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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating Activities    
Net income $ 5,333 $ 5,043
Adjustments reconciling net income to net cash provided by operating activities:    
Provision for credit losses 1,000 900
Depreciation, amortization, and accretion 2,002 2,233
Equity method investment loss (35) (88)
Share-based compensation expense 398 454
Net change in servicing asset (240) (219)
Loss on sales of securities, available-for-sale 555 0
Gain on sales of SBA loans (2,046) (1,057)
Gain on sales of other real estate owned (131) 0
Gain on sales of premises & equipment 0 18
Originations of loans held for sale (61,649) (43,910)
Proceeds from sales of loans held for sale 60,551 49,087
Change in bank-owned life insurance (540) (344)
Deferred tax benefit 377 228
Change in other assets (122) (1,004)
Change in other liabilities (424) 45
Net cash provided by operating activities 5,029 11,386
Investing Activities    
Purchases of investment securities, available-for-sale (2,275) (3,518)
Proceeds from maturities, calls, and paydowns of investment securities, available-for-sale 16,834 7,924
Proceeds from sales of investment securities, available-for-sale 8,555 0
Proceeds from maturities, calls and paydowns of securities, held-to-maturity 2,509 2,575
Change in loans, net 23,343 (63,194)
Purchase of premises and equipment (101) (893)
Proceeds from sales of other real estate owned 467 0
Proceeds from bank-owned life insurance 700 0
Redemption of other investments 0 702
Redemption (purchase) of Federal Home Loan Bank Stock 869 (1,820)
Net cash provided by (used in) investing activities 50,901 (58,224)
Financing Activities    
Change in noninterest-bearing customer deposits (22,579) (31,242)
Change in interest-bearing customer deposits 537 56,374
Dividends paid for common stock (1,975) (1,933)
Repayments on Federal Home Loan Bank Advances (70,000) (280,000)
Proceeds from Federal Home Loan Bank Advances 50,000 320,000
Repayments on other borrowings 0 (15,000)
Redemption of subordinated debt (500) 0
Tax withholding related to vesting of restricted stock (66) (73)
Net cash provided by (used in) financing activities (44,583) 48,126
Net increase in cash and cash equivalents 11,347 1,288
Cash and cash equivalents at beginning of period 83,322 80,678
Cash and cash equivalents at end of period 94,669 81,966
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 14,604 6,734
Cash paid during the period for income taxes $ 2 $ 3