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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net income $ 13,726 $ 17,318 $ 14,493
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 10,320 2,224 1,842
Increase (decrease) in deferred tax asset (2,538) 1,375 740
Accretion on acquired loans (5,100) (4,313) (2,944)
Gain on sale of loans (1,835) (2,999) (2,061)
Proceeds from sale of loans 23,953 38,410 28,959
Loans originated for sale (32,635) (52,462) (37,773)
Gain on sale of premises, net (40) (187)  
Gain on sale of OREO (86) (112) (70)
Loss on impairment of building held for sale     600
Accretion on junior subordinated debentures 80 81 59
Increase in cash surrender value of life insurance policies securities (666) (642) (301)
Amortization/accretion of premium/discount on investment securities, net 689 507 441
Depreciation and amortization 1,864 1,207 935
Core deposit intangible amortization 1,832 1,624 1,171
Stock-based compensation expense 1,456 1,154 1,180
Increase (decrease) in deferred loan origination fees, net 3,396 85 (103)
Increase in interest receivable and other assets (1,155) (12,041) (848)
Increase (decrease) in salary continuation plan, net 351 320 (708)
(Decrease) increase in interest payable and other liabilities (3,615) 15,407 625
Net cash provided by operating activities 9,997 6,956 6,237
Cash flows from investing activities:      
Proceeds from maturities of interest bearing deposits in banks 10,061 2,241 1,491
Purchase of investment securities (21,195) (16,858) (41,353)
Proceeds from the maturity and repayments and calls of investment securities 31,215 12,698 5,077
Proceeds from the sales of investment securities   16,800 32,300
Purchase of Federal Home Loan Bank stock (398) (236) (236)
Purchase of Federal Reserve Bank stock (874) (1,858) (921)
(Increase) decrease in loans, net (82,215) (48,454) 4,267
Proceed from death benefit on BOLI investment     1,382
Proceeds from sale of premises 660 4,961  
Proceeds from sale of OREO 736 457 729
Purchase of equipment and leasehold improvements, net (3,215) (1,399) (1,013)
Net cash (paid out) received from for acquisition (8,432) 32,575 (12,974)
Net cash (used in) provided by investing activities (73,657) 927 (11,251)
Cash flows from financing activities:      
Increase in noninterest and interest bearing deposits, net 111,241 13,435 69,144
Decrease in time deposits, net (92,174) (38,560) (51,163)
Repayment of junior subordinated debentures (1,575)    
Proceeds from Issuance of subordinated debt, net 63,372    
Advances from Federal Home Loan Bank 110,000    
Repayment of Federal Home Loan Bank borrowings (105,000)    
Increase in other borrowings 6,000    
Repayment of other borrowings (6,000)   (6,000)
Repurchase of common stock (18,257) (10,957)  
Proceeds from initial public offering, net     66,761
Net cash provided by (used in) financing activities 67,607 (36,082) 78,742
Increase (decrease) in cash and cash equivalents 3,947 (28,199) 73,728
Cash and cash equivalents at beginning of period 295,382 323,581 249,853
Cash and cash equivalents at end of period 299,329 295,382 323,581
Cash paid during the year for:      
Interest expense 9,214 7,454 4,939
Cash paid during the year for:      
Income taxes paid, net 8,071 5,054 5,402
Non-cash investing and financing activities:      
Change in unrealized gain on available-for-sale securities, net of tax 1,446 1,354 (316)
Transfer of loans to other real estate owned 505   394
Recognition of ROU assets 760 17,181  
Recognition of lease liability 707 17,201  
Acquisition:      
Assets acquired, net of cash received 109,429 463,091 143,542
Liabilities assumed 120,409 471,940 138,526
Cash consideration 13,886 $ 57,998 23,523
Common stock issued   44,598  
Goodwill $ 3,372 $ 20,872 $ 4,229