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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
OPERATING ACTIVITIES    
Net Income $ 14,508 $ 8,792
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and software amortization 1,422 1,475
Net loss (gain) on securities 17 (742)
Net amortization of securities 696 421
Amortization of core deposit intangible 198 198
Provision for loan losses 2,250 2,700
Gain on sale of foreclosed assets (10) (126)
Write-down of foreclosed assets 0 920
Loss on sale of premises, equipment and software 0 16
Stock-based compensation 607 540
Net decrease (increase) in loans held for sale 3,599 (997)
Income from bank owned life insurance (378) (398)
Decrease (increase) in interest receivable 310 (1,484)
Decrease in interest payable (153) (67)
Net other operating activities (376) (2,861)
Net cash provided by operating activities 22,690 8,387
INVESTING ACTIVITIES    
Purchase of securities available for sale (44,479) (62,336)
Purchase of other equity securities (9,000) (5,000)
Proceeds from sale of securities available for sale 15,759 26,185
Proceeds from sale of other equity securities 4,995 0
Proceeds from maturities, calls, and paydowns of securities available for sale 8,005 6,697
Net redemption (purchase) of restricted equity securities 624 (1,116)
Net increase in loans (115,444) (166,383)
Proceeds from sale of foreclosed assets 188 834
Proceeds from bank owned life insurance 755 149
Proceeds from sale of premises, equipment and software 0 376
Purchase of premises, equipment and software (2,912) (6,632)
Net cash used in investing activities (141,509) (207,226)
FINANCING ACTIVITIES    
Net increase in deposits 196,661 163,097
Net proceeds from issuance of common stock in connection with IPO 20,959 0
Proceeds from issuance of common stock 165 85
Net (repayment) proceeds of other borrowings (3,971) 28,878
Net proceeds of note payable 4,500 0
Repayment of subordinated notes (4,500) 0
Common stock dividends paid (2,080) (1,228)
Net cash provided by financing activities 211,734 190,832
Net increase (decrease) in cash and cash equivalents 92,915 (8,007)
Cash and cash equivalents at beginning of year 84,907 115,235
Cash and cash equivalents at end of year 177,822 107,228
Cash paid during the year for:    
Interest 3,943 7,200
Income taxes 5,367 2,739
NONCASH TRANSACTIONS    
Transfers of loans to foreclosed assets 100 3,090
Internally financed sales of foreclosed assets $ 0 $ 923