XML 23 R9.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 21,820,000 $ 10,472,000 $ 15,748,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 3,521,000 3,212,000 2,963,000
Purchased loans amortization (accretion), net (11,000) 274,000 53,000
Provision for (recapture of) loan losses (4,625,000) 6,300,000 1,250,000
Provision (benefit) for deferred income taxes 1,010,000 (1,429,000) (574,000)
Stock-based compensation expense 319,000 396,000 346,000
Increase (decrease) in deferred loan origination fees, net of amortization (2,125,000) 2,477,000 138,000
Origination of loans held for sale   (913,000) (8,941,000)
Proceeds from sales of loans held for sale   1,214,000 9,743,000
Net gains on loans held for sale and sales of premises and equipment (993,000) (14,000) (355,000)
Income from BOLI (800,000) (813,000) (864,000)
BOLI death benefit in excess of cash surrender value (500,000)    
Changes in certain other assets and liabilities:      
Prepaid expenses and other assets 1,336,000 391,000 2,622,000
Accrued interest receivable 586,000 (1,532,000) 215,000
Accrued expenses and other liabilities (3,075,000) 4,132,000 (6,427,000)
Net cash provided by operating activities 16,463,000 24,167,000 15,917,000
CASH FLOWS FROM INVESTING ACTIVITIES:      
Loan repayments (originations), net 40,833,000 (30,379,000) (11,786,000)
Purchases of loans receivable (85,900,000) (3,844,000) (23,818,000)
Principal repayments on investment securities available for sale 37,157,000 43,824,000 28,371,000
Purchases of investment securities available for sale (86,621,000) (120,371,000) (18,125,000)
Proceeds from calls of investment securities available for sale   4,000,000 24,623,000
Principal repayments on investment securities held to maturity 9,627,000 248,000 7,000
Purchases of investment securities held to maturity (137,936,000) (39,871,000)  
Purchases of premises and equipment and capitalized software (3,254,000) (3,552,000) (2,953,000)
Redemption of certificates of deposit held for investment     498,000
Redemption (purchase) of FHLB stock, net (297,000) (302,000) 2,224,000
Proceeds from death benefit on BOLI 1,305,000    
Proceeds from sales of real estate owned ("REO") and premises and equipment 3,427,000   81,000
Net cash used in investing activities (221,659,000) (150,247,000) (878,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase in deposits 187,818,000 355,617,000 65,394,000
Dividends paid (4,670,000) (4,478,000) (4,075,000)
Proceeds from borrowings 2,000,000 31,000,000 224,897,000
Repayment of borrowings (2,000,000) (31,000,000) (281,483,000)
Net increase in advance payments by borrowers for taxes and insurance 34,000 (182,000) 72,000
Principal payments on finance lease liability (46,000) (40,000) (34,000)
Proceeds from exercise of stock options 16,000 50,000 227,000
Repurchase of common stock (1,940,000) (1,447,000) (1,019,000)
Net cash provided by financing activities 181,212,000 349,520,000 3,979,000
NET INCREASE IN CASH AND CASH EQUIVALENTS (23,984,000) 223,440,000 19,018,000
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 265,408,000 41,968,000 22,950,000
CASH AND CASH EQUIVALENTS, END OF PERIOD 241,424,000 265,408,000 41,968,000
Cash paid during the period for:      
Interest 1,947,000 3,255,000 4,576,000
Income taxes 5,410,000 4,738,000 4,438,000
NONCASH INVESTING AND FINANCING ACTIVITIES:      
Dividends declared and accrued in other liabilities 1,217,000 1,118,000 1,135,000
Net unrealized holding gains (losses) from available for sale investment securities (12,882,000) (2,972,000) 6,217,000
Income tax effect related to other comprehensive income (loss) 3,091,000 713,000 (1,492,000)
ROU lease assets obtained in exchange for operating lease liabilities $ 441,000 $ 6,148,000 $ 5,603,000