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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows from Operating Activities    
Net income $ 15,556 $ 11,153
Adjustment to reconcile net income to net cash provided by operating activities:    
Depreciation 298 423
Right of use asset amortization 688 721
Provision for loan losses   2,455
Share-based compensation expense 269 277
Net amortization of securities 146 200
Fair value adjustment on equity securities 391 (99)
Amortization of debt issuance costs 236 25
Gains on sales and calls of available-for-sale securities   (10)
Deferred tax expense (benefit) 375 (1,375)
Increase in cash surrender value of life insurance (190) (207)
Changes in assets and liabilities:    
Decrease in accrued interest receivable 492 795
Increase in other assets (603) (195)
Increase in accrued interest payable 53 7
Decrease in other liabilities (1,124) (95)
Net cash provided by operating activities 16,587 14,075
Cash Flows from Investing Activities    
Net increase in loans (26,184) (4,679)
Purchase of available-for-sale securities (173,362) (167,907)
Purchase of held-to-maturity securities (1,003)  
Proceeds from maturities, calls and principal repayments of available-for-sale securities 26,601 17,041
Proceeds from maturities, calls and principal repayments of held-to-maturity securities 4,109  
Net redemption of restricted securities 534 737
Purchase of equity securities (620) (540)
Purchases of bank premises and equipment (121) (269)
Net cash (used in) investing activities (170,046) (155,617)
Cash Flows from Financing Activities    
Net increase in deposits 162,188 174,912
Net repayment of Federal Home Loan Bank advances (18,000) (4,000)
Issuance of subordinated debt 24,596  
Cash dividends paid (2,799)  
Issuance of common stock for share options exercised 2,562 177
Net cash provided by investing activities 168,547 171,089
Net increase in cash and cash equivalents 15,088 29,547
Cash and cash equivalents, beginning of period 105,799 138,457
Cash and cash equivalents, end of period 120,887 168,004
Supplemental Disclosures of Cash Flow Information    
Interest 3,787 4,569
Income taxes 2,360 3,867
Supplemental Disclosures of Noncash Transactions    
Unrealized loss on securities available-for-sale (20,819) (3,091)
Right of use asset obtained in exchange for new operating lease liability $ 56 $ 385