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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES    
Net income $ 289 $ 4,193
Adjustments to reconcile net income to net cash used for operating activities:    
Provision for loan losses 648 184
Depreciation 355 244
Amortization of intangible assets 125 65
Amortization of premiums and discounts 1,379 954
Origination of loans to be sold (12,079) (31,441)
Proceeds from loan sales 13,410 30,784
Gain on sale of loans (316) (358)
Share-based and deferred compensation 292  
Capitalized mortgage servicing rights (169) (275)
Bank-owned life insurance income (253) (186)
Gain on sale of debt securities, available for sale (74) (110)
Change in accrued interest receivable and other assets (165) (544)
Change in accrued interest payable and other liabilities 1,332 (382)
Net cash provided by operating activities 4,774 3,128
Investment securities available for sale:    
Proceeds from sales 11,371 5,706
Proceeds from calls and maturities 2,900 12,250
Proceeds from principal repayments 21,592 14,593
Purchases (14,192) (71,130)
Purchase of certificates of deposit with other banks (249) (996)
Proceeds from redemptions of certificates of deposit with other banks 4,472 2,739
Purchase of restricted investment in bank stocks (536) (1,129)
Redemption of restricted investment in bank stocks 1,122 153
(Increase) decrease in loans, net (66,472) 1,104
Purchase of bank-owned life insurance (5,000) (2,000)
Proceeds from death benefit under bank-owned life insurance 191 0
Proceeds from disposal of premises and equipment 131 0
Purchase of premises and equipment (260) (109)
Net cash acquired through merger and acquisition 39,885 0
Net cash used for investing activities (5,045) (38,819)
FINANCING ACTIVITIES    
Increase in deposits, net 5,381 44,217
Repayments of long-term borrowings (14,340) (1,639)
Issuance of shares from exercise of stock options 120 0
Dividends paid (1,462) (1,433)
Net cash (used in) provided by financing activities (10,301) 41,145
(Decrease) increase in cash and cash equivalents (10,572) 5,454
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 33,162 27,708
CASH AND CASH EQUIVALENTS AT END OF PERIOD 22,590 33,162
SUPPLEMENTAL CASH FLOW DISCLOSURES    
Interest 2,520 2,831
Income taxes 560 745
Non-cash assets acquired:    
Securities available for sale 3,111 0
Loans 415,905 0
Investments in restricted bank stock 1,039 0
Premises and equipment 2,087 0
Right-of-Use Asset 4,544 0
Bank-owned life insurance 4,784 0
Goodwill 33,508 0
Intangible assets 1,246 0
Deferred tax assets 3,675 0
Accrued interest receivable and other assets 3,295 0
Liabilities assumed:    
Deposits 391,160 0
Other borrowings 33,034 0
Subordinated debt 20,740 0
Operating lease liabilities 4,544 0
Accrued interest payable and other liabilities 2,026 0
Net non-cash assets acquired 61,396 0
Cash and cash equivalents acquired $ 49,962 $ 0