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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net income $ 13,368 $ 4,303
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 4 4,880
Provision for deferred taxes (2,285) 205
Depreciation 1,569 1,399
Deferred loan fees, net (1,067) 2,270
Accretion on discount of purchased loans, net (98) (239)
Stock based compensation, net 1,282 1,274
Increase in cash surrender value of life insurance (652) (570)
Discount on retained portion of sold loans, net (35) (214)
Loss on sale of investment securities, net 0 70
Increase (decrease) in accrued interest receivable and other assets 2,946 (2,503)
Decrease in accrued interest payable and other liabilities 1,177 3,878
Net cash provided by operating activities 16,209 14,753
Cash flows from investing activities:    
Purchase of investment securities (65,224) (44,075)
Proceeds from sales of investment securities 0 7,646
Proceeds from principal payments on investment securities 15,970 9,742
Purchase of loans (42,682) (49,127)
Net decrease (increase) in loans 35,104 (371,921)
Capital calls on low income tax credit investments (614) (1,402)
Purchase of Federal Home Loan Bank stock (1,344) (362)
Purchase of premises and equipment (181) (3,507)
Purchase of bank-owned life insurance policies (42) (832)
Net cash used for investing activities (59,013) (453,838)
Cash flows from financing activities:    
Net increase in customer deposits 147,932 543,970
Paydown of long term borrowings, net (117,656) 0
Proceeds from short term and overnight borrowings, net 35,000 179,043
Proceeds from issuance of subordinated debt, net 29,224 20,000
Proceeds from exercised stock options 243 247
Net cash provided by financing activities 94,743 743,260
Increase in cash and cash equivalents 51,939 304,175
Cash and cash equivalents, beginning of period 418,517 114,342
Cash and cash equivalents, end of period 470,456 418,517
Supplemental disclosure of cash flow information:    
Recording of right to use assets and operating lease liabilities 0 4,182
Cash paid during the year for:    
Interest 6,508 8,008
Income taxes $ 6,124 $ 165