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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
OPERATING ACTIVITIES    
Net Income $ 4,557 $ 5,681
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and software amortization 289 477
Net loss on securities 361 232
Net amortization of securities 227 207
Amortization of core deposit intangible 66 66
Provision for loan losses 700 750
Stock-based compensation 245 173
Net (increase) decrease in loans held for sale (109) 3,427
Income from bank owned life insurance (122) (125)
(Increase) decrease in interest receivable (257) 155
Decrease in interest payable (25) (4)
Net other operating activities 3,907 2,103
Net cash provided by operating activities 9,839 13,142
INVESTING ACTIVITIES    
Purchase of securities available for sale (30,000) (12,949)
Proceeds from sale of securities available for sale 0 15,759
Proceeds from maturities, calls, and paydowns of securities available for sale 2,927 2,683
Net (purchase) redemption of restricted equity securities (225) 437
Purchase of bank owned life insurance (7,021) 0
Purchase of annuities (2,622) 0
Net increase in loans (59,822) (53,263)
Proceeds from sale of foreclosed assets 0 95
Purchase of premises, equipment and software (1,309) (951)
Net cash used in investing activities (98,072) (48,189)
FINANCING ACTIVITIES    
Net (decrease) increase in deposits (14,612) 120,383
Proceeds from issuance of common stock 0 165
Repurchase of common stock (6,132) 0
Net proceeds of other borrowings 0 1,011
Repayment of note payable (12,498) 0
Net proceeds of subordinated notes 47,154 0
Common stock dividends paid (811) (691)
Net cash provided by financing activities 13,101 120,868
Net increase (decrease) in cash and cash equivalents (75,132) 85,821
Cash and cash equivalents at beginning of year 283,956 84,907
Cash and cash equivalents at end of year 208,824 170,728
Cash paid during the year for:    
Interest 1,243 1,397
Income taxes 74 0
NONCASH TRANSACTIONS    
Transfers of loans to foreclosed assets 0 100
Internally financed sales of foreclosed assets $ 0 $ 0