v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income $ 1,722 $ 3,844
Adjustments to reconcile net income to net cash from operating activities    
Provision for (recovery of) credit losses - loans 2,000 (37)
Recovery of credit losses - unfunded commitments (44) (73)
Depreciation and amortization (accretion) (5,202) 810
Net change in net deferred loan origination costs 27 206
Loss on disposal of premises and equipment 9 84
Loss on sale of foreclosed assets 0 227
Foreclosed assets write-down 635 0
Loss on bank-owned life insurance [1] 1 178
Gain on redemption of Subordinated notes [1] (42) (107)
Net change in:    
Accrued interest receivable 1,577 (1,801)
Other assets 560 279
Accrued interest payable and other liabilities 526 (3,308)
Net cash from operating activities 1,769 302
Cash flows from (used in) investing activities    
Proceeds from maturities of interest-bearing time deposits in other financial institutions 21,758 6,200
Purchases of interest-bearing time deposits in other financial institutions (7,875) (30,441)
Proceeds from maturities 362,900 61,580
Proceeds from principal repayments 255 260
Purchases of securities (432,762) (134,985)
Net change in loans receivable 88,386 62,771
Bank-owned life insurance death benefit 543 0
Proceeds from sale of foreclosed assets 1,203 701
Proceeds from sale of premises and equipment 0 537
Purchase of premises and equipment, net (509) (893)
Net cash from (used in) investing activities 33,899 (34,270)
Cash flows used in financing activities    
Deposits (1,883) (9,350)
Advance payments by borrowers for taxes and insurance 1,578 1,326
Repayments of Federal Home Loan Bank advances (5,000) 0
Repurchase of Subordinated notes (464) (906)
Repurchase and retirement of common stock 0 (156)
Cash dividends paid on common stock (2,492) (2,493)
Net cash used in financing activities (8,261) (11,579)
Net change in cash and cash equivalents 27,407 (45,547)
Beginning cash and cash equivalents 84,829 178,484
Ending cash and cash equivalents 112,236 132,937
Supplemental disclosures of cash flow information:    
Interest paid 9,790 9,924
Income taxes paid 26 1,202
Loans transferred to foreclosed assets 1,185 49
Due from broker 0 9,375
Recording of right of use asset in exchange for lease obligations in other assets and other liabilities $ 0 $ 592
[1] Not within the scope of ASC 606