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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities    
Net income $ 25,886 $ 16,136
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for loan losses 586 10,700
Depreciation and amortization 1,490 1,631
Provision for loss on premises held for sale 25 0
Loans originated for resale (5,135) 0
Proceeds from Sale of Loans Held-for-sale 5,239 0
Net gain on sale of loans held for sale (85) 0
Loss on sale of loans 191 0
Net (gain) loss on the sale of OREO (17) 9
Gains on sales of investment securities (586) (1,384)
Unrealized loss (gain) on equity securities 139 (101)
Gain on sale of assets (68) (6)
Net amortization of premium/discount on investment securities 1,266 163
Net accretion of premiums and discounts (417) (605)
Amortization of debt issuance costs (16) 10
Amortization of core deposit intangible 495 591
Amortization of right of use asset 395 551
Net change in right of use assets and lease liabilities (377) (407)
Increase in OREO valuation allowance 1,387 3,022
Increase in cash surrender value of bank owned life insurance (871) (881)
Decrease (increase) in deferred income tax benefit 1,151 (2,757)
Decrease (increase) in accrued interest receivable 3,129 (3,698)
Stock based compensation 761 396
Net change due to deficit of fair market value below cost of leveraged ESOP shares released 2 (39)
Decrease in net deferred loan costs 2,565 2,975
(Decrease) increase in accrued expenses and other liabilities (2,983) 568
(Increase) decrease in other assets (935) 1,209
Net Cash Provided by Operating Activities 33,217 28,083
Cash Flows from Investing Activities    
Purchase of AFS investment securities (327,693) (149,426)
Proceeds from redemption or principal payments of AFS investment securities 53,952 40,952
Proceeds from sale of AFS investment securities 12,540 75,711
Net decrease of FHLB and FRB stock 1,305 670
Net change in loans (7,625) (163,271)
Purchase of premises and equipment (2,645) (255)
Proceeds from sale of OREO 1,739 2,872
Proceeds from sale of loans 11,965 0
Proceeds from disposal of asset 416 21
Net Cash Used in Investing Activities (256,046) (192,726)
Cash Flows from Financing Activities    
Net increase in deposits 310,562 233,765
Proceeds from long-term debt 0 164,036
Payments of long-term debt (15,071) (177,104)
Net decrease in short term borrowings 0 (5,000)
Proceeds from subordinated notes - 4.75% 0 19,516
Payments of subordinated notes - 6.25% 0 (23,000)
Dividends paid (3,170) (2,819)
Net change in unearned ESOP shares 143 143
Repurchase of common stock (7,046) (298)
Net Cash Used by Financing Activities 285,418 209,239
Increase in Cash and Cash Equivalents 62,589 44,596
Cash and Cash Equivalents - January 1 77,065 32,469
Cash and Cash Equivalents - December 31 139,654 77,065
Cash paid during the period for    
Interest 4,386 9,072
Income taxes 8,119 7,133
Supplemental Schedule of Non-Cash Operating Activities    
Issuance of common stock for payment of compensation 220 303
Transfer from loans to OREO $ 0 $ 1,240