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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES    
Net income $ 5,598 $ 289
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 1,290 648
Depreciation 850 355
Amortization of intangible assets 258 125
(Accretion) amortization of premiums and (discounts), net (1,947) 1,379
Origination of loans to be sold (9,362) (12,079)
Proceeds from loan sales 10,115 13,410
Gain on sale of loans (753) (316)
Share-based and deferred compensation 656 292
Capitalized mortgage servicing rights (71) (169)
Bank-owned life insurance income (497) (253)
Gain on sale of debt securities, available for sale (13) (74)
Change in accrued interest receivable and other assets (3,605) (165)
Change in accrued interest payable and other liabilities (175) 1,332
Net cash provided by operating activities 2,344 4,774
Investment securities available for sale:    
Proceeds 513 11,371
Proceeds from calls and maturities 1,245 2,900
Proceeds from principal repayments 11,903 21,592
Purchases   (14,192)
Investment securities held to maturity    
Proceeds from principal repayments 2,585  
Purchases (34,389)  
Purchase of certificates of deposit with other banks   (249)
Proceeds from redemptions of certificates of deposit with other banks 7,205 4,472
Purchase of restricted investment in bank stocks (7,996) (536)
Redemption of restricted investment in bank stocks 7,304 1,122
Increase in loans, net (206,406) (66,472)
Purchase of bank-owned life insurance   (5,000)
Proceeds from death benefit under bank-owned life insurance 41 191
Proceeds from disposal of premises and equipment   131
Purchase of premises and equipment (2,304) (260)
Purchase of computer software (2,291)  
Net cash acquired through merger and acquisition   39,885
Net cash used in investing activities (222,590) (5,045)
FINANCING ACTIVITIES    
Increase in deposits, net 175,107 5,381
Change in short-term borrowings, net 1,124  
Proceeds from issuance of subordinated debt 20,000  
Repayments of other borrowings   (14,340)
Issuance of shares from exercise of stock options 120 120
Dividends paid (3,334) (1,462)
Net proceeds from issuance of common stock 34,650  
Net cash provided by (used in) financing activities 227,667 (10,301)
Increase (decrease) in cash and cash equivalents 7,421 (10,572)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 22,590 33,162
CASH AND CASH EQUIVALENTS AT END OF PERIOD 30,011 22,590
SUPPLEMENTAL CASH FLOW DISCLOSURES    
Interest 6,585 2,520
Income taxes $ 395 560
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   4,544
Bank-owned life insurance   4,784
Goodwill   33,508
Intangible assets   1,246
Deferred tax assets   3,675
Accrued interest receivable and other assets   3,295
Liabilities assumed:    
Deposits   391,160
Other borrowings   33,034
Subordinated debt   20,740
Operating lease liabilities   4,544
Accrued interest payable and other liabilities   2,026
Net non-cash assets acquired   61,396
Cash and cash equivalents acquired   $ 49,962