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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net earnings $ 5,790 $ 6,719
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Provision for credit losses 300 299
Valuation allowance on real estate owned 1,081
Amortization of investment security premiums, net 51 171
Accretion of purchase accounting adjustments (483) (439)
Amortization of mortgage servicing rights and other intangibles 668 933
Depreciation 647 617
Increase in cash surrender value of bank owned life insurance [1] (493) (441)
Stock-based compensation 261 150
Deferred income taxes (377) 384
Net loss on sales of premises and equipment and foreclosed assets 9
Net gains on sales of loans [1] (1,160) (1,523)
Proceeds from sales of loans 43,443 44,686
Origination of loans held for sale (44,109) (44,815)
Changes in assets and liabilities:    
Accrued interest and other assets 836 170
Accrued expenses, taxes, and other liabilities 762 (1,675)
Net cash provided by operating activities 7,226 5,236
Cash flows from investing activities:    
Net increase in loans (31,295) (42,786)
Net change in interest-bearing deposits at banks 37 738
Maturities and prepayments of investment securities 32,058 26,110
Purchases of investment securities (2,658) (18,172)
Redemption of bank stocks 8,390 4,008
Purchase of bank stocks (9,914) (7,983)
Proceeds from sales of premises and equipment and foreclosed assets 491
Purchases of premises and equipment, net (1,924) (317)
Net cash used in investing activities (4,815) (38,402)
Cash flows from financing activities:    
Net decrease in deposits (65,769) (19,689)
Federal Home Loan Bank advance borrowings 430,305 392,214
Federal Home Loan Bank advance repayments (362,972) (324,229)
Proceeds from other borrowings 360
Repayments on other borrowings (1,025) (666)
Change in repurchase agreements (3,969) (15,443)
Proceeds from exercise of stock options 52
Payment of dividends (2,298) (2,191)
Purchase of treasury stock (255)
Net cash (used in) provided by financing activities (5,623) 30,048
Net (decrease) increase in cash and cash equivalents (3,212) (3,118)
Cash and cash equivalents at beginning of period 27,101 23,156
Cash and cash equivalents at end of period 23,889 20,038
Supplemental disclosure of cash flow information:    
Cash paid for interest 13,953 7,849
Cash paid for operating leases $ 86 $ 85
[1] Not within the scope of ASC 606.