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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Net income $ 10,103 $ 5,360
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,155 1,206
Provision for loan losses (449) 400
Amortization of purchase accounting adjustments (63) (140)
Net amortization of securities 449 919
Gain on call or sale of investment securities, net (6) (600)
(Gain) loss on sale or disposition of fixed assets, net (373) 2
Gain on sale of other real estate owned, net (41) 0
FHLB stock dividend (9) (11)
Stock-based compensation 382 400
Deferred taxes 87 367
Net change in value of bank owned life insurance (292) (223)
Amortization of subordinated debt issuance costs 23 23
Change in the fair value of equity securities (11) (65)
Originations (624) 0
Proceeds from sales 1,277 0
Gain on sale of loans (33) 0
Net change in:    
Accrued interest receivable 186 101
Other assets 1,636 933
Accrued taxes and other liabilities 6,814 782
Net cash provided by operating activities 20,211 9,454
Cash flows from investing activities:    
Proceeds from sales of investment securities available for sale 0 17,123
Purchases of securities available for sale (103,011) (74,334)
Proceeds from maturities, prepayments and calls of investment securities available for sale 17,453 21,505
Proceeds from maturities, prepayments and calls of investment securities held to maturity 323 458
Proceeds from redemption or sale of equity securities 213 435
Purchases of equity securities (1,293) (523)
Net (increase) decrease in loans (1,166) 13,789
Proceeds from sales of other real estate owned 859 0
Purchases of other real estate owned 0 (501)
Proceeds from sales of fixed assets 2,510 0
Purchases of fixed assets (317) (1,429)
Distributions from investments 3 0
Net cash used in investing activities (84,426) (23,477)
Cash flows from financing activities:    
Net increase in customer deposits 65,630 122,074
Net decrease in repurchase agreements (4,478) (1,379)
Net decrease in short-term FHLB advances 0 (38,000)
Cash dividends paid on common stock (829) (693)
Proceeds from stock options exercised 0 115
Payments to repurchase common stock (1,544) (3,995)
Net cash provided by financing activities 58,779 78,122
Net change in cash and cash equivalents (5,436) 64,099
Cash and cash equivalents, beginning of period 97,041 35,368
Cash and cash equivalents, end of period $ 91,605 $ 99,467