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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows from Operating Activities    
Net income $ 23,601 $ 17,914
Adjustment to reconcile net income to net cash provided by operating activities:    
Depreciation 430 647
Right of use asset amortization 1,033 1,068
Provision for loan losses   2,780
Share-based compensation expense 402 396
Net amortization of securities 68 338
Fair value adjustment on equity securities 498 (85)
Amortization of debt issuance costs 296 37
Net (gains) losses on premises and equipment 1 (19)
Gains on sales and calls of available-for-sale securities   (10)
Deferred tax expense (benefit) 670 (664)
Net increase in cash surrender value of life insurance (73) (309)
Changes in assets and liabilities:    
Decrease in accrued interest receivable 199 647
Increase in other assets (732) (106)
Decrease in accrued interest payable (200) (266)
Increase (decrease) in other liabilities (1,030) 283
Net cash provided by operating activities 25,163 22,651
Cash Flows from Investing Activities    
Net increase in loans (58,645) (39,944)
Purchase of available-for-sale securities (206,889) (217,460)
Purchase of held-to-maturity securities (1,003) (6,031)
Proceeds from maturities, calls and principal repayments of available-for-sale securities 41,151 28,428
Proceeds from maturities, calls and principal repayments of held-to-maturity securities 5,712 1,492
Net redemption of restricted securities 530 728
Net purchase of equity securities (542) (628)
Insurance casualty proceeds   22
Purchases of bank premises and equipment (142) (286)
Net cash (used in) investing activities (219,828) (233,679)
Cash Flows from Financing Activities    
Net increase in deposits 181,788 197,428
Net repayment of Federal Home Loan Bank advances (18,000) (4,000)
Issuance of subordinated debt 24,579  
Repayment of subordinated debt (25,000)  
Cash dividends paid (2,799)  
Issuance of common stock for share options exercised 3,054 217
Net cash provided by financing activities 163,622 193,645
Net decrease in cash and cash equivalents (31,043) (17,383)
Cash and cash equivalents, beginning of period 105,799 121,074
Cash and cash equivalents, end of period 74,756 103,691
Supplemental Disclosures of Cash Flow Information    
Interest 7,497 6,705
Income taxes 4,387 5,141
Supplemental Disclosures of Noncash Transactions    
Unrealized loss on securities available-for-sale (38,480) (3,575)
Right of use asset obtained in exchange for new operating lease liability $ 56 $ 385