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, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 15,080 $ 14,963
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (44,856) (153,082)
Sale of loans originated for sale 49,628 164,203
Depreciation and amortization, net of accretion 5,968 4,559
Deferred tax expense 1,187 137
Stock based compensation expense 741 574
Gain on sale of securities, net (662) (1,987)
Gain on sale of loans held-for-sale, net (1,470) (5,529)
Net loss recognized on sale of premises and equipment 303 0
Impairment of Long-Lived Assets to be Disposed of 1,232 0
Gain (loss) on sale of foreclosed real estate 16 (47)
Gain on cash value of bank owned life insurance (810) (715)
Loss on derivatives 102 233
Provision for loan losses 0 1,509
Net change in:    
Interest receivable (141) (731)
Other assets (5,080) 1,784
Accrued expenses and other liabilities (3,476) (8,828)
Net cash provided by operating activities 17,762 17,043
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposit in other financial institutions 232 923
Purchase of certificates of deposit in other financial institutions (734) (735)
Proceeds from maturities and pay downs of securities available-for-sale 41,524 55,431
Proceeds from sales of securities available-for-sale 53,953 43,756
Purchase of securities available-for-sale (30,421) (221,236)
Proceeds from bank owned life insurance 314 0
Net change in loans receivable (94,030) 12,345
Proceeds of Federal Home Loan Bank Stock 0 671
Purchase of Federal Home Loan Bank Stock (1,997) 0
Purchase of loans receivable (2,663) (14,543)
Purchase of premises and equipment, net (3,031) (3,128)
Proceeds from sale of premises and equipment 1,798 0
Proceeds from sale of foreclosed real estate 93 585
Cash and cash equivalents from acquisition activity, net 33,799 0
Net cash provided by (used in) investing activities (1,163) (125,931)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits (134,220) 131,862
Proceeds from FHLB advances 120,000 0
Repayment of FHLB advances 0 (6,000)
Net surrender value of restricted stock awards (120) (131)
Change in repurchase agreements 922 870
Change in other borrowed funds 0 (149)
Dividends paid (5,075) (4,310)
Net cash (used in) provided by financing activities (18,493) 122,142
Net change in cash and cash equivalents (1,894) 13,254
Cash and cash equivalents at beginning of period 33,176 19,922
Cash and cash equivalents at end of period 31,282 33,176
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 4,572 2,112
Income taxes 1,347 2,185
Fair value of assets acquired, including cash and cash equivalents 528,539 0
Value of goodwill and other intangible assets 14,506 0
Fair value of liabilities assumed 486,339 0
Cash paid for acquisition 18,725 0
Issuance of common stock for acquisition 37,981 0
Noncash activities:    
Dividends declared not paid 1,332 1,079
Transfer of premises and equipment to other real estate 1,815 0
Securities purchased not settled $ 0 $ 1,765