XML 15 R8.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Cash Flows from Operating Activities      
Net income $ 5,359 $ 6,466  
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation 990 834  
Amortization of premiums on available-for-sale securities, net 321 397  
Capitalized additions to servicing rights (75) (1,595)  
Servicing rights amortization and impairment 168 159  
Amortization of core deposit intangible 414 414  
Amortization of customer list intangible 31 31  
Net accretion of fair value adjustments (681) (1,133)  
Amortization of subordinated note issuance costs 29 29  
Stock-based compensation expense 434 306  
Provision for credit losses - loans (289) 817 $ 1,698
Provision for credit losses - off balance sheet credit exposures (266) 62  
Gain on sale of loans held for sale (107) (67)  
Originations of loans held for sale (7,559) (6,534)  
Proceeds from sale of loans held for sale 6,832 6,477  
Loss on derivatives 14 0  
Loss on sales of securities available-for-sale   891  
Increase in cash surrender value of bank owned life insurance (216) (196)  
Change in other assets and other liabilities, net (3,916) (4,283)  
Net cash (provided by) used by operating activities 1,483 3,075  
Activity in available-for-sale securities:      
Maturities, prepayments and calls 3,909 3,483  
Sales   21,963  
Purchases (316)    
Activity in other securities, at cost:      
Sales   399  
Purchases (535) (2,143)  
Proceeds from redemption of FHLB stock 548    
Change in interest-bearing time deposits 5 7  
Additions to premises and equipment (219) (2,431)  
Loan originations and principal collections, net 38,960 (89,520)  
Net cash provided by (used in) investing activities 42,352 (68,242)  
Cash Flows from Financing Activities      
Net change in deposits 13,919 44,764  
Net change in federal funds purchased and securities sold under agreements to repurchase   (23,710)  
Proceeds from FHLB advances   129,000  
Repayment of FHLB advances (9,105) (92,140)  
Repayment of other borrowings   (10,000)  
Purchase of treasury stock (94)    
Cash dividends paid on common stock (2,974) (2,831)  
Net cash provided by financing activities 1,746 45,083  
Net Increase (Decrease) in Cash and Cash Equivalents 45,581 (20,084)  
Cash and Cash Equivalents - Beginning of year 142,201 84,409 84,409
Cash and Cash Equivalents - End of period 187,782 64,325 $ 142,201
Supplemental cash flow information:      
Interest paid 18,554 9,272  
Income taxes paid 0 44  
Supplemental noncash disclosures:      
Matured security proceeds not received 5,053    
Cash dividends declared not paid $ 2,975 $ 2,831