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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES        
Net income $ 3,130 $ 2,298 $ 289 $ 4,193
Adjustments to reconcile net income to net cash used for operating activities:        
Provision for loan losses 675 91 648 184
Depreciation 384 109 355 244
Amortization of intangible assets 132 27 125 65
Amortization of premiums and discounts (683) 750 1,379 954
Origination of loans to be sold (3,659) (8,226) (12,079) (31,441)
Proceeds from loan sales 3,992 9,512 13,410 30,784
Gain on sale of loans (333) (271) (316) (358)
Share-based and deferred compensation 349 0 292  
Capitalized mortgage servicing rights     (169) (275)
Bank-owned life insurance income (225) (95) (253) (186)
Gain on sale of debt securities, available for sale (13) 0 (74) (110)
Change in accrued interest receivable and other assets (2,356) (789) (165) (544)
Change in accrued interest payable and other liabilities (590) 914 1,332 (382)
Net cash provided by operating activities 803 4,320 4,774 3,128
Investment securities available for sale:        
Proceeds from sales 513 0 11,371 5,706
Proceeds from calls and maturities 1,150 1,155 2,900 12,250
Proceeds from principal repayments 7,271 10,804 21,592 14,593
Purchases 0 (14,192) (14,192) (71,130)
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) (249) (996)
Proceeds from redemptions of certificates of deposit with other banks 1,740 2,730 4,472 2,739
Purchase of restricted investment in bank stocks (999) (439) (536) (1,129)
Redemption of restricted investment in bank stocks 1,117 138 1,122 153
(Increase) decrease in loans, net (70,596) (12,481) (66,472) 1,104
Purchase of bank-owned life insurance     (5,000) (2,000)
Proceeds from death benefit under bank-owned life insurance 0 190 191  
Proceeds from disposal of premises and equipment     131  
Purchase of premises and equipment (3,010) 0 (260) (109)
Net cash acquired through merger and acquisition     39,885  
Net cash used for investing activities (91,575) (12,344) (5,045) (38,819)
FINANCING ACTIVITIES        
Increase in deposits, net 130,708 1,176 5,381 44,217
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)    
Repayments of long-term borrowings     (14,340) (1,639)
Issuance of shares from exercise of stock options 120 0 120  
Dividends paid (1,475) (484) (1,462) (1,433)
Net cash (used in) provided by financing activities 131,178 (146) (10,301) 41,145
(Decrease) increase in cash and cash equivalents 40,406 (8,170) (10,572) 5,454
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 22,590 33,162 33,162 27,708
CASH AND CASH EQUIVALENTS AT END OF PERIOD 62,996 24,992 22,590 33,162
SUPPLEMENTAL CASH FLOW DISCLOSURES        
Interest 1,926 1,032 2,520 2,831
Income taxes $ 200 $ 425 560 745
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