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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities    
Net income $ 26,674 $ 22,171
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization, and accretion, net 2,083 1,893
Amortization of right-of-use assets 496 472
Deferred income tax (benefit) (894) 336
Loss on sale of other real estate owned 4 40
Loss on valuation of other real estate owned 70 22
Provision for (recovery of) loan losses 2,398 (1,175)
Stock based compensation expense 2,519 1,888
Income from bank owned life insurance (1,008) (900)
Subordinated debt amortization expense 328 223
Gain on disposal of premises and equipment 0 (57)
Loss (gain) on loans held for sale 168 (847)
Gain on called held-to-maturity securities (4) (6)
Change in:    
Accrued interest receivable and other receivables (1,861) 1,903
Other assets (22,407) 8,224
Other liabilities 24,978 (5,063)
Net cash provided by operating activities 33,544 29,124
Cash Flows from Investing Activities    
Payments, available-for-sale securities 6,634 7,635
Maturities, sales, called, refunded 245,000 417,000
Purchases, available-for-sale securities (226,215) (378,619)
Maturities, called, refunded 2,595 2,040
Purchases of equity securities (3,916) (10,651)
Purchases of restricted investment in bank stock (9,123) (758)
Redemption of restricted investment in bank stock 4,125 332
Net increase in loan portfolio (240,756) (83,617)
Proceeds from sale of other real estate owned 701 343
Proceeds from sale of loans 0 31,264
Purchases of bank owned life insurance 0 (10,000)
Proceeds from sale of premises and equipment 0 79
Purchases of premises and equipment (1,125) (1,806)
Computer software developed (6,656) (2,493)
Net cash used in investing activities (228,736) (60,515)
Cash Flows from Financing Activities    
Net increase in non-interest deposits 20,012 160,181
Net increase (decrease) in interest bearing demand, savings, and time deposits 80,914 (186,464)
Net increase in Federal Home Loan Bank advances and other borrowings 100,000 0
Net increase in subordinated debt 42,623 14,237
Repurchase of common stock (6,918) 0
Cash dividends paid on preferred stock (2,156) (2,156)
Cash dividends paid on common stock (1,882) 0
Net cash provided by (used in) financing activities 232,593 (14,202)
Increase (decrease) in Cash and Cash Equivalents 37,401 (45,593)
Cash and Cash Equivalents, beginning of period 93,199 107,528
Cash and Cash Equivalents, end of period 130,600 93,199
Supplementary Disclosure of Cash Flow Information    
Cash paid during the period for interest 12,639 10,165
Cash paid during the period for income taxes 6,381 6,838
Right of use assets obtained in exchange for new operating lease liabilities 0 1,922
Transfers from loans receivable to loans held for sale, at carrying value 715 26,046
Net unrealized loss on securities available-for-sale $ (11,373) $ (1,023)