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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES    
Net (loss) income $ (11,968) $ 5,598
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 9,295 1,290
Depreciation 1,121 850
Amortization of intangible assets 663 258
Accretion of discounts, net (204) (1,947)
Origination of loans to be sold (4,210) (9,362)
Proceeds from loan sales 4,537 10,115
Gain on sale of loans (465) (753)
Share-based and deferred compensation 1,049 656
Capitalized mortgage servicing rights   (71)
Bank-owned life insurance income (738) (497)
Loss (gain) on sale of debt securities, available for sale 2,370 (13)
Change in accrued interest receivable and other assets (3,800) (3,605)
Change in accrued interest payable and other liabilities 2,340 (175)
Net cash (used in) provided by operating activities (10) 2,344
Investment securities available for sale:    
Proceeds from sales 91,364 513
Proceeds from calls and maturities   1,245
Proceeds from principal repayments 8,285 11,903
Purchases (9,756)  
Investment securities held to maturity    
Proceeds from principal repayments 3,436 2,585
Purchases (11,289) (34,389)
Proceeds from redemptions of certificates of deposit with other banks 5,623 7,205
Purchase of restricted investment in bank stocks (15,624) (7,996)
Redemption of restricted investment in bank stocks 21,799 7,304
Increase in loans, net (65,915) (206,406)
Purchase of bank-owned life insurance (9,712)  
Proceeds from death benefit under bank-owned life insurance   41
Purchase of premises and equipment (1,153) (2,304)
Purchase of computer software (220) (2,291)
Net cash acquired through merger and acquisition 41,745  
Net cash provided by (used in) investing activities 58,583 (222,590)
FINANCING ACTIVITIES    
Increase in deposits, net 51,834 175,107
Change in short-term borrowings, net (65,640) 1,124
Proceeds from issuance of subordinated debt   20,000
Issuance of shares from exercise of stock options 150 120
Dividends paid (4,870) (3,334)
Net proceeds from issuance of common stock 10,132 34,650
Net cash (used in) provided by financing activities (8,394) 227,667
(Decrease) Increase in cash and cash equivalents 50,179 7,421
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 30,011 22,590
CASH AND CASH EQUIVALENTS AT END OF PERIOD 80,190 30,011
SUPPLEMENTAL CASH FLOW DISCLOSURES    
Interest 27,874 6,585
Income taxes   $ 395
Non-cash assets acquired:    
Securities available for sale 123,440  
Loans 1,240,334  
Investments in restricted bank stock 6,763  
Premises and equipment 15,504  
Right-of-Use Asset 6,042  
Bank-owned life insurance 19,153  
Goodwill 21,126  
Intangible Assets 25,344  
Deferred tax assets 14,466  
Accrued interest receivable and other assets 10,730  
Liabilities assumed:    
Deposits 1,299,867  
Other borrowings 55,292  
Subordinated debt 21,078  
Operating lease liabilities 6,908  
Accrued interest payable and other liabilities 5,724  
Net non-cash assets acquired 94,033  
Cash and cash equivalents acquired $ 41,745