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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 $ 21,108 $ 13,368
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 3,775 4
Provision for deferred taxes (1,281) (2,285)
Depreciation 1,477 1,569
Deferred loan fees, net (352) (1,165)
Stock based compensation, net 1,763 1,282
Increase in cash surrender value of life insurance (665) (652)
Discount on retained portion of sold loans, net (35) (35)
Gain on sale of loans, net (1,393) 0
Increase (decrease) in accrued interest receivable and other assets 3,215 2,946
Decrease in accrued interest payable and other liabilities 1,051 1,177
Net cash provided by operating activities 28,663 16,209
Cash flows from investing activities:    
Purchase of investment securities (78,780) (65,224)
Proceeds from principal payments on investment securities 23,418 15,970
Proceeds from sale of loans 37,271 0
Purchase of loans (56,439) (42,682)
Net decrease (increase) in loans (197,026) 35,104
Capital calls on low income tax credit investments (669) (614)
Redemption (purchase) of Federal Home Loan Bank stock 455 (1,344)
Purchase of premises and equipment (153) (181)
Purchase of bank-owned life insurance policies (50) (42)
Net cash used for investing activities (271,973) (59,013)
Cash flows from financing activities:    
Net increase in customer deposits 111,602 147,932
Paydown of long term borrowings, net (56,387) (117,656)
(Paydown of) proceeds from short term and overnight borrowings, net (50,000) 35,000
Proceeds from issuance of subordinated debt, net 0 29,224
Proceeds from exercised stock options, net 21 243
Net cash provided by financing activities 5,236 94,743
Increase in cash and cash equivalents (238,074) 51,939
Cash and cash equivalents, beginning of period 470,456 418,517
Cash and cash equivalents, end of period 232,382 470,456
Supplemental disclosure of cash flow information:    
Securities transferred from available for sale to the held to maturity classification 49,889 0
Cash paid during the year for:    
Interest 10,488 6,508
Income taxes $ 7,410 $ 6,124