XML 19 R9.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 480,000 $ 4,192,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 732,000 767,000
Purchased loans amortization (accretion), net 95,000 (41,000)
Provision for loan losses 4,500,000  
Stock-based compensation expense 40,000 180,000
Increase in deferred loan origination fees, net of amortization 2,987,000 110,000
Origination of loans held for sale (913,000) (2,627,000)
Proceeds from sales of loans held for sale 1,214,000 3,598,000
Net gains on loans held for sale and sales of premises and equipment (28,000) (91,000)
Income from BOLI [1] (190,000) (193,000)
Changes in certain other assets and liabilities:    
Prepaid expenses and other assets (842,000) 1,459,000
Accrued interest receivable (1,498,000) (70,000)
Accrued expenses and other liabilities (1,039,000) (735,000)
Net cash provided by operating activities 5,538,000 6,549,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Loan originations, net (91,351,000) (8,327,000)
Purchases of loans receivable (2,989,000) (3,594,000)
Principal repayments on investment securities available for sale 8,065,000 6,863,000
Proceeds from calls of investment securities available for sale 3,000,000 3,000,000
Principal repayments on investment securities held to maturity 2,000 2,000
Purchases of premises and equipment and capitalized software (847,000) (82,000)
Purchase of FHLB stock, net (1,200,000) (14,000)
Net cash used in investing activities (85,320,000) (2,152,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase (decrease) in deposits 168,301,000 (2,788,000)
Dividends paid (1,133,000) (904,000)
Proceeds from borrowings 30,000,000 130,947,000
Repayment of borrowings   (130,592,000)
Net increase (decrease) in advance payments by borrowers for taxes and insurance (71,000) 58,000
Principal payments on finance lease liability (10,000) (8,000)
Proceeds from exercise of stock options 9,000 52,000
Repurchase of common stock (1,447,000)  
Net cash provided by (used in) financing activities 195,649,000 (3,235,000)
NET INCREASE IN CASH AND CASH EQUIVALENTS 115,867,000 1,162,000
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 41,968,000 22,950,000
CASH AND CASH EQUIVALENTS, END OF PERIOD 157,835,000 24,112,000
Cash paid during the Period for:    
Interest 1,001,000 1,065,000
NONCASH INVESTING AND FINANCING ACTIVITIES:    
Dividends declared and accrued in other liabilities 1,112,000 1,018,000
Net unrealized holding gain from available for sale investment securities 872,000 2,810,000
Income tax effect related to other comprehensive income (209,000) (675,000)
ROU lease assets obtained in exchange for operating lease liabilities $ 785,000 $ 5,603,000
[1] Not within scope of ASC 606