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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Cash flows from operating activities:          
Net income $ 7,664 $ 5,696 $ 15,187 $ 11,363  
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation, amortization and accretion     2,495 2,895  
Provision for loan losses 525 300 1,050 1,100 $ 2,000
Deferred income tax expense     1,300 168  
Stock-based compensation expense     719 517  
Excess tax benefit from exercise of SSARs     0 26  
Proceeds from sale of loans held-for-sale     52,800 135,745  
Originations of loans held-for-sale     (42,581) (107,127)  
Earnings from bank-owned life insurance (319) (276) (638) (573)  
Net gain from sales of loans     (1,190) (3,483)  
Net gain from sale and write-down of foreclosed assets held-for-sale     (23) (32)  
Net loss from write-down and disposal of bank premises and equipment     134 6  
Operating lease payments     57 13  
Change in:          
Accrued interest receivable     (384) (314)  
Other assets     (1,430) 932  
Accrued interest payable and other liabilities     305 120  
Net cash provided by operating activities     27,801 41,356  
Cash flows from investing activities:          
Proceeds from sales     0 0  
Proceeds from maturities, calls and principal pay-downs     23,561 27,826  
Purchases     (39,183) (196,928)  
Increase in restricted investments in bank stock     (416) (418)  
Net increase in loans and leases     (40,733) (12,843)  
Principal portion of lease payments received under direct finance leases     2,859 2,266  
Purchases of bank premises and equipment     (3,875) (1,146)  
Proceeds from sale of bank premises and equipment     466 0  
Proceeds from sale of foreclosed assets held-for-sale     780 216  
Net cash used in investing activities     (56,541) (181,027)  
Cash flows from financing activities:          
Net increase in deposits     47,776 248,190  
Net decrease in other borrowings     (2,755) 0  
Repayment of FHLB advances     0 (5,000)  
Repayment of finance lease obligation     (116) (47) (47)
Purchase of treasury stock     (388) 0  
Proceeds from employee stock purchase plan participants     252 270  
Dividends paid     (3,781) (3,024)  
Net cash provided by financing activities     40,988 240,389  
Net increase in cash and cash equivalents     12,248 100,718  
Cash and cash equivalents, beginning     96,877 69,346 69,346
Cash and cash equivalents, ending $ 109,125 $ 170,064 109,125 170,064 $ 96,877
Supplemental Disclosures of Cash Flow Information          
Interest     1,838 1,907  
Income tax     900 1,150  
Supplemental Disclosures of Non-cash Investing Activities:          
Net change in unrealized gains on available-for-sale securities     (54,013) (4,583)  
Transfers of securities from available-for-sale to held-to-maturity     245,536 0  
Unrealized losses on securities transferred from available-for-sale to held-to-maturity     (23,327) 0  
Transfers from loans to foreclosed assets held-for-sale     450 293  
Transfers from/(to) loans to/(from) loans held-for-sale, net     (17,129) 3,781  
Transfers from premises and equipment to other assets held-for-sale     1,184 0  
Security settlement pending     0 1,138  
Right-of-use asset     24 0  
Lease liability     $ 24 $ 0