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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 5,774 $ 5,166
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 970 225
Amortization of deferred loan costs 146 123
Amortization of deferred Paycheck Protection Program loan fees (124)  
Depreciation 384 411
Net amortization of investment security premiums and discounts 196 60
Stock compensation expense 189 264
Net realized gain on sale of other real estate owned   (45)
Income on bank owned life insurance (297) (344)
Net realized gain on sale of securities available for sale (128)  
Loans originated for sale (689)  
Proceeds from sale of loans 748  
Net realized gain on sale of loans (59)  
Increase in accrued interest receivable (906) (31)
Decrease in other assets 250 390
(Decrease) increase in accrued interest payable (1,588) 544
Increase (decrease) in other liabilities 678 (85)
Net Cash Provided by Operating Activities 5,544 6,678
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of securities available for sale (81,890) (10,203)
Maturities, calls and principal repayments of securities available for sale 34,328 13,879
Proceeds from sales of securities available for sale 4,023  
Net increase in loans receivable (24,429) (17,038)
Net increase in Paycheck Protection Program loans receivable (64,935)  
Net redemption of restricted investment in bank stock 129 2,096
Proceeds from sale of other real estate owned   180
Purchases of premises and equipment (939) (281)
Net Cash Used in Investing Activities (133,713) (11,367)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 123,906 79,825
Net increase (decrease) in securities sold under agreements to repurchase 4,028 (9,986)
Proceeds from Employee Stock Purchase Plan 27 25
Decrease in short-term borrowed funds (18,067) (53,995)
Proceeds from long-term borrowed funds 14,651  
Proceeds from Paycheck Protection Program Liquidity Facility borrowed funds 62,039  
Purchase of treasury stock (720)  
Net Cash Provided by Financing Activities 185,864 15,869
Net Increase in Cash and Cash Equivalents 57,695 11,180
CASH AND CASH EQUIVALENTS - BEGINNING 39,986 27,576
CASH AND CASH EQUIVALENTS - ENDING 97,681 38,756
SUPPLEMENTARY CASH FLOWS INFORMATION    
Interest paid 5,300 3,987
Income taxes paid $ 1,286 1,106
Non-cash Investing and Financing Activities:    
Recognition of operating lease right of use assets   10,908
Recognition of operating lease liabilities   $ 11,014