sale of real estate owned, net (129) 0 (80)
Gain on sales of loans [1] (9,531) (2,941) (2,095)
Proceeds from sales of loans held for sale 268,019 124,858 88,649
Disbursements on loans held for sale (254,484) (115,861) (76,489)
Amortization of restricted stock awards 238 187 134
Amortization of unearned ESOP shares 193 193 194
Earned ESOP shares priced above original cost 145 230 206
Stock compensation expense 0 1 17
(Increase) decrease in accrued interest receivable (851) 105 (12)
(Decrease) increase in accrued interest payable (280) 74 200
Decrease (increase) in other assets 1,175 693 (1,343)
Increase (decrease) in other liabilities 670 (199) (1,024)
Other, net 13 28 2
Net cash provided by operating activities 16,942 15,201 17,809
Cash flows from investing activities:      
Principal collected on securities available for sale 17,046 2,867 1,914
Proceeds collected on maturity of securities available for sale 41,240 25,400 310
Purchases of securities available for sale (97,294) (54,427) (4,888)
Purchase of Federal Home Loan Bank stock (79) (1,040) (322)
Redemption of Federal Home Loan Bank stock 0 1,053 272
Proceeds from sales of real estate 434 0 367
Net increase in loans receivable (55,106) (14,765) (11,483)
Proceeds from sale of premises 12 195 0
Purchases of premises and equipment (734) (2,232) (2,497)
Net cash used by investing activities (94,481) (42,949) (16,327)
Cash flows from financing activities:      
Increase (decrease) in deposits 121,334 50,518 (12,249)
Treasury stock purchased (1,450) 0 0
Warrants purchased 0 0 (6,453)
Stock awards withheld for tax withholding (60) (45) 0
Excess tax benefit from options exercised 0 0 64
Proceeds from borrowings 2 26,001 6,801
Repayment of borrowings (2) (26,001) (6,801)
(Decrease) increase in customer escrows (415) 965 301
Net cash provided (used) by financing activities 119,409 51,438 (18,337)
Increase (decrease) in cash and cash equivalents 41,870 23,690 (16,855)
Cash and cash equivalents, beginning of year 44,399 20,709 37,564
Cash and cash equivalents, end of year 86,269 44,399 20,709
Supplemental cash flow disclosures:      
Cash paid for interest 3,131 3,265 2,034
Cash paid for income taxes 3,617 2,911 4,264
Supplemental noncash flow disclosures:      
Loans transferred to loans held for sale 6,815 6,253 11,642
Transfer of loans to real estate owned, net 362 166 74
Right to use assets and lease obligations 0 4,505 0
Core Deposits [Member]      
Adjustments to reconcile net income to cash provided by operating activities:      
Amortization of core deposit intangible $ 99 $ 99 $ 99
[1] Not within the scope of ASC 606.