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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 $ 12,161 $ 14,721 $ 12,551
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 3,050 0 2,100
Stock-based compensation 574 475 424
Depreciation and amortization of bank premises and equipment 943 721 565
Accretion and amortization of securities, net 2,010 1,683 2,530
Net (gain) loss on sale/call of available-for-sale securities (296) 3 20
Net gain on sales of loans held-for-sale (2,247) (614) (337)
Impairment on other real estate owned 0 308 0
Gain on sale of bank premises and equipment 0 (281) 0
(Benefit) provision for deferred income taxes (1,429) 450 (1,210)
Valuation adjustment on mortgage servicing rights 386 0 0
Proceeds from sales of loans held-for-sale 79,013 33,796 21,966
Originations of loans held-for-sale (81,826) (35,017) (22,884)
Increase in deferred loan origination fees and costs, net 2,552 137 328
Amortization of operating lease right-of-use asset 1,270 865 0
Increase in interest receivable and other assets (2,837) (768) (596)
Net increase in interest payable and other liabilities (734) 85 222
Net cash provided by operating activities 12,590 16,564 15,679
Cash flows from investing activities:      
Proceeds from maturities of available-for-sale securities 41,995 47,955 23,860
Proceeds from sales of available-for-sale securities 14,201 20,796 2,487
Principal repayments on available-for-sale securities 66,784 50,781 50,186
Purchase of available-for-sale securities (208,969) (141,862) (114,198)
Net increase in Certificates of Deposit (2,223) (7,105) (5,611)
Proceeds from redemption (purchases) of stock in Federal Home Loan Bank and other equity securities, at cost 94 (555) (452)
Net increase in loans (112,559) (5,617) (27,801)
Purchases of bank premises and equipment, net (862) (1,056) (963)
Proceeds from the sale of bank premises and equipment 0 668 0
Proceeds from sales of other real estate owned 0 784 0
Net cash used in investing activities (201,539) (35,211) (72,492)
Cash flows from financing activities:      
Net increase in deposits 339,530 14,020 19,872
Increase in Federal Home Loan Bank advances 5,000 0 0
Cash dividends paid in lieu of fractional shares (8) (8) (10)
Common stock issued 111 96 91
Net cash provided by financing activities 344,633 14,108 19,953
Net increase (decrease) in cash and cash equivalents 155,684 (4,539) (36,860)
Cash and cash equivalents at beginning of year 111,493 116,032 152,892
Cash and cash equivalents at end of year $ 267,177 $ 111,493 $ 116,032