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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities    
Net income $ 12,344 $ 656
Adjustment to reconcile net income to net cash provided by operating activities:    
Depreciation 334 364
Right of use asset amortization 890 924
Provision for (recovery of) credit losses (667) (2,471)
Share-based compensation expense 397 464
Net (accretion) of securities (232) (197)
Fair value adjustment on equity securities (298) (112)
Amortization of debt issuance costs 62 63
Net gains on premises and equipment (1) (16)
Losses on available-for-sale securities   17,316
Deferred tax (benefit) expense (160) 603
Net increase in cash surrender value of life insurance   (224)
Gain on sale of government guaranteed loans (509) (50)
Changes in assets and liabilities:    
Decrease (increase) decrease in accrued interest receivable 453 (170)
Decrease (increase) in other assets 3,085 (3,305)
(Decrease) increase in accrued interest payable (2,255) 1,575
Increase in other liabilities (1,682) (2,855)
Net cash provided by operating activities 11,761 12,565
Cash Flows from Investing Activities    
Net decrease (increase) in loans 11,898 (31,178)
Proceeds from sale of government guaranteed loans originally classified as held for investment 5,982 586
Proceeds from sale of available-for-sale securities   156,011
Proceeds from maturities, calls and principal repayments of available-for-sale securities 29,549 30,353
Proceeds from maturities, calls and principal repayments of held-to-maturity securities 2,512 2,921
Net (purchases) of restricted securities (2,618) (582)
Net sales (purchases) of equity securities 392 (216)
Proceeds from bank owned life insurance contracts   21,394
Proceeds from sale of premises and equipment   82
Purchases of bank premises and equipment (231) (475)
Net cash provided by investing activities 47,484 178,896
Cash Flows from Financing Activities    
Net increase (decrease) in deposits 29,550 (86,116)
Net proceeds of Federal Home Loan Bank advances 56,000  
(Repayment of) proceeds from Federal Reserve Bank borrowings (54,000) 54,000
Cash dividends paid (3,558) (3,108)
Repayment of federal funds purchased (10,000) (25,500)
Issuance of common stock for share options exercised 1,037 320
Repurchase of shares for tax withholding on share-based compensation (3)  
Repurchase of common stock (49)  
Net cash provided by (used in) financing activities 18,977 (60,404)
Net increase in cash and cash equivalents 78,222 131,057
Cash and cash equivalents, beginning of period 99,005 61,599
Cash and cash equivalents, end of period 177,227 192,656
Supplemental Disclosures of Cash Flow Information    
Interest 47,351 34,076
Income taxes   4,110
Supplemental Disclosures of Noncash Transactions    
Unrealized gain on securities available-for-sale 3,920 14,936
Right of use asset obtained in exchange for new operating lease liability $ 538 $ 505