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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income (loss) $ 2,835 $ (2,753)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Loan loss (recapture) provision (429) 81
Depreciation 573 345
Net change in amortization of deferred loan origination costs (376) 964
Net amortization of premiums on available-for-sale securities 192 231
Amortization of investment in affordable housing limited partnership 0 26
Amortization of purchase accounting marks on loans (990) 0
Amortization of core deposit intangible 217 131
Accretion of premium on FHLB advances (20) (7)
Valuation allowance on deferred tax asset 0 370
ESOP compensation expense 45 47
Change in deferred taxes on goodwill 138 0
Earnings on bank owned life insurance (21) (21)
Change in assets and liabilities:    
Net change in deferred taxes 1,071 (1,210)
Net change in accrued interest receivable 678 267
Net change in other assets (1,039) (1,118)
Net change in accrued expenses and other liabilities (3,375) (137)
Net cash used in operating activities (359) (2,570)
Cash flows from investing activities:    
Cash acquired in merger 0 84,745
Net change in loans receivable held for investment 3,440 (29,749)
Principal payments on available-for-sale securities 9,231 6,547
Purchase of available-for-sale securities (104,657) (4,073)
Purchase of FHLB stock (328) (152)
Proceeds from redemption of FHLB stock 1,431 1,055
Purchase of office properties and equipment (583) (56)
Proceeds from disposals of office properties and equipment 0 45
Net cash (used in) provided by investing activities (91,466) 58,362
Cash flows from financing activities:    
Net change in deposits 28,125 35,690
Net increase in securities sold under agreements to repurchase 15,332 10,613
Proceeds from sale of stock (net of costs) 0 30,837
Proceeds from issuance of preferred stock 150,000 0
Dividends paid on preferred stock (15) 0
Distributions to non-controlling interest 0 (165)
Proceeds from FHLB advances 0 5,000
Repayments of FHLB advances (53,000) (22,535)
Stock cancelled for income tax withholding 0 (448)
Repayments of junior subordinated debentures 0 (510)
Net cash provided by financing activities 140,442 58,482
Net change in cash and cash equivalents 48,617 114,274
Cash and cash equivalents at beginning of the period 231,520 96,109
Cash and cash equivalents at end of the period 280,137 210,383
Supplemental disclosures of cash flow information:    
Cash paid for interest 1,378 1,803
Cash paid for income taxes 0 429
Assets acquired (liabilities assumed) in acquisition:    
Securities available-for-sale, at fair value 0 149,975
Loans receivable 0 225,885
Accrued interest receivable 0 1,637
FHLB and FRB stock 0 1,061
Office property and equipment 0 6,953
Goodwill 0 25,966
Core deposit intangible 0 3,329
Other assets 0 2,290
Deposits 0 (353,722)
FHLB advances 0 (3,166)
Securities sold under agreements to repurchase 0 (59,945)
Other borrowings 0 (14,000)
Deferred taxes 0 (717)
Accrued expenses and other liabilities 0 (4,063)
Preferred Stock [Member]    
Assets acquired (liabilities assumed) in acquisition:    
Issuance of stock 0 (3,000)
Common Stock [Member]    
Assets acquired (liabilities assumed) in acquisition:    
Issuance of stock 0 (63,257)
Directors [Member]    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation expense 84 45
Employees, Excluding Directors [Member]    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Stock-based compensation expense $ 58 $ 169