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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income $ 3,820 $ 5,524
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Net amortization of investment securities 2 27
Stock dividends received on correspondent bank stock (173) (19)
(Release) provision for credit losses (310) 210
Net loss on loans held for sale 178 0
Net gain on mortgage loans (1,019) (2,303)
Origination of mortgage loans held for sale (54,073) (191,081)
Proceeds from mortgage loans 54,120 190,528
Depreciation and amortization 582 549
Net (accretion)/amortization of purchase accounting adjustments 142 (452)
Deferred income tax expense 310 14
Increase in cash surrender value of company-owned life insurance (90) (86)
Stock-based compensation 592 727
Change in fair value of equity securities (10) 32
Change in fair value of loans accounted for under the fair value option 543 0
Change in fair value of loans held for sale (466) (667)
Net changes in operating assets and liabilities:    
Change in accounts receivable 164 288
Change in accrued interest receivable and other assets (565) (1,623)
Change in accrued interest payable and other liabilities (2,772) (3,183)
Net cash provided by/(used in) operating activities 975 (1,515)
Activity in available-for-sale securities:    
Maturities, prepayments, and calls 0 3,218
Purchases 0 (9,000)
Activity in held-to-maturity securities:    
Maturities, prepayments, and calls 1,510 0
Purchases of correspondent bank stock (16,324) 0
Redemption of correspondent bank stock 10,385 986
Contributions to low-income housing tax credit investments 0 (214)
Loan and note receivable originations and principal collections, net (37,897) 31,329
Purchases of premises and equipment (795) (45)
Proceeds from loans held for sale previously classified as loans held for investment 40,602 0
Purchases of loans (1,162) (6,380)
Net cash (used in)/provided by investing activities (3,681) 19,894
Cash flows from financing activities    
Net change in deposits (13,302) 66,438
Payments to Federal Home Loan Bank borrowings (650,401) 0
Proceeds from Federal Home Loan Bank borrowings 578,902 0
Payments to Federal Reserve borrowings (105,494) (11,053)
Proceeds from Federal Reserve borrowings 291,492 0
Payments on subordinated notes 0 (6,575)
Proceeds from the exercise of stock options 115 58
Settlement of share awards (51) (131)
Net cash provided by financing activities 101,261 48,737
Net change in cash and cash equivalents 98,555 67,116
Cash and cash equivalents, beginning of year 196,512 386,983
Cash and cash equivalents, end of period 295,067 454,099
Supplemental cash flow information:    
Interest paid on deposits and borrowed funds 14,491 1,424
Income tax (refund) payment (12) 0
Cash paid for lease liabilities 816 1,462
Supplemental noncash disclosures:    
Transfer of loans held for investment to loans held for sale 39,221 0
CECL adoption 5,319 0
RSI dissolution 751 0
Change in unrealized loss on available-for-sale securities $ 0 $ (2,591)