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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 2,703 $ 7,970
Adjustments to reconcile net income to cash provided by operating activities:    
Provision for credit losses 1,825 1,105
Depreciation and other amortization 1,203 583
Accretion and amortization of securities discounts and premium, net 129 210
Gain on sale of securities (15)
Net change in operating leases 53 108
Compensation expense related to stock options and restricted stock grants 483 492
Gain on sale of loans held for sale (530) (899)
Loans originated and held for sale (17,892) (75,729)
Proceeds from sale of loans held for sale 15,360 72,344
Increase in cash surrender value of bank owned life insurance (331) (315)
Increase in other assets (508) (447)
Increase (decrease) in other liabilities (1,258) 2,460
Net cash provided by operating activities 1,237 7,867
Investing activities    
Increase in loans, net (144,641) (170,787)
Purchase of property and equipment (180) (5,869)
Purchase of investment securities:    
Available for sale   (10,094)
Other investments (18,264) (2,265)
Payments and maturities, calls and repayments of investment securities:    
Available for sale 1,252 16,046
Other investments 19,000 2,182
Net cash used for investing activities (142,833) (170,787)
Financing activities    
Increase in deposits, net 292,910 144,348
Decrease in Federal Home Loan Bank advances and other borrowings, net (50,000)  
Proceeds from the exercise of stock options 17 579
Net cash provided by financing activities 242,927 144,927
Net increase (decrease) in cash and cash equivalents 101,331 (17,993)
Cash and cash equivalents at beginning of the period 170,874 167,209
Cash and cash equivalents at end of the period 272,205 149,216
Cash paid for    
Interest 16,801 1,789
Income taxes
Schedule of non-cash transactions    
Unrealized gain (loss) on securities, net of income taxes $ 1,635 $ (5,641)