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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net income $ 21,554 $ 15,884
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 1,100 900
Amortization of core deposit intangible 829 0
Stock-based compensation 820 655
Depreciation and amortization of bank premises and equipment 1,002 774
Accretion and amortization of securities, net 1,941 4,319
Net loss on sale/call of available-for-sale securities 112 152
Gain on sale of loans held-for-sale (111) (145)
Benefit for deferred income taxes (404) (687)
Valuation adjustment on mortgage servicing rights 0 (276)
Proceeds from sales of loans held-for-sale 5,918 10,693
Originations of loans held-for-sale (5,807) (9,485)
Increase (decrease) in deferred loan origination fees and costs, net 752 (2,062)
Amortization of operating lease right-of-use asset 1,077 1,102
Gain on bargain purchase (1,405) 0
Increase in interest receivable and other assets (961) (981)
Increase in interest payable and other liabilities 883 937
Net cash provided by operating activities 27,300 21,780
Cash flows from investing activities:    
Proceeds from maturities of available-for-sale securities 62,765 22,100
Proceeds from sales of available-for-sale securities 18,067 6,348
Principal repayments on available-for-sale securities 71,909 96,308
Purchase of available-for-sale securities (91,324) (176,919)
Proceeds from maturities of certificates of deposit 5,169 5,151
Proceeds from sales of certificates of deposit 0 493
Purchase of certificates of deposit (3,931) (13,320)
Purchases of stock in Federal Home Loan Bank and other equity securities, at cost (1,078) (2,343)
Net increase in loans (80,173) (116,259)
Purchases of bank premises and equipment, net (1,221) (344)
Cash and cash equivalents acquired in acquisition 103,425 0
Net cash provided by (used in) investing activities 83,608 (178,785)
Cash flows from financing activities:    
Net decrease in deposits (149,060) (1,428)
Cash dividends paid in lieu of fractional shares (7) (8)
Common stock issued 96 116
Repurchases of common stock (143) (187)
Net cash (used in) provided by financing activities (149,114) (1,507)
Net (decrease) increase in cash and cash equivalents (38,206) (158,512)
Cash and cash equivalents at beginning of year 187,417 345,929
Cash and cash equivalents at end of year $ 149,211 $ 187,417