XML 18 R8.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income $ 1,710,000 $ 2,633,000
Adjustments to reconcile net income to net cash from operating activities    
Provision for credit losses - loans 61,000 85,000
Recovery of credit losses - unfunded commitments (49,000) (37,000)
Depreciation and amortization 418,000 216,000
Net change in net deferred loan origination costs 92,000 (83,000)
Losses on sales of securities [1] 0 454,000
Valuation adjustment on bank premises held-for-sale [1] (0) 553,000
Loss on disposal of premises and equipment 75,000 4,000
Loss on sale of foreclosed assets 9,000 0
Loss on bank-owned life insurance 87,000 84,000
Gain on redemption of Subordinated notes [1] (107,000) 0
Net change in:    
Accrued interest receivable (167,000) (978,000)
Other assets 499,000 1,132,000
Accrued interest payable and other liabilities (2,619,000) (6,338,000)
Net cash from operating activities 9,000 (2,275,000)
Cash flows (used in) from investing activities    
Net change in interest-bearing time deposits in other financial institutions (1,235,000) (744,000)
Proceeds from maturities 43,330,000 0
Proceeds from principal repayments 122,000 170,000
Proceeds from sale of securities 0 42,631,000
Purchases of securities (124,985,000) 0
Net change in loans receivable 42,565,000 (1,387,000)
Proceeds from sale of foreclosed assets 485,000 4,000
Proceeds from sale of premises and equipment 536,000 3,000
Purchase of premises and equipment, net (243,000) (320,000)
Net cash (used in) from investing activities (39,425,000) 40,357,000
Cash flows used in financing activities    
Deposits (2,337,000) (59,720,000)
Advance payments by borrowers for taxes and insurance (1,982,000) (1,353,000)
Proceeds from Federal Home Loan Bank advances 0 35,000,000
Proceeds from repurchase of Subordinated notes (906,000) 0
Repurchase and retirement of common stock (156,000) (502,000)
Cash dividends paid on common stock (1,247,000) (1,273,000)
Net cash used in financing activities (6,628,000) (27,848,000)
Net change in cash and cash equivalents (46,044,000) 10,234,000
Beginning cash and cash equivalents 178,484,000 66,771,000
Ending cash and cash equivalents 132,440,000 77,005,000
Supplemental disclosures of cash flow information:    
Interest paid 4,600,000 2,411,000
Income taxes paid 1,000 1,000
Assets transferred to premises held-for-sale 0 1,799,000
Loans transferred to foreclosed assets 49,000 921,000
Due from broker $ 250,000 $ 0
[1] Not within the scope of ASC 606