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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
OPERATING ACTIVITIES    
Net Income $ 7,671 $ 4,557
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and software amortization 294 289
Net (gain) loss on securities (514) 361
Net amortization of securities 195 227
Amortization of core deposit intangible 82 66
Provision for credit losses 1,181 700
Deferred income taxes 24 0
Stock-based compensation 239 245
Net increase in loans held for sale (1,329) (109)
Income from bank owned life insurance (164) (122)
Increase in interest receivable (114) (257)
Increase (decrease) in interest payable 260 (25)
Net other operating activities 1,114 3,907
Net cash provided by operating activities 8,939 9,839
INVESTING ACTIVITIES    
Purchase of securities available for sale (19,234) (30,000)
Proceeds from sale of securities available for sale 10,532 0
Proceeds from sale of other equity securities 703 0
Proceeds from maturities, calls, and paydowns of securities available for sale 2,108 2,927
Net purchase of restricted equity securities (728) (225)
Purchase of bank owned life insurance 0 (7,021)
Purchase of annuities 0 (2,622)
Net increase in loans (59,633) (59,822)
Purchase of premises, equipment and software (47) (1,309)
Net cash used in investing activities (66,299) (98,072)
FINANCING ACTIVITIES    
Net increase (decrease) in deposits 68,748 (14,612)
Proceeds from issuance of common stock 200 0
Repurchase of common stock (575) (6,132)
Net proceeds of other borrowings 14,000 0
Net proceeds from notes payable 3  
Net repayments of notes payable   (12,498)
Net proceeds of subordinated notes 74 47,154
Common stock dividends paid (793) (811)
Net cash provided by financing activities 81,657 13,101
Net increase (decrease) in cash and cash equivalents 24,297 (75,132)
Cash and cash equivalents at beginning of year 168,499 283,956
Cash and cash equivalents at end of year 192,796 208,824
Cash paid during the year for:    
Interest 8,894 1,243
Income taxes $ 0 $ 74