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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income before noncontrolling interest $ 4,039 $ 5,971
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 983 665
Amortization of core deposit intangible 7 0
Amortization and accretion of premiums and discounts on investments, net 898 787
Accretion of deferred loan fees and purchased premiums, net 571 108
Amortization of debt issuance costs 39 18
Change in fair value of sold loan servicing rights 53 0
Additions to servicing rights on sold loans, net (98) (569)
Amortization of servicing rights on sold loans, net 0 290
Net increase in the valuation allowance on servicing rights on sold loans 0 19
Provision for loan losses 500 800
Allocation of ESOP shares 404 325
Share-based compensation expense 890 1,010
Gain on sale of loans, net (484) (2,354)
Gain on sale of securities available for sale, net (118) (1,124)
Increase in cash surrender value of life insurance, net (465) (486)
Origination of loans held for sale (16,487) (63,887)
Proceeds from loans held for sale 17,035 67,927
Change in assets and liabilities:    
(Increase) decrease in accrued interest receivable (513) 1,017
Increase in prepaid expenses and other assets (3,854) (9,457)
Increase in accrued interest payable 68 402
Increase in accrued expenses and other liabilities 5,788 3,604
Net cash from operating activities 9,256 5,066
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of securities available for sale (78,409) (94,145)
Proceeds from maturities, calls, and principal repayments of securities available for sale 19,565 42,612
Proceeds from sales of securities available for sale 12,685 45,435
(Purchase) redemption of FHLB stock (5,206) 380
Net increase in loans receivable (112,363) (105,279)
Purchase of premises and equipment, net (2,442) (2,267)
Capital contributions to equity investments (6,979) 0
Capital contributions to historic tax credit partnerships (1,829) 0
Net cash from investing activities (174,978) (113,264)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 144 108,221
Proceeds from long-term FHLB advances 10,000 10,000
Repayment of long-term FHLB advances 0 (10,000)
Net increase (decrease) in short-term FHLB advances 112,000 (19,977)
Proceeds from issuance of subordinated debt, net 0 39,223
Net increase (decrease) in line of credit 8,000 0
Net (decrease) increase in advances from borrowers for taxes and insurance (174) 27
Dividends paid (1,388) (1,222)
Restricted stock awards canceled (222) (33)
Repurchase of common stock (859) (2,474)
Net cash from financing activities 127,501 123,765
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (38,221) 15,567
CASH AND CASH EQUIVALENTS, beginning of period 126,016 65,155
CASH AND CASH EQUIVALENTS, end of period 87,795 80,722
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest on deposits and borrowings 3,065 2,150
Income taxes 1,110 2,640
Prior unrecognized service cost of defined benefit plan transferred to single-employer plan 0 2,718
NONCASH INVESTING ACTIVITIES    
Change in unrealized loss on securities available for sale (36,447) (232)
Cumulative adjustment to servicing right asset due to election of fair value option 538 0
Lease liabilities arising from obtaining right-of-use assets $ 0 $ 672