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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities    
Net income $ 16,136 $ 15,272
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for loan losses 10,700 2,130
Depreciation and amortization 1,631 1,637
Provision for loss on premises held for sale 0 1
Net losses (gains) on the sale of OREO 9 (188)
Gains on sales of investment securities (1,384) (226)
Unrealized gain on equity securities (101) (134)
Gain on sale of assets (6) 0
Net amortization of premium/discount on investment securities 163 (96)
Net accretion of premiums and discounts (605) (864)
Amortization of debt issuance costs 10 0
Amortization of core deposit intangible 591 688
Amortization of right of use asset 551 0
Net change in right of use assets and lease liabilities (407) 113
Increase in OREO valuation allowance 3,022 901
Increase in cash surrender value of bank owned life insurance (881) (885)
Increase in deferred income tax benefit (2,757) (748)
Increase in accrued interest receivable (3,698) (62)
Stock based compensation 396 329
Net change due to deficit of fair market value below cost of leveraged ESOP shares released (39) (3)
Decrease (increase) in net deferred loan costs 2,975 (696)
Increase in accrued expenses and other liabilities 568 660
Decrease (increase) in other assets 1,209 (2,139)
Net Cash Provided by Operating Activities 28,083 15,690
Cash Flows from Investing Activities    
Purchase of AFS investment securities (149,426) (49,951)
Proceeds from redemption or principal payments of AFS investment securities 40,952 18,387
Purchase of HTM investment securities 0 (11,471)
Proceeds from maturities or principal payments of HTM investment securities 0 24,043
Proceeds from sale of AFS investment securities 75,711 31,889
Net decrease of FHLB and FRB stock 670 374
Loans originated or acquired (615,473) (485,002)
Principal collected on loans 452,202 373,165
Purchase of premises and equipment (255) (808)
Proceeds from sale of OREO 2,872 2,912
Proceeds from disposal of asset 21 0
Net Cash Used in Investing Activities (192,726) (96,462)
Cash Flows from Financing Activities    
Net increase in deposits 233,765 82,208
Proceeds from long-term debt 164,036 35,000
Payments of long-term debt (177,104) (15,066)
Net decrease in short term borrowings (5,000) (30,000)
Proceeds from private placement 0 10,632
Proceeds from Subordinated Notes - 4.75% 19,516 0
Payments of Subordinated Notes - 6.25% (23,000) 0
Dividends paid (2,819) (2,668)
Net change in unearned ESOP shares 143 116
Repurchase of common stock (298) (17)
Net Cash (Used in) Provided by Financing Activities 209,239 80,205
Increase (decrease) in Cash and Cash Equivalents 44,596 (567)
Cash and Cash Equivalents - January 1 32,469 33,036
Cash and Cash Equivalents - December 31 77,065 32,469
Cash paid during the period for    
Interest 9,072 18,914
Income taxes 7,133 6,503
Supplemental Schedule of Non-Cash Operating Activities    
Issuance of common stock for payment of compensation 303 207
Transfer from loans to OREO 1,240 3,567
Financed amount of sale of OREO 0 280
Right-of-use assets acquired in the exchange for lease liability upon adoption of ASC 842 0 8,933
Transfer from premises and equipment to premises and equipment held for sale 0 430
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Transfer of held-to-maturity securities to available for sale securities $ 0 $ 83,128