XML 24 R8.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net income $ 16,114 $ 8,645
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and accretion 2,318 110
Investment amortization, net 1,329 955
Provision for loan losses 1,270 3,073
Provision for real estate owned 113 276
Stock-based compensation expense 585 711
(Increase) decrease in deferred tax asset (196) (884)
(Gain) loss on sale of investment securities available for sale 819 (392)
Income on bank owned life insurance, net (344) (414)
Gain on sale of fixed assets (26) (14)
Net realized gain on sale of real estate owned (76)
Net change in operating assets and liabilities:    
Accrued interest receivable 896 39
Other assets 201 (12)
Accrued interest payable 47 (170)
Other liabilities (466) 794
Net cash provided by operating activities 22,584 12,717
Activity for investment securities available for sale:    
Purchases (57,950) (67,337)
Maturities/calls and principal repayments 25,286 13,684
Sales 28,017 18,787
Net increase in loans (56,373) (122,622)
Proceeds from sale of real estate owned 1,053 160
Proceeds from settlement of BOLI policies 427
Proceeds from sale of fixed assets 149 41
Purchase of fixed assets (2,100) (4,253)
Purchase of other investments, at cost (1,185)
Redemption of other investments, at cost 3,268 4,129
Net cash used in investing activities (58,223) (158,596)
Cash flows from financing activities:    
Net increase in deposits 112,561 133,979
Repurchase of common stock (3,946)
Repurchase of preferred stock (94)
Proceeds from issuance of subordinated debt 17,602
Proceeds from FHLB advances 27,000
Repayment of FHLB advances (11,000) (11,000)
Cash received upon exercise of stock options 1,380 309
Dividends paid on common stock (2,066) (1,668)
Dividends paid on preferred stock (120) (97)
Net cash provided by financing activities 96,715 166,125
Net change in cash and cash equivalents 61,076 20,246
Cash and cash equivalents, beginning of period 63,025 42,779
Cash and cash equivalents, end of period 124,101 63,025
Cash paid during the year for:    
Interest on deposits and other borrowings 4,935 8,735
Income taxes 5,647 3,026
Right-of-use assets obtained in exchange for lease obligations:    
Operating leases 1,690
Finance leases 111
Significant noncash investing and financing activities:    
Real estate acquired in satisfaction of mortgage loans $ 513