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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES    
Net income $ 31,952 $ 27,071
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and software amortization 1,168 1,252
Net (gain) loss on securities (555) 632
Net amortization of securities 592 905
Amortization of core deposit intangible 327 274
Provision for credit losses 6,090 5,605
Deferred income taxes (2,939) (2,696)
Net loss on sale of foreclosed assets 20 0
Loss on sale of premises, equipment and software 0 1,047
Stock-based compensation 870 912
Net decrease in loans held for sale 597 1,353
Income from bank owned life insurance (698) (624)
Increase in interest receivable (1,748) (2,793)
Increase in interest payable 935 452
Net other operating activities 2,743 5,476
Net cash provided by operating activities 39,354 38,866
INVESTING ACTIVITIES    
Purchase of securities available for sale (49,675) (51,797)
Proceeds from sale of securities available for sale 10,532 0
Proceeds from sale of other equity securities 800 4,311
Proceeds from maturities, calls, and paydowns of securities available for sale 18,698 9,599
Net purchase of restricted equity securities (2,550) (534)
Purchase of annuities 0 (2,622)
Purchase of bank owned life insurance 0 (7,021)
Net increase in loans (296,739) (337,157)
Proceeds from sale of foreclosed assets 403 0
Proceeds from bank owned life insurance 0 660
Purchase of premises, equipment and software (249) (2,600)
Net cash used in investing activities (318,780) (387,161)
FINANCING ACTIVITIES    
Net increase in deposits 297,446 164,292
Proceeds from issuance of common stock 1,563 222
Proceeds from issuance of restricted stock units 363 0
Repurchase of common stock (979) (7,358)
Net proceeds of FHLB advances 39,000 5,050
Net proceeds of note payable 27,013  
Net repayment of note payable   (12,517)
Net proceeds from subordinated notes 365 86,314
Common stock dividends paid (3,193) (3,165)
Net cash provided by financing activities 361,578 232,838
Net increase (decrease) in cash and cash equivalents 82,152 (115,457)
Cash and cash equivalents at beginning of year 168,499 283,956
Cash and cash equivalents at end of year 250,651 168,499
Cash paid during the year for:    
Interest 51,213 11,060
Income taxes 12,956 9,516
NONCASH TRANSACTIONS    
Transfers of loans to foreclosed assets 43 0
Internally financed sales of foreclosed assets $ 2,517 $ 0