XML 19 R9.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net earnings $ 3,357 $ 3,133
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Provision for credit losses 49 (500)
Amortization of investment security premiums, net 102 542
Accretion of purchase accounting adjustment on loans (176) (13)
Amortization of mortgage servicing rights and other intangibles 461 316
Depreciation 307 280
Increase in cash surrender value of bank owned life insurance [1] (218) (187)
Stock-based compensation 88 86
Deferred income taxes 532 189
Net gains on sales of premises and equipment and foreclosed assets (114)
Net gains on sales of loans [1] (693) (905)
Proceeds from sales of loans 19,292 39,946
Origination of loans held for sale (18,053) (39,904)
Changes in assets and liabilities:    
Accrued interest and other assets 98 813
Accrued expenses, taxes, and other liabilities (1,697) (1,091)
Net cash provided by operating activities 3,449 2,591
Cash flows from investing activities:    
Net (increase) decrease in loans (19,767) 28,597
Net change in interest-bearing deposits at banks 493 997
Maturities and prepayments of investment securities 12,367 12,838
Purchases of investment securities (6,589) (118,585)
Redemption of bank stocks 2,011 92
Purchase of bank stocks (3,417) (43)
Proceeds from sales of premises and equipment and foreclosed assets 1,379
Purchases of premises and equipment, net (221) (396)
Net cash used in investing activities (15,123) (75,121)
Cash flows from financing activities:    
Net (decrease) increase in deposits (6,626) (8,916)
Federal Home Loan Bank advance borrowings 209,670
Federal Home Loan Bank advance repayments (180,066)
Repayments on other borrowings (333)
Change in repurchase agreements (9,319) (399)
Proceeds from exercise of stock options 52
Payment of dividends (1,096) (1,049)
Net cash provided by (used in) financing activities 12,282 (10,364)
Net increase (decrease) in cash and cash equivalents 608 (82,894)
Cash and cash equivalents at beginning of period 23,156 189,213
Cash and cash equivalents at end of period 23,764 106,319
Supplemental disclosure of cash flow information:    
Cash paid for interest 6 324
Cash paid for operating leases $ 42 $ 34
[1] Not within the scope of ASC 606.