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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash Flows from Operating Activities    
Net income $ 28,317 $ 25,886
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for credit losses 2,437 586
Provision for unfunded commitments 146 0
Depreciation and amortization 1,619 1,490
Provision for loss on premises held for sale 0 25
Loans originated for resale (1,800) (5,135)
Proceeds from sale of loans originated for sale 1,838 5,239
Net loss (gain) on sale of loans held for sale 2 (85)
(Gain) loss on sale of loans (209) 191
Net gain on the sale of OREO 0 (17)
Gains on sales of investment securities 0 (586)
Unrealized loss on equity securities 555 139
Gain on sale or disposition of assets (695) (68)
Net amortization of premium/discount on investment securities 2,773 1,266
Net accretion of premiums and discounts (189) (417)
Amortization of core deposit intangible 398 495
Amortization of right of use asset 390 395
Net change in right of use assets and lease liabilities (327) (377)
Increase in OREO valuation allowance 0 1,387
Increase in cash surrender value of bank owned life insurance (870) (871)
(Decrease) increase in deferred income tax benefit (426) 1,151
(Increase) decrease in accrued interest receivable (2,747) 3,129
Stock based compensation 858 761
Net change in fair market value above (below) cost of leveraged ESOP shares released 15 2
(Increase) decrease in net deferred loan costs (2,046) 2,565
(Decrease) increase in accrued expenses and other liabilities 4,488 (2,983)
Decrease (increase) in other assets 842 (935)
Net Cash Provided by Operating Activities 35,425 33,217
Cash Flows from Investing Activities    
Purchase of AFS investment securities (78,443) (327,693)
Proceeds from redemption or principal payments of AFS investment securities 55,054 53,952
Proceeds from sale of AFS investment securities 0 12,540
Net (increase) decrease of FHLB stock (3,112) 1,305
Net change in loans (217,834) (7,625)
Purchase of premises and equipment (1,526) (2,645)
Proceeds from sale of OREO 0 1,739
Proceeds from sale of loans 3,588 11,965
Proceeds from disposal of asset 765 416
Net Cash Used in Investing Activities (241,508) (256,046)
Cash Flows from Financing Activities    
Net increase in deposits 32,299 310,562
Payments of long-term debt (12,231) (15,071)
Net increase in short-term borrowings 79,000 0
Dividends paid (3,753) (3,170)
Net change in unearned ESOP shares 142 143
Repurchase of common stock (3,555) (7,046)
Net Cash Used by Financing Activities 91,902 285,418
(Decrease) increase in Cash and Cash Equivalents (114,181) 62,589
Cash and Cash Equivalents - January 1 139,654 77,065
Cash and Cash Equivalents - December 31 25,473 139,654
Cash paid during the period for    
Interest 8,908 4,386
Income taxes 9,209 8,119
Supplemental Schedule of Non-Cash Operating Activities    
Issuance of common stock for payment of compensation 433 220
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Cumulative effect adjustment for adoption of ASU 2016-13 2,006 0
Amortization of Debt Discount (Premium) $ 56 $ (16)