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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows from Operating Activities    
Net income $ 6,288 $ 6,299
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 450 295
Provision (recovery) for unfunded commitments (31) 0
Depreciation and amortization 373 399
Loans originated for resale (1,606) 0
Proceeds from sale of loans originated for sale 1,255 0
Net loss on sale of loans held for sale 4 0
Loss on sale of loans 0 191
Net gain on the sale of OREO 0 (22)
Gains on sales of investment securities 0 (586)
Unrealized loss on equity securities 222 85
Net amortization of premium/discount on investment securities 582 108
Net accretion of merger accounting adjustments (62) (90)
Net amortization of debt issuance costs 14 (58)
Amortization of core deposit intangible 109 133
Amortization of right of use asset 91 128
Net change in right of use assets and lease liabilities (77) (161)
Increase in OREO valuation allowance 0 180
Increase in cash surrender value of bank owned life insurance (213) (214)
Increase in deferred income tax benefit 206 232
Decrease in accrued interest receivable 199 1,380
Stock based compensation 235 186
Net change in fair market value above (below) cost of leveraged ESOP shares released 6 (5)
Decrease in net deferred loan costs 283 1,240
Increase (decrease) in accrued expenses and other liabilities 586 (399)
Decrease (increase) in other assets 1,781 (158)
Net Cash Provided by Operating Activities 10,695 9,163
Cash Flows from Investing Activities    
Purchase of AFS investment securities (46,404) (35,557)
Proceeds from redemption or principal payments of AFS investment securities 13,107 12,420
Proceeds from sale of AFS investment securities 0 12,540
Net decrease (increase) of FHLB stock (214) 742
Net change in loans (39,828) (18,710)
Purchase of premises and equipment (250) (668)
Proceeds from sale of OREO 0 622
Proceeds from sale of loans 0 8,858
Net Cash Used in Investing Activities (73,589) (19,753)
Cash Flows from Financing Activities    
Net increase in deposits 38,919 122,294
Payments of long-term debt (18) (17)
Dividends paid (949) (704)
Repurchase of common stock (1,550) (210)
Net Cash Provided by Financing Activities 36,402 121,363
(Decrease) increase in Cash and Cash Equivalents (26,492) 110,773
Cash and Cash Equivalents - January 1 139,654 77,065
Cash and Cash Equivalents - March 31 113,162 187,838
Cash paid during the period for    
Interest 637 1,105
Income taxes 0 0
Supplemental Schedule of Non-Cash Operating Activities    
Issuance of common stock for payment of compensation 130 0
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Cumulative effect adjustment for adoption of ASU 2016-13 $ 2,006 $ 0