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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 2,809 $ 473
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 300 400
Provision for deferred taxes 220 120
Depreciation 398 315
Deferred loan fees, net 2,129 312
Accretion on discount of purchased loans, net (36) (35)
Stock based compensation, net 383 280
Increase in cash surrender value of life insurance (162) (153)
Discount on retained portion of sold loans, net (9) (156)
Loss on sale of investment securities, net   70
Increase in accrued interest receivable and other assets 762 47
Decrease in accrued interest payable and other liabilities (3,418) (1,730)
Net cash from operating activities 3,376 (57)
Cash flows from investing activities:    
Purchase of investment securities (7,245) (15,100)
Proceeds from sales of investment securities   7,662
Proceeds from principal payments on investment securities 4,217 1,641
Net increase in loans (101,068) (19,671)
Purchase of low income tax credit investments (290) (26)
Purchase of premises and equipment (72) (74)
Purchase of bank-owned life insurance policies (40) (815)
Net cash used in investing activities (104,498) (26,383)
Cash flows from financing activities:    
Net increase in customer deposits 97,509 40,625
Paydown of long term borrowing (54,223)  
Proceeds from short term and overnight borrowings   12,000
Proceeds from exercised stock options 99 83
Net cash provided by financing activities 43,385 52,708
Increase in cash and cash equivalents (57,737) 26,268
Cash and cash equivalents, beginning of period 418,517 114,342
Cash and cash equivalents, end of period 360,780 140,610
Supplemental disclosure of cash flow information:    
Recording of right to use assets and operating lease liabilities   4,079
Cash paid during the year for:    
Interest $ 1,725 2,147
Income taxes   $ 164