XML 24 R9.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 10,472 $ 15,748 $ 17,266
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 3,212 2,963 2,718
Purchased loans amortization (accretion), net 274 53 (147)
Provision for loan losses 6,300 1,250 50
Provision for deferred income taxes (1,429) (574) (11)
Stock-based compensation expense 396 346 44
Increase in deferred loan origination fees, net of amortization 2,477 138 498
Origination of loans held for sale (913) (8,941) (11,105)
Proceeds from sales of loans held for sale 1,214 9,743 10,579
Net gains on sales of loans held for sale, sales of investment securities, sales of real estate owned ("REO") and sales of premises and equipment (14) (355) (682)
Income from BOLI [1] (813) (864) (734)
Changes in assets and liabilities:      
Prepaid expenses and other assets 391 2,622 (868)
Accrued interest receivable (1,532) 215 (442)
Accrued expenses and other liabilities 4,132 (6,427) 2,988
Net cash provided by operating activities 24,167 15,917 20,154
CASH FLOWS FROM INVESTING ACTIVITIES:      
Loan originations, net (30,379) (11,786) (34,427)
Purchases of loans receivable (3,844) (23,818) (29,929)
Principal repayments on investment securities available for sale 43,824 28,371 26,519
Purchases of investment securities available for sale (120,371) (18,125)  
Proceeds from calls, maturities and sales of investment securities available for sale 4,000 24,623 10,000
Principal repayments on investment securities held to maturity 248 7 7
Purchases of investment securities held to maturity (39,871)    
Purchases of premises and equipment and capitalized software (3,552) (2,953) (1,046)
Redemption of certificates of deposit held for investment   498 5,220
Redemption (purchase) of Federal Home Loan Bank stock, net (302) 2,224 (2,291)
Proceeds from sales of REO and premises and equipment   81 976
Net cash used in investing activities (150,247) (878) (24,971)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase (decrease) in deposits 355,617 65,394 (70,568)
Dividends paid (4,478) (4,075) (3,163)
Proceeds from borrowings 31,000 224,897 326,956
Repayment of borrowings (31,000) (281,483) (270,370)
Net increase (decrease) in advance payments by borrowers for taxes and insurance (182) 72 (6)
Principal payments on finance lease liability (40) (34) (28)
Proceeds from exercise of stock options 50 227 179
Repurchase of common stock (1,447) (1,019)  
Net cash provided by (used in) financing activities 349,520 3,979 (17,000)
NET INCREASE (DECREASE) IN CASH 223,440 19,018 (21,817)
CASH, BEGINNING OF PERIOD 41,968 22,950 44,767
CASH, END OF PERIOD 265,408 41,968 22,950
Cash paid during the period for:      
Interest 3,255 4,576 2,686
Income taxes 4,738 4,438 6,877
NONCASH INVESTING AND FINANCING ACTIVITIES:      
Dividends declared and accrued in other liabilities 1,118 1,135 904
Other comprehensive income (loss) (2,972) 6,217 2,751
Income tax effect related to other comprehensive income (loss) 713 (1,492) $ (629)
ROU lease assets obtained in exchange for operating lease liabilities $ 6,148 $ 5,603  
[1] Not within the scope of ASC 606