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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows from Operating Activities      
Net income $ 15,272 $ 11,228 $ 7,208
Adjustments to reconcile net income to net cash provided by operating activities      
Provision for loan losses 2,130 1,405 1,010
Depreciation and amortization 1,637 1,679 1,598
Provision for loss on premises held for sale 1    
Loans originated for resale 0 0 (2,529)
Proceeds from sale of loans originated for sale 0 0 2,823
Gain on sale of loans held for sale 0 0 (294)
Net (gains) losses on the sale of OREO (188) 8 (43)
Gains on sales of investment securities (226) 0 (175)
Unrealized (gain) loss on equity securities (134) 81 0
Gain on sale of assets 0 (1) (47)
Net amortization of premium/discount on investment securities (96) 215 393
Net accretion of premiums and discounts (864) (750) 0
Amortization of core deposit intangible 688 784 0
Net change in right of use assets and lease liabilities 113    
Increase in OREO valuation allowance 901 532 599
Increase in cash surrender value of bank owned life insurance (885) (898) (773)
(Increase) decrease in deferred income tax benefit (748) (290) 1,887
Increase in accrued interest receivable (62) (34) (532)
Stock based compensation 329 474 515
Net change due to (deficit) excess of fair market value over cost of leveraged ESOP shares released (3) 33 110
Increase in net deferred loan costs (696) (96) (689)
Increase in accrued expenses and other liabilities 660 1,360 322
(Increase) decrease in other assets (2,139) 3,670 (1,281)
Net Cash Provided by Operating Activities 15,690 19,400 10,102
Cash Flows from Investing Activities      
Purchase of AFS investment securities (49,951) (66,137) (26,251)
Proceeds from redemption or principal payments of AFS investment securities 18,387 8,881 7,110
Purchase of HTM investment securities (11,471) (11,130) (13,135)
Proceeds from maturities or principal payments of HTM investment securities 24,043 16,995 18,048
Proceeds from sale of HTM investment securities 0 0 4,947
Proceeds from sale of AFS investment securities 31,889 34,919 3,702
Net decrease (increase) of FHLB and FRB stock 374 3,659 (41)
Loans originated or acquired (485,002) (346,321) (325,155)
Principal collected on loans 373,165 289,690 260,303
Purchase of premises and equipment (808) (1,777) (779)
Proceeds from sale of OREO 2,912 996 1,300
Payments to Acquire Businesses, Net of Cash Acquired 0 32,287 0
Proceeds from disposal of asset 0 1,748 387
Net Cash Used in Investing Activities (96,462) (36,190) (69,564)
Cash Flows from Financing Activities      
Net increase in deposits 82,208 124,169 67,412
Proceeds from long-term debt 35,000 20,000 10,000
Payments of long-term debt (15,066) (55,064) (20,061)
Net (decrease) increase in short term borrowings (30,000) (52,500) 8,500
Exercise of stock options 0 0 155
Proceeds from private placement 10,632 0 0
Dividends paid (2,668) (2,163) (1,804)
Net change in unearned ESOP shares 116 37 (586)
Repurchase of common stock (17) (70) 0
Net Cash Used in Financing Activities 80,205 34,409 63,616
(Decrease) Increase in Cash and Cash Equivalents (567) 17,619 4,154
Cash and Cash Equivalents - January 1 33,036 15,417 11,263
Cash and Cash Equivalents - December 31 32,469 33,036 15,417
Supplemental Disclosures of Cash Flow Information      
Interest 18,914 14,246 10,001
Income taxes 6,503 3,494 7,453
Supplemental Schedule of Non-Cash Operating Activities      
Issuance of common stock for payment of compensation 207 387 203
Transfer from loans to OREO 3,567 307 3,634
Financed amount of sale of OREO 280 0 200
Right-of-use assets acquired in the exchange for lease liability upon adoption of ASC 842 8,933 0 0
Transfer from premises and equipment to premises and equipment held for sale 430 0 0
Transfer of held-to-maturity securities to available for sale securities 83,128 0 0
Business Combination Non-Cash Disclosures      
Assets acquired in business combination (net of cash received) 0 192,259 0
Liabilities assumed in business combination $ 0 $ 200,660 $ 0