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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 7,055 $ 5,500 $ 4,900
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 1,520 660 175
Change in deferred loan origination fees, costs and purchase premiums, net 1,076 (384) (239)
Depreciation and amortization 387 226 265
Amortization of investment security premiums and discounts, net 1,562 1,455 2,404
Gain on sale of investment securities (38) (115) (31)
Increase in cash surrender value of life insurance policies (338) (334) (307)
Deferred income tax (benefit) expense (350) (752) 333
Stock-based compensation expense 425 338 227
Write-down of other real estate owned 46 111 4
Increase in accrued interest receivable and other assets (2,743) (523) (125)
(Decrease) increase in accrued interest payable and other liabilities (1,981) 1,688 76
Net cash provided by operating activities 6,621 7,870 7,682
Cash flows from investing activities:      
Proceeds from the sale of available-for-sale investment securities 4,229 63,325 27,003
Proceeds from called available-for-sale investment securities 2,139
Proceeds from matured available-for-sale investment securities 5,255
Purchases of available-for-sale investment securities (94,174) (75,732) (110,615)
Proceeds from principal repayments for available-for-sale mortgage-backed securities 49,616 46,705 44,321
Proceeds from principal repayments for held-to-maturity mortgage-backed securities 236 44 86
Net increase in loans (69,639) (54,598) (290)
Proceeds from sale of loans 1,349
Purchases of loans (11,008) (20,964) (10,799)
Purchases of equipment (198) (346) (178)
Net decrease (increase) in FHLB stock 47 (327)
Net cash used in investing activities (120,891) (36,638) (46,984)
Cash flows from financing activities:      
Net increase in demand, interest-bearing and savings deposits 143,968 28,431 26,198
Net (decrease) increase in time deposits (4,628) (14,268) 8,396
Cash paid to repurchase common stock (4,773)
Proceeds from exercised options 95 189
Increase (decrease) in long-term borrowings 3,287 (1,500)
(Decrease) increase in short-term borrowings (2,000) 4,000 1,500
Cash dividends paid (1,658) (1,413) (1,188)
Net cash provided by financing activities 138,969 16,845 28,822
Increase (decrease) in cash and cash equivalents 24,699 (11,923) (10,480)
Cash and cash equivalents at beginning of year 17,810 29,733 40,213
Cash and cash equivalents at end of year 42,509 17,810 29,733
Supplemental disclosure of cash flow information:      
Right of use asset and obligation recorded upon adoption of ASU 2016-02 3,570
Addition to right of use asset and obligation recorded upon renewal of existing lease 479 234
Cash paid during the year for:      
Interest expense 1,660 2,519 1,598
Income taxes 2,650 1,888 1,095
Non-cash activities:      
Real estate acquired through foreclosure, repossession or deed in lieu of foreclosure $ 517