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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows from Operating Activities    
Net income $ 13,122 $ 12,731
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 875 586
Recovery for unfunded commitments (5) 0
Depreciation and amortization 746 771
Loans originated for resale (1,600) 0
Proceeds from sale of loans originated for sale 1,635 0
Net losses on sale of loans held for sale 3 0
Gains (losses) on sale of loans (209) 191
Net gains on the sale of OREO 0 (16)
Gains on sales of investment securities 0 (586)
Unrealized losses on equity securities 377 72
Gains on sale of assets 0 (68)
Net amortization of premium/discount on investment securities 1,371 292
Net accretion of merger accounting adjustments (105) (165)
Net amortization of debt issuance costs 28 (44)
Amortization of core deposit intangible 211 259
Amortization of right of use asset 187 214
Net change in right of use assets and lease liabilities (157) (208)
Increase in OREO valuation allowance 0 641
Increase in cash surrender value of bank owned life insurance (431) (432)
Increase in deferred income tax benefit 45 278
(Increase) decrease in accrued interest receivable (511) 2,127
Stock based compensation 445 370
Net change in fair market value above (below) cost of leveraged ESOP shares released 9 (4)
Decrease in net deferred loan costs 301 1,461
Increase in accrued expenses and other liabilities 2,219 1,790
Decrease (increase) in other assets 893 (1,146)
Net Cash Provided by Operating Activities 19,449 19,114
Cash Flows from Investing Activities    
Purchase of AFS investment securities (57,727) (142,181)
Proceeds from redemption or principal payments of AFS investment securities 28,279 26,381
Proceeds from sale of AFS investment securities 0 12,540
Net decrease of FHLB stock 238 741
Net change in loans (56,261) (19,230)
Purchase of premises and equipment (1,121) (2,130)
Proceeds from sale of OREO 0 947
Proceeds from sale of loans 3,588 8,858
Proceeds from disposal of asset 0 12
Net Cash Used in Investing Activities (83,004) (114,062)
Cash Flows from Financing Activities    
Net increase in deposits 29,212 162,536
Payments of long-term debt (12,231) (35)
Dividends paid (1,888) (1,543)
Repurchase of common stock (3,049) (4,164)
Net Cash Provided by Financing Activities 12,044 156,794
(Decrease) increase in Cash and Cash Equivalents (51,511) 61,846
Cash and Cash Equivalents - January 1 139,654 77,065
Cash and Cash Equivalents - June 30 88,143 138,911
Cash paid during the period for    
Interest 2,095 2,378
Income taxes 3,491 4,460
Supplemental Schedule of Non-Cash Operating Activities    
Issuance of common stock for payment of compensation 154 0
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Cumulative effect adjustment for adoption of ASU 2016-13 $ 2,006 $ 0