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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Operating Activities      
Net income $ 23,159 $ 19,266 $ 8,225
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 1,031 1,093 849
Provision for loan losses 4,175 5,350 0
Amortization of premiums and discounts on securities 30 0 0
Gain on sales of loans (435) (175) (164)
Stock-based compensation expense 862 771 12,116
(Gain) loss on sale of premises and equipment (1) (3) 183
Cash receipts from the sale of loans originated for sale 23,954 8,924 7,697
Cash disbursements for loans originated for sale (23,659) (8,042) (8,052)
Gain on sale of other real estate owned 0 0 (330)
Deferred income tax (benefit) 235 (875) (20)
Changes in      
Interest receivable and other assets 907 (162) 1,064
Interest payable and other liabilities (303) (912) (2,388)
Net cash provided by operating activities 29,955 25,235 19,180
Investing Activities      
Net cash received for acquisition, net of cash paid 20,432 0 0
Maturities of interest-bearing time deposits in other banks 13,175 28,162 18,583
Purchases of interest-bearing time deposits in other banks 0 (14,427) (16,971)
Proceeds from sale of securities available-for-sale 1,173 0 0
Maturities, prepayments and calls of securities available-for-sale 290 0 0
Net change in loans (77,951) (132,866) (107,458)
Purchases of premises and equipment (599) (438) (3,100)
Proceeds from sale of premises and equipment 17 27 403
Change in nonmarketable equity securities (30) (72) (45)
Proceeds from sale of foreclosed assets 0 0 518
Net cash used in investing activities (43,493) (119,614) (108,070)
Financing Activities      
Net change in deposits 68,470 148,031 81,580
Cash distributions (3,982) (7,803) (1,006)
Common stock issued for restricted stock units 1 (9,076) (2,646)
Net cash provided by financing activities 64,489 131,152 77,928
Increase (Decrease) in Cash and Due from Banks 50,951 36,773 (10,962)
Cash and Due from Banks, Beginning of Period 153,901 117,128 128,090
Cash and Due from Banks, End of Period 204,852 153,901 117,128
Supplemental Disclosure of Cash Flows Information      
Interest paid 3,222 6,502 9,342
Income taxes paid 7,511 7,731 6,779
Dividends declared and not paid 1,089 994 5,029
Non-cash stock contribution 0 0 11,627
Supplemental Disclosure of Investing Activities      
Cash consideration for acquisition 29,266 0 0
Fair value of assets acquired in acquisition 267,327 0 0
Fair value of liabilities assumed in acquisition $ 245,528 $ 0 $ 0