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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Cash Flows from Operating Activities              
Net income $ 3,074 $ 6,162     $ 11,506 $ 16,622  
Adjustments to reconcile net income to net cash provided by operating activities:              
(Recovery of) provision for credit losses (401) 252     (389) 696 $ 706
Depreciation of bank premises and equipment         544 449  
Amortization of premiums and accretion of discounts, net         806 972  
Gain on disposal of fixed assets         0 (4)  
Loss on sales of securities available for sale, net         3,332 0  
Losses and write-downs on other real estate owned, net         0 50  
Loss on sales of repossessed assets         5 0  
Increase in cash value of bank-owned life insurance         (734) (718)  
Origination of mortgage loans held for sale         (6,689) (6,348)  
Proceeds from sale of mortgage loans held for sale         6,700 7,099  
Gain on sale of mortgage loans held for sale (22) (40)     (93) (136)  
Equity based compensation expense         21 0  
Net change in:              
Accrued interest receivable         (179) (718)  
Other assets         59 33  
Accrued interest payable         445 (8)  
Other liabilities         (2,002) 282  
Net cash provided by operating activities         13,332 18,271  
Cash Flows from Investing Activities              
Proceeds from calls, principal payments, sales and maturities of securities available for sale         53,696 33,465  
Purchase of securities available for sale         0 (117,341)  
Net change in restricted stock         (323) (96)  
Purchase of loan participations         (5,118) (10,965)  
Collection of loan participations         6,686 4,513  
Loan originations and principal collections, net         1,958 (43,479)  
Proceeds from sale of repossessed assets         13 0  
Recoveries on loans charged off         235 153  
Proceeds from sale and purchases of premises and equipment, net         (1,264) (906)  
BOLI settlement         712 0  
Net cash provided by (used in) investing activities         56,595 (134,656)  
Cash Flows from Financing Activities              
Net change in time deposits         120,256 (1,945)  
Net change in other deposits         (197,981) 78,007  
Common stock repurchased         0 (3,724)  
Cash dividends paid         (10,189) (4,319)  
Net cash (used in) provided by financing activities         (87,914) 68,019  
Net change in cash and due from banks         (17,987) (48,366)  
Cash and due from banks at beginning of period         71,429 138,789 138,789
Cash and due from banks at end of period $ 53,442 $ 90,423 $ 53,442 $ 90,423 53,442 90,423 $ 71,429
Supplemental Disclosures of Cash Flow Information              
Interest paid on deposits and borrowings         14,072 2,063  
Income taxes paid         3,997 3,441  
Supplemental Disclosure of Noncash Activities              
Loans charged against the allowance for credit losses         232 316  
Loans transferred to repossessed assets         11 0  
Unrealized holding loss on securities available for sale         (7,466) (111,574)  
Lease liabilities arising from obtaining right-of-use assets     $ 0 $ 79 $ 0 $ 104