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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES    
Net income $ 4,902 $ (499)
Adjustments to reconcile net income to net cash (used for) provided by operating activities:    
Provision for loan losses 1,190 548
Depreciation 607 376
Amortization of intangible assets 197 320
(Accretion) amortization of premiums and (discounts), net (903) 1,170
Origination of loans to be sold (9,362) (12,079)
Proceeds from loan sales 10,115 13,192
Gain on sale of loans (753) (316)
Share-based and deferred compensation 493  
Bank-owned life insurance income (381) (176)
Gain on sale of debt securities, available for sale (13)  
Change in accrued interest receivable and other assets (1,397) 457
Change in accrued interest payable and other liabilities 56 2,424
Net cash provided by operating activities 4,751 5,417
Investment securities available for sale:    
Proceeds from sales 513  
Proceeds from calls and maturities 1,150 1,380
Proceeds from principal repayments 9,748 16,332
Purchases   (14,192)
Investment securities held to maturity    
Proceeds from principal repayments 1,826  
Purchases (34,389)  
Purchase of certificates of deposit with other banks   (249)
Proceeds from redemptions of certificates of deposit with other banks 4,470 4,223
Purchase of restricted investment in bank stocks (4,525) (500)
Redemption of restricted investment in bank stocks 3,883 221
Increase in loans, net (143,654) (16,708)
Proceeds from death benefit under bank-owned life insurance 41 218
Purchase of premises and equipment (4,405) (111)
Net cash acquired through merger and acquisition   39,885
Net cash (used in) provided by investing activities (165,342) 30,499
FINANCING ACTIVITIES    
Increase in deposits, net 180,045 36,311
Change in short-term borrowings, net (19,814)  
Proceeds from issuance of subordinated debt 20,000  
Repayments of other borrowings   (1,120)
Issuance of shares from exercise of stock options 120  
Dividends paid (2,213) (725)
Net proceeds from issuance of common stock 34,659  
Net cash provided by financing activities 212,797 34,466
Increase in cash and cash equivalents 52,206 70,382
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 22,590 33,162
CASH AND CASH EQUIVALENTS AT END OF PERIOD 74,796 103,544
SUPPLEMENTAL CASH FLOW DISCLOSURES    
Interest 3,243 1,614
Income taxes $ 275 560
Non-cash assets acquired:    
Securities available for sale   3,111
Loans   415,905
Investments in restricted bank stock   1,039
Premises and equipment   2,087
Right-of-Use Asset   4,384
Bank-owned life insurance   4,784
Goodwill   33,179
Intangible assets   1,246
Deferred tax assets   3,591
Accrued interest receivable and other assets   3,868
Liabilities assumed:    
Deposits   391,160
Other borrowings   33,034
Subordinated debt   20,740
Operating lease liabilities   4,384
Accrued interest payable and other liabilities   2,026
Net non-cash assets acquired   61,396
Cash and cash equivalents acquired   $ 49,962