XML 70 R8.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Mar. 31, 2023
Cash flows from operating activities:        
Net income attributable to common stockholders $ 4,088 $ 3,693 $ 3,206 $ 3,662
Adjustments to reconcile net income to net cash provided by operating activities:        
Investment securities net discount accretion (19)     (30)
Depreciation expense 561     606
Total provision for credit losses (800)     50
Net realized gain on equity securities (167)     (56)
Increase in mortgage servicing rights resulting from transfers of financial assets (57)     (16)
Mortgage servicing rights amortization and impairment, net 148     158
Amortization of intangible assets 179     204
Amortization of restricted stock 158     216
Loss on sale of office properties and equipment (13)     0
Decrease in deferred income taxes 355     457
Increase in cash surrender value of life insurance (189)     (164)
Net loss (gain) from disposals of foreclosed and repossessed assets 0     (29)
Gain on sale of loans held for sale, net (1,020)     (298)
Proceeds from sale of loans held for sale 18,543     4,563
Originations of loans held for sale (11,750)     (5,026)
Proceeds from insurance claim on foreclosed and repossessed assets 27     0
Net change in:        
Accrued interest receivable and other assets (966)     (837)
Other liabilities 12     (1,640)
Total adjustments 5,002     (1,842)
Net cash provided by operating activities 9,090     1,820
Cash flows from investing activities:        
Purchase of available for sale securities 0     (11,007)
Proceeds from principal payments of available for sale securities 3,202     5,077
Proceeds from principal payments and maturities of held to maturity securities 1,284     1,075
Equity investment capital distribution 170     0
Purchase of equity investments 0     (300)
Net sales (purchases) of other investments 2,703     (1,594)
Proceeds from sales of foreclosed and repossessed assets 0     212
Net decrease (increase) in loans 10,888     (9,082)
Net capital expenditures (214)     (313)
Proceeds from disposal of office properties and equipment 13     3
Net cash provided by (used in) investing activities 18,046     (15,929)
Cash flows from financing activities:        
Change in short term Federal Home Loan Bank advances, net (34,500)     70,000
Federal Home Loan Bank advance long-term maturities (5,530)     (30,000)
Amortization of debt issuance costs 58     58
Other borrowings principal reductions 0     (5,167)
Net increase in deposits 8,393     12,073
Common stock restricted shares 0     1
Repurchase shares of common stock (598)     0
Surrender of restricted shares of common stock (113)     (129)
Cash dividends paid (3,346)     (3,040)
Net cash (used in) provided by financing activities (35,636)     43,796
Net (decrease) increase in cash and cash equivalents (8,500)     29,687
Cash and cash equivalents at beginning of period 37,138   $ 65,050 35,363
Cash and cash equivalents at end of period 28,638 $ 37,138   65,050
Cash paid during the period for:        
Interest on deposits 7,079     4,325
Interest on borrowings 2,249     2,947
Income taxes 0     0
Supplemental noncash disclosure:        
Transfers from loans receivable to other real estate owned ("OREO") $ 73     $ 25