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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows From Operating Activities    
Net income $ 10,053 $ 6,587
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 480 383
Accretion and amortization of investment securities premiums and discounts, net 1,150 2,523
Valuation adjustment on mortgage servicing rights 0 (276)
Increase (decrease) in deferred loan origination fees and costs, net 553 (2,252)
Amortization of core deposit intangible 377 0
Provision for credit losses 2,600 600
Stock-based compensation 380 332
Losses on sales/calls of available-for-sale securities 64 152
Amortization of operating lease right-of-use asset 536 560
Gains on sales of loans held-for-sale (31) (118)
Proceeds from sales of loans held-for-sale 1,945 8,796
Originations of loans held-for-sale (2,925) (7,615)
Gain on bargain purchase (1,405) 0
Changes in assets and liabilities:    
Decrease (increase) in interest receivable and other assets 828 (1,634)
Decrease in interest payable and other liabilities (1,617) (2,139)
Net cash provided by operating activities 12,988 5,899
Cash Flows From Investing Activities    
Proceeds from calls or maturities of available-for-sale securities 15,265 8,590
Proceeds from sales of available-for-sale securities 16,986 6,349
Principal repayments on available-for-sale securities 36,202 54,926
Purchases of available-for-sale securities (35,941) (121,041)
Proceeds from maturities of certificates of deposit 1,963 3,926
Proceeds from sales of certificates of deposit 0 493
Purchases of certificates of deposit (2,207) (2,480)
Net increase in loans (46,730) (77,565)
Purchases of Federal Home Loan Bank stock and other equity securities, at cost (1,078) (2,343)
Purchases of premises and equipment (506) (12)
Cash and cash equivalents acquired in acquisition 103,425 0
Net cash provided by (used in) investing activities 87,379 (129,157)
Cash Flows From Financing Activities    
Net (decrease) increase in deposits (82,828) 22,893
Cash dividends paid in lieu of fractional shares (7) (8)
Repurchases of common stock (143) (84)
Net cash (used in) provided by financing activities (82,978) 22,801
Net increase (decrease) in Cash and Cash Equivalents 17,389 (100,457)
Cash and Cash Equivalents, beginning of period 187,417 345,929
Cash and Cash Equivalents, end of period 204,806 245,472
Cash paid during the period for:    
Interest 2,000 395
Income taxes 0 2,610
Supplemental disclosures of non-cash investing and financing activities:    
Stock dividend distributed 5,652 6,992
Unrealized holding gains (losses) on available for sale securities, net of taxes 2,323 (30,604)
Market value of shares tendered in-lieu of cash to pay for exercise of options 81 65
Recognition of right-of-use assets obtained in exchange for operating lease liabilities 245 707
Non-cash assets acquired (liabilities assumed) in acquisition:    
Total assets acquired 12,612 0
Total liabilities assumed $ (115,916) $ 0