XML 18 R8.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net income $ 5,039,000 $ 6,718,000
Adjustments to reconcile net income to net cash from operating activities    
(Recovery of) provision for loan losses (1,019,000) 326,000
Depreciation and amortization 1,530,000 1,323,000
Net change in net deferred loan origination costs 316,000 545,000
Gain on sale of foreclosed assets (29,000) (22,000)
Loss on disposal of other assets 0 2,000
Foreclosed assets valuation adjustments 405,000 0
Earnings on bank-owned life insurance [1] (82,000) (51,000)
Net change in:    
Accrued interest receivable (1,177,000) 209,000
Other assets 411,000 1,942,000
Accrued interest payable and other liabilities (3,472,000) (2,399,000)
Net cash from operating activities 1,922,000 8,593,000
Cash flows from investing activities    
Proceeds from maturities 14,869,000 55,599,000
Proceeds from principal repayments 1,386,000 2,206,000
Purchases of securities (7,193,000) (39,657,000)
Net (increase) decrease in loans receivable (43,419,000) 101,108,000
Loan participation purchased (5,000,000) 0
Proceeds from sale of foreclosed assets 3,205,000 120,000
Purchase of premises and equipment, net (1,552,000) (1,133,000)
Net cash (used in) from investing activities (37,704,000) 118,243,000
Cash flows from financing activities    
Deposits 60,845,000 117,487,000
Borrowings 1,000,000 3,939,000
Advance payments by borrowers for taxes and insurance (760,000) (224,000)
Proceeds from issuance of Subordinated Notes 20,000,000 0
Costs paid for issuance of Subordinated Notes (441,000) 0
Repurchase and retirement of common stock (15,448,000) (4,194,000)
Cash dividends paid on common stock (4,295,000) (4,504,000)
Net cash from financing activities 60,901,000 112,504,000
Net change in cash and cash equivalents 25,119,000 239,340,000
Beginning cash and cash equivalents 503,496,000 190,325,000
Ending cash and cash equivalents 528,615,000 429,665,000
Supplemental disclosures of cash flow information:    
Interest paid 1,763,000 6,047,000
Income taxes paid 2,641,000 155,000
Income taxes refunded 0 8,000
Loans transferred to foreclosed assets 4,473,000 33,000
Recording of right of use asset in exchange for lease obligations in other assets and other liabilities $ 866,000 $ 111,000
[1] Not within the scope of ASC 606