Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 14,963 $ 15,932
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (153,082) (224,945)
Sale of loans originated for sale 164,203 226,447
Depreciation and amortization, net of accretion 4,559 3,201
Deferred tax expense 137 572
Stock based compensation expense 574 415
Gain on sale of securities, net (1,987) (2,348)
Gain on sale of loans held-for-sale, net (5,529) (7,400)
Gain on sale of foreclosed real estate (47) (78)
Gain on cash value of bank owned life insurance (715) (708)
Loss (gain) on derivatives 233 (188)
Provision for loan losses 1,509 3,687
Net change in:    
Interest receivable (731) (684)
Other assets 1,784 (1,817)
Accrued expenses and other liabilities (8,828) 7,650
Net cash provided by operating activities 17,043 19,736
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposit in other financial institutions 923 795
Purchase of certificates of deposit in other financial institutions (735) (522)
Proceeds from maturities and pay downs of securities available-for-sale 55,431 67,014
Proceeds from sales of securities available-for-sale 43,756 51,350
Purchase of securities available-for-sale (221,236) (243,351)
Loan participations purchased 0 (9,054)
Net change in loans receivable 12,345 (48,406)
Proceeds of Federal Home Loan Bank Stock 671 0
Purchase of Federal Home Loan Bank Stock 0 (6)
Purchase of loans receivable (14,543) 0
Purchase of premises and equipment, net (3,128) (3,735)
Proceeds from sale of foreclosed real estate 585 809
Write down of foreclosed real estate 0 46
Net cash used in investing activities (125,931) (185,060)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits 131,862 148,003
Repayment of FHLB advances (6,000) (8,000)
Net surrender value of restricted stock awards (131) (85)
Change in other borrowed funds 721 2,361
Dividends paid (4,310) (4,291)
Net cash provided by financing activities 122,142 137,988
Net change in cash and cash equivalents 13,254 (27,336)
Cash and cash equivalents at beginning of period 19,922 47,258
Cash and cash equivalents at end of period 33,176 19,922
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 2,112 5,865
Income taxes 2,185 1,025
Noncash activities:    
Transfers from loans to foreclosed real estate 0 233
Dividends declared not paid 1,079 1,074
Securities purchased not settled $ 1,765 $ 0