XML 20 R9.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net earnings $ 9,597 $ 8,666
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Provision for credit losses 299
Amortization of investment security premiums, net 221 1,272
Accretion of purchase accounting adjustments (750) (22)
Amortization of mortgage servicing rights and other intangibles 1,407 965
Depreciation 936 836
Increase in cash surrender value of bank owned life insurance [1] (671) (566)
Stock-based compensation 243 209
Deferred income taxes 7 139
Net losses on sales of investment securities 353
Net gains on sales of premises and equipment and foreclosed assets (114)
Net gains on sales of loans [1] (2,014) (3,027)
Proceeds from sales of loans 69,747 124,886
Origination of loans held for sale (67,472) (120,509)
Changes in assets and liabilities:    
Accrued interest and other assets (625) (828)
Accrued expenses, taxes, and other liabilities 445 2,243
Net cash provided by operating activities 11,370 14,503
Cash flows from investing activities:    
Net increase in loans (86,015) (48,883)
Net change in interest-bearing deposits at banks 3,166 (1,482)
Maturities and prepayments of investment securities 41,250 40,885
Purchases of investment securities (18,647) (201,511)
Proceeds from sales of available-for-sale securities 11,210
Redemption of bank stocks 8,564 185
Purchase of bank stocks (11,103) (3,921)
Premiums paid on bank owned life insurance (96)
Proceeds from sales of premises and equipment and foreclosed assets 1,379
Purchases of premises and equipment, net (520) (661)
Net cash used in investing activities (63,401) (202,799)
Cash flows from financing activities:    
Net increase (decrease) in deposits 7,374 (31,344)
Federal Home Loan Bank advance borrowings 560,546 178,139
Federal Home Loan Bank advance repayments (494,179) (103,239)
Proceeds from other borrowings 10,000
Repayments on other borrowings (998)
Change in repurchase agreements (16,812) (1,054)
Proceeds from exercise of stock options 52
Payment of dividends (3,287) (3,145)
Purchase of treasury stock (1,040)
Net cash provided by financing activities 52,696 48,317
Net decrease in cash and cash equivalents 665 (139,979)
Cash and cash equivalents at beginning of period 23,156 189,213
Cash and cash equivalents at end of period 23,821 49,234
Supplemental disclosure of cash flow information:    
Cash payments for income taxes 320
Cash paid for interest 13,641 1,866
Cash paid for operating leases 118 128
Supplemental schedule of noncash investing and financing activities:    
Investment securities purchases not yet settled $ 1,740
[1]  Not within the scope of ASC 606.