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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net earnings $ 19,493 $ 10,662 $ 10,426
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Provision for loan losses 3,300 1,400 1,400
Valuation allowance on real estate owned 19 31 12
Amortization of investment security premiums, net 1,223 1,682 1,908
Amortization of purchase accounting adjustment on loans (67) (48) (211)
Amortization of purchase accounting adjustment on subordinated debentures 167
Amortization of intangibles 1,602 1,206 1,111
Depreciation 987 1,018 1,005
Increase in cash surrender value of bank owned life insurance [1] (611) (752) (644)
Stock-based compensation 304 286 223
Deferred income taxes (503) (195) 969
Net (gain) loss on investment securities (2,448) 177 (20)
Net loss (gain) on sales of premises and equipment and foreclosed assets 29 (52) 58
Net gains on sales of loans [1] (15,155) (6,353) (5,023)
Proceeds from sale of loans 407,978 207,187 167,001
Origination of loans held for sale (402,564) (205,532) (160,729)
Changes in assets and liabilities:      
Accrued interest and other assets (2,606) 817 (72)
Accrued interest, expenses and other liabilities 3,833 (2,427) 3,657
Net cash provided by operating activities 14,814 9,107 21,238
Cash flows from investing activities:      
Net increase in loans (175,721) (44,641) (56,915)
Maturities and prepayments of investment securities 57,903 73,592 54,617
Purchases of investment securities (46,540) (53,197) (82,742)
Proceeds from sale of investment securities 61,163 15,318 21,126
Proceeds from sales of common stock investments 7
Redemption of bank stocks 3,001 7,852 10,380
Purchase of bank stocks (4,365) (6,185) (9,733)
Proceeds from sales of premises and equipment and foreclosed assets 366 258 424
Proceeds from bank owned life insurance 284
Purchases of premises and equipment, net (359) (1,038) (1,308)
Net cash used in investing activities (104,552) (7,757) (64,144)
Cash flows from financing activities:      
Net increase in deposits 180,979 11,400 58,090
Federal Home Loan Bank advance borrowings 161,170 430,322 635,303
Federal Home Loan Bank advance repayments (164,170) (447,322) (646,903)
Proceeds from other borrowings 1,075 2,302 1,737
Repayments on other borrowings (12,252)
Proceeds from exercise of stock options 42 36 534
Payment of dividends (3,633) (3,508) (3,325)
Purchase of treasury stock (2,349)
Net cash provided by (used in) financing activities 160,862 (6,770) 45,436
Net increase (decrease) in cash and cash equivalents 71,124 (5,420) 2,530
Cash and cash equivalents at beginning of year 13,694 19,114 16,584
Cash and cash equivalents at end of year 84,818 13,694 19,114
Supplemental disclosure of cash flow information:      
Cash payments (refunds) received during the year for income taxes 4,135 722 (1,364)
Cash paid during the year for interest 3,005 6,795 5,030
Cash paid during the year for operating leases 179 163 143
Supplemental schedule of noncash investing and financing activities:      
Transfer of loans to real estate owned 1,886 482 96
Operating lease asset and related liability recorded $ 353
[1] Not within the scope of ASC 606.