MUNCY COLUMBIA FINANCIAL Corp
For the period ended Mar 31, 2024. Filed May 13, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 13, 2024
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Consolidated Statements of Cash Flows
| For the Three Months Ended | ||
|---|---|---|
| March 31, | ||
| (In Thousands) (Unaudited) | 2024 | 2023 |
| OPERATING ACTIVITIES | ||
| Net Income | $4,036 | $1,940 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Provision (credit) for credit losses | 90 | (409) |
| Depreciation and amortization of premises and equipment | 370 | 165 |
| Accretion of loans, net | (2,789) | — |
| Amortization of deposits, net | 481 | — |
| Losses on marketable equity securities | 117 | 81 |
| Realized losses on available-for-sale debt securities, net | 8 | — |
| (Accretion) amortization of investment securities, net | (184) | 141 |
| Deferred income taxes | 1,284 | 107 |
| Gain on sale of loans | (76) | (29) |
| Proceeds from sale of mortgage loans | 2,257 | 2,929 |
| Originations of mortgage loans held for resale | (2,429) | (1,157) |
| Amortization of core deposit intangibles | 549 | — |
| Amortization of investment in limited partnerships | 187 | 53 |
| Decrease (increase) in accrued interest receivable | 513 | (152) |
| Earnings on bank-owned life insurance | (227) | (109) |
| (Decrease) increase in accrued interest payable | (77) | 115 |
| Other, net | (232) | 197 |
| Net cash provided by operating activities | 3,878 | 3,872 |
| INVESTING ACTIVITIES | ||
| Available-for-sale debt securities: | ||
| Purchases | — | (789) |
| Proceeds from sales | 50,311 | — |
| Proceeds from paydowns, calls and maturities | 21,688 | 3,904 |
| Proceeds from maturities of interest-bearing time deposits | 248 | — |
| Purchase of bank-owned life insurance | (20) | (20) |
| Proceeds from redemption of restricted investment in bank stocks | 4,232 | 758 |
| Purchase of restricted investment in bank stocks | (1,851) | (1,002) |
| Net increase in loans | (9,735) | (11,491) |
| Purchase of investment in limited partnership | — | (1,394) |
| Acquisition of premises and equipment | (113) | (79) |
| Net cash provided by (used for) investing activities | 64,760 | (10,113) |
| FINANCING ACTIVITIES | ||
| Net increase (decrease) in deposits | 62,350 | (6,949) |
| Net (decrease) increase in short-term borrowings | (126,619) | 11,155 |
| Repayment of long-term borrowings | (5,001) | (1) |
| Proceeds from issuance of common stock | 56 | 20 |
| Cash dividends paid | (1,570) | (874) |
| Net cash (used for) provided by financing activities | (70,784) | 3,351 |
| NET DECREASE IN CASH AND CASH EQUIVALENTS | (2,146) | (2,890) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 18,377 | 13,084 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $16,231 | $10,194 |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
| Interest paid | $8,031 | $2,298 |
| Loans transferred to foreclosed assets held for sale | 165 | — |
MUNCY COLUMBIA FINANCIAL CORPORATION
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