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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net earnings $ 18,011 $ 19,493 $ 10,662
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Provision for loan losses 500 3,300 1,400
Valuation allowance on real estate owned 48 19 31
Amortization of investment security premiums, net 2,078 1,219 1,682
Amortization of purchase accounting adjustment on loans (55) (67) (48)
Amortization of intangibles 1,601 1,602 1,206
Depreciation 997 987 1,018
Increase in cash surrender value of bank owned life insurance [1] (686) (611) (752)
Stock-based compensation 323 304 286
Deferred income taxes 808 (503) (195)
Net (gain) loss on investment securities (1,138) (2,448) 177
Net loss (gain) on sales of premises and equipment and foreclosed assets 5 29 (52)
Net gains on sales of loans [1] (10,487) (15,155) (6,353)
Proceeds from sale of loans 344,187 407,978 207,187
Origination of loans held for sale (324,908) (402,564) (205,532)
Changes in assets and liabilities:      
Accrued interest and other assets 611 (2,606) 817
Accrued interest, expenses and other liabilities (736) 3,833 (2,427)
Net cash provided by operating activities 31,159 14,810 9,107
Cash flows from investing activities:      
Net decrease (increase) in loans 47,840 (175,721) (44,641)
Net change in interest-bearing deposits at banks (1,918) (3,556) 5,886
Maturities and prepayments of investment securities 60,904 56,945 67,704
Purchases of investment securities (174,748) (42,022) (53,195)
Proceeds from sale of investment securities 16,623 61,163 15,318
Redemption of bank stocks 2,418 3,001 7,852
Purchase of bank stocks (850) (4,365) (6,185)
Proceeds from sales of premises and equipment and foreclosed assets 601 366 258
Proceeds from bank owned life insurance 284
Purchase of bank owned life insurance (6,000)
Purchases of premises and equipment, net (1,324) (359) (1,038)
Net cash used in investing activities (56,454) (104,548) (7,757)
Cash flows from financing activities:      
Net increase in deposits 132,454 180,979 11,400
Federal Home Loan Bank advance borrowings 161,170 430,322
Federal Home Loan Bank advance repayments (164,170) (447,322)
Proceeds from other borrowings 1,032 1,075 2,302
Repayments on other borrowings (12,252)
Proceeds from exercise of stock options 22 42 36
Payment of dividends (3,818) (3,633) (3,508)
Purchase of treasury stock (2,349)
Net cash provided by (used in) financing activities 129,690 160,862 (6,770)
Net increase (decrease) in cash and cash equivalents 104,395 71,124 (5,420)
Cash and cash equivalents at beginning of year 84,818 13,694 19,114
Cash and cash equivalents at end of year 189,213 84,818 13,694
Supplemental disclosure of cash flow information:      
Cash payments paid during the year for income taxes 4,458 4,135 722
Cash paid during the year for interest 1,549 3,005 6,795
Cash paid during the year for operating leases 141 179 163
Supplemental schedule of noncash investing and financing activities:      
Transfer of loans to real estate owned 1,264 1,886 482
Operating lease asset and related liability recorded $ 219 $ 353
[1] Not within the scope of ASC 606.