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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES    
Net income $ 18,567 $ 12,107
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and software amortization 1,888 1,956
Net loss (gain) on securities 57 (742)
Net amortization of securities 957 605
Amortization of core deposit intangible 264 264
Provision for loan losses 2,982 3,300
Deferred income taxes (973) (1,587)
(Gain) loss on sale of foreclosed assets 207 (76)
Write-down of foreclosed assets 0 920
Loss on sale of premises, equipment and software 0 15
Stock-based compensation 825 739
Net decrease (increase) in loans held for sale 3,296 (3,118)
Income from bank owned life insurance (497) (528)
Decrease (increase) in interest receivable 73 (1,256)
Decrease in interest payable (146) (195)
Net other operating activities 2,203 (950)
Net cash provided by operating activities 29,703 11,454
INVESTING ACTIVITIES    
Purchase of securities available for sale (67,887) (85,255)
Purchase of other equity securities (9,000) (5,007)
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 11,601 9,111
Net redemption (purchase) of restricted equity securities 624 (1,213)
Net increase in loans (220,282) (199,324)
Proceeds from sale of foreclosed assets 7,187 1,554
Proceeds from bank owned life insurance 755 148
Proceeds from sale of premises, equipment and software 0 376
Purchase of premises, equipment and software (4,507) (6,648)
Net cash used in investing activities (260,755) (260,073)
FINANCING ACTIVITIES    
Net increase in deposits 416,790 189,147
Net proceeds from issuance of common stock in connection with IPO 20,958 0
Proceeds from issuance of common stock 165 86
Net (repayment) proceeds of other borrowings (4,920) 30,900
Net proceeds of note payable 4,500 0
Repayment of subordinated notes (4,500) 0
Common stock dividends paid (2,892) (1,842)
Net cash provided by financing activities 430,101 218,291
Net increase (decrease) in cash and cash equivalents 199,049 (30,328)
Cash and cash equivalents at beginning of year 84,907 115,235
Cash and cash equivalents at end of year 283,956 84,907
Cash paid during the year for:    
Interest 5,010 8,903
Income taxes 7,082 4,304
NONCASH TRANSACTIONS    
Transfers of loans to foreclosed assets 100 10,300
Internally financed sales of foreclosed assets 0 4,356
Transfer of state and municipal available for sale securities to held to maturity securities $ 19,684 $ 0