v3.25.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities    
Net Income $ 2,158 $ 2,368
Items not requiring (providing) cash    
Depreciation and amortization 544 552
Provision for credit losses 387
Expense of share-based compensation plan 157 167
Amortization of premiums and discounts on securities 106 126
Amortization of intangible assets 101 17
Amortization of originated mortgage servicing rights 293 273
Recovery of mortgage servicing rights (10) (181)
Proceeds from sale of loans held for sale 39,279 36,623
Originations of loans held for sale (36,311) (38,414)
Gain from sale of loans (864) (791)
Changes in    
Interest receivable (164) 73
Other assets 2,173 (723)
Interest payable & other liabilities (1,146) 218
Net cash provided by operating activities 6,703 308
Investing Activities    
Purchases of available-for-sale securities (100)
Proceeds from maturities of interest bearing time deposits (882)
Proceeds from maturities of available-for-sale securities 6,117 4,171
Proceeds from sales of available-for-sale securities 30,123
Net change in loans (23,030) 8,603
Purchase of premises, equipment (923) (159)
Purchase of bank owned life insurance (800)
Purchase of Federal Reserve and Federal Home Loan Bank Stock (275)
Proceeds from sale of Federal Home Loan Bank Stock 1,042
Proceeds from sale of foreclosed assets 1
Acquisition, net of cash acquired (paid) (3,014)
Net cash provided by investing activities 9,173 11,701
Financing Activities    
Net increase in demand deposits, money market, interest checking & savings accounts 45,468 44,885
Net (decrease) increase in time deposits 20,059 (2,748)
Net increase (decrease) in securities sold under agreements to repurchase 473 (471)
Proceeds from Federal Home Loan Bank advances 110,500
Repayment of Federal Home Loan Bank advances (1,000) (159,100)
Stock repurchase plan (712) (521)
Cash dividends on common shares (947) (917)
Net cash provided (used in) by financing activities 63,341 (8,372)
Increase in cash and cash equivalents 79,217 3,637
Cash and cash equivalents, beginning of period 25,928 22,965
Cash and cash equivalents, end of period 105,145 26,602
Supplemental cash flow information    
Interest paid 6,257 5,791
Income taxes paid
Supplemental non-cash disclosure    
Transfer of loans to foreclosed assets 73
In conjunction with the Marblehead acquisition, liabilities assumed were:    
Fair value of assets acquired 59,161
Cash paid in acquisition (5,009)
Liabilities assumed $ 54,152