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Consolidated Statement of Cash Flows | 9 Months Ended
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Sep. 30, 2023
Consolidated Statement of Cash Flows. |
Consolidated Statement of Cash Flows | 6. Consolidated Statement of Cash Flows On a consolidated basis, cash and cash equivalents include cash and due from depository institutions, interest bearing deposits and short-term investments in both money market funds and commercial paper. The Company made $500,000 in income tax payments in the first nine months of 2023 compared to $950,000 in the same 2022 period. The Company made total interest payments of $15,392,000 in the first nine months of 2023 compared to $5,407,000 in the same 2022 period. The Company had no non-cash transfers to other real estate owned (OREO) and repossessed assets in the first nine months of 2023 compared to $53,000 in the same 2022 period. During the first nine months of 2023, the Company entered into a new financing lease related to an office location and recorded a right-of-use asset and lease liability of $147,000. During the first nine months of 2022, the Company entered into a new operating lease related to an office location and recorded a right-of-use asset and lease liability of $45,000. ​ As a result of the adoption of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, as of January 1, 2023, the Company had non-cash transactions associated with the day one adjustments necessary to record the adoption. Specifically, the adoption of this accounting standard necessitated that a day one increase of $1.2 million be made to the allowance for credit losses on our loan portfolio. Furthermore, ASU 2016-13 necessitated that the Company establish an allowance for expected credit losses for held to maturity (HTM) debt securities. Based upon the credit quality of the Company’s HTM debt securities portfolio, the day one allowance for credit losses on our HTM securities portfolio totaled $114,000. Finally, the adoption of CECL led to the recognition of a day one increase of $177,000 for the Company’s unfunded loan commitments. ​ ​

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- Definition The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//230/tableOfContent + Details
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