XML 41 R9.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net income attributable to common stockholders $ 17,761 $ 21,266
Adjustments to reconcile net income to net cash provided by operating activities:    
Premium amortization, net of discount accretion on investment securities 41 103
Depreciation expense 2,357 2,255
Provision for loan losses 1,475 0
Net valuation gain on equity securities (541) (651)
Net realized gain on debt securities 0 (573)
Increase in mortgage servicing rights resulting from transfers of financial assets (323) (1,100)
Mortgage servicing rights amortization and impairment reversal, net 222 191
Amortization of intangible assets 1,449 1,596
Amortization of restricted stock 860 797
Net stock based compensation expense 3 8
Loss on sale of office properties and equipment 0 31
Loss on closure of branch facilities 736 0
Decrease deferred income taxes 506 930
Increase in cash surrender value of life insurance (642) (628)
Net gain from disposals of foreclosed and repossessed assets (395) (199)
Gain on sale of loans held for sale, net (1,474) (5,399)
New market tax credit depletion 650 0
Net change in:    
Loans held for sale 8,144 1,804
Accrued interest receivable and other assets 79 1,241
Other liabilities (1,620) (73)
Total adjustments 11,527 333
Net cash provided by operating activities 29,288 21,599
Cash flows from investing activities:    
Net decrease in other interest bearing deposits 1,262 2,241
Purchase of available for sale securities (13,315) (130,545)
Purchase of held to maturity securities (35,342) (39,784)
Proceeds from sales of available for sale securities 0 38,239
Proceeds from principal payments of available for sale securities 25,815 32,218
Proceeds from principal payments and maturities of held to maturity securities 10,065 8,583
Proceeds from calls of held to maturity securities 0 3,500
Purchase of equity investments (300) (960)
Equity investment capital distribution 136 0
Net (purchases) sales of other investments (290) 126
Proceeds from sales of foreclosed and repossessed assets 1,797 557
Net increase in loans (101,371) (73,636)
Net capital expenditures (3,602) (3,778)
Proceeds from disposal of office properties and equipment 14 38
New market tax credit investment (4,056) 0
Net cash used in investing activities (119,187) (163,201)
Cash flows from financing activities:    
Federal Home Loan Bank advances 112,000 0
Amortization of fair value adjustments for acquired Federal Home Loan Bank advances 3 29
Federal Home Loan Bank advances called (55,000) 0
Federal Home Loan Bank advance termination payments (15,015) (8,113)
Federal Home Loan Bank maturities (11,000) (4,000)
Amortization of debt issuance costs 398 98
Proceeds from other borrowings, net of origination costs 34,191 0
Other borrowings principal reductions (5,606) 0
Other borrowings called and repaid (15,000) 0
Net increase in deposits 37,185 92,279
Repurchase shares of common stock (1,764) (7,951)
Surrender of restricted shares of common stock (150) (30)
Common stock options exercised 71 52
Cash dividends paid (2,742) (2,511)
Net cash provided by financing activities 77,571 69,853
Net decrease in cash and cash equivalents (12,328) (71,749)
Cash and cash equivalents at beginning of period 47,691 119,440
Cash and cash equivalents at end of period 35,363 47,691
Cash paid during the period for:    
Interest on deposits 6,435 6,026
Interest on borrowings 6,210 4,552
Income taxes 4,865 6,825
Supplemental noncash disclosure:    
Transfers from loans receivable to foreclosed and repossessed assets 92 84
Transfers from office properties and equipment to foreclosed and repossessed assets $ 1,171 $ 1,434