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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
OPERATING ACTIVITIES    
Net income $ 3,130 $ 2,298
Adjustments to reconcile net income to net cash (used for) provided by operating activities:    
Provision for loan losses 675 91
Depreciation 384 109
Amortization of intangible assets 132 27
(Accretion) amortization of premiums and (discounts) , net (683) 750
Origination of loans to be sold (3,659) (8,226)
Proceeds from loan sales 3,992 9,512
Gain on sale of loans (333) (271)
Share-based and deferred compensation 349 0
Bank-owned life insurance income (225) (95)
Gain on sale of debt securities, available for sale (13) 0
Change in accrued interest receivable and other assets (2,356) (789)
Change in accrued interest payable and other liabilities (590) 914
Net cash provided by operating activities 803 4,320
Investment securities available for sale:    
Proceeds from sales 513 0
Proceeds from calls and maturities 1,150 1,155
Proceeds from principal repayments 7,271 10,804
Purchases 0 (14,192)
Investment securities held to maturity    
Proceeds from principal repayments 628 0
Purchases (29,389) 0
Purchase of certificates of deposit with other banks 0 (249)
Proceeds from redemptions of certificates of deposit with other banks 1,740 2,730
Purchase of restricted investment in bank stocks (999) (439)
Redemption of restricted investment in bank stocks 1,117 138
Increase in loans, net (70,596) (12,481)
Proceeds from death benefit under bank-owned life insurance 0 190
Purchase of premises and equipment (3,010) 0
Net cash used for investing activities (91,575) (12,344)
FINANCING ACTIVITIES    
Increase in deposits, net 130,708 1,176
Change in Short-term borrowings, net (18,175) 282
Proceeds from issuance of subordinated debt 20,000 0
Repayments of other borrowings 0 (1,120)
Issuance of shares from exercise of stock options 120 0
Dividends paid (1,475) (484)
Net cash provided by (used in) financing activities 131,178 (146)
Increase (decrease) in cash and cash equivalents 40,406 (8,170)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 22,590 33,162
CASH AND CASH EQUIVALENTS AT END OF PERIOD 62,996 24,992
SUPPLEMENTAL CASH FLOW DISCLOSURES    
Interest 1,926 1,032
Income taxes $ 200 $ 425