XML 17 R7.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 (loss) $ 3,199,000 $ (2,437,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Amortization and accretion of investment premiums and discounts, net 253,000 168,000
Amortization and accretion of purchase loan premiums and discounts 1,388,000 589,000
Amortization of debt issuance costs 83,000 84,000
Amortization of core deposit intangible 35,000 56,000
Amortization of servicing assets of sold SBA loans 15,000 15,000
(Credit) provision for loan losses (300,000) 1,799,000
Depreciation and amortization 1,135,000 1,144,000
Gain on sales of available-for-sale securities (119,000) 0
Share-based compensation 110,000 123,000
Decrease (increase) in deferred income taxes 1,083,000 (883,000)
Originations of SBA loans held for sale (6,505,000) (1,694,000)
Proceeds from sale of SBA loans held for sale 3,665,000 6,096,000
Gains on sale of SBA loans held for sale, net (352,000) (464,000)
Net gain on sale of other real estate owned (2,000) 21,000
Changes in assets and liabilities:    
Decrease (increase) in accrued interest and dividends receivable 434,000 (3,231,000)
Increase in other assets (1,833,000) (674,000)
Increase (decrease) in accrued expenses and other liabilities 1,516,000 (1,465,000)
Net cash provided by (used in) operating activities 3,805,000 (753,000)
Cash Flows from Investing Activities:    
Proceeds from maturity or sales on available-for-sale securities 53,706,000 0
Principal repayments on available-for-sale securities 7,686,000 6,674,000
Purchases of available-for-sale securities (136,134,000) (6,541,000)
(Purchases) redemptions of Federal Reserve Bank stock (60,000) 114,000
Purchases of Federal Home Loan Bank stock (506,000) (26,000)
Decrease in originated loans receivable, net 94,457,000 95,464,000
Purchases of loans receivable (80,201,000) (31,525,000)
Purchases of premises and equipment (364,000) (158,000)
Proceeds from sale of other real estate owned 1,908,000 425,000
Net cash (used in) provided by investing activities (59,508,000) 64,427,000
Cash Flows from Financing Activities:    
Increase (decrease) in deposits, net 49,017,000 (92,102,000)
Purchases of deposits 0 49,998,000
Increase (decrease) in FHLB borrowings 20,000,000 (10,000,000)
Principal repayments of note payable (152,000) (149,000)
Decrease in advances from borrowers for taxes and insurance (1,533,000) (1,189,000)
Net cash provided by (used in) financing activities 67,332,000 (53,442,000)
Net increase in cash and cash equivalents 11,629,000 10,232,000
Cash and cash equivalents at beginning of period 34,636,000 39,404,000
Cash and cash equivalents at end of period 46,265,000 49,636,000
Supplemental Disclosures of Cash Flow Information:    
Cash paid for interest 5,306,000 12,237,000
Cash paid (refund) for income taxes, net 47,000 (193,000)
Non-cash transactions:    
(Decrease) increase in premises and equipment (119,000) 50,000
Reclass of premises and equipment to implementation cost 52,000 0
Decrease (increase) in accrued expense and other liabilities 67,000 (50,000)
Transfers of loans receivable to loans held for sale 0 5,022,000
Operating lease right-of-use assets 0 57,000
Operating lease liabilities 0 (57,000)
Capitalized servicing assets 74,000 115,000
Decrease (increase) in interest rate swaps liabilities 370,000 (609,000)
Interest Rate Swap [Member]    
Non-cash transactions:    
(Decrease) increase in interest rate swaps assets (370,000) 609,000
SBA Loans [Member]    
Non-cash transactions:    
Transfers of SBA loans held for sale to loans receivable $ 281,000 $ 9,542,000