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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net income $ 7,410,000 $ 9,163,000
Adjustments to reconcile to net income to net cash from operating activities    
(Recovery of) provision for loan losses (1,240,000) 55,000
Depreciation and amortization 2,072,000 1,791,000
Net change in net deferred loan origination costs 87,000 541,000
Gain on sale of foreclosed assets (24,000) (22,000)
Loss on disposal of other assets 0 5,000
Foreclosed assets valuation adjustments 420,000 0
Earnings on bank-owned life insurance [1] (114,000) (70,000)
Net change in:    
Deferred income tax 28,000 1,137,000
Accrued interest receivable (703,000) 622,000
Other assets 1,130,000 1,300,000
Accrued interest payable and other liabilities (1,298,000) (1,005,000)
Net cash from operating activities 7,768,000 13,517,000
Cash flows (used in) from investing activities    
Proceeds from maturities 20,230,000 77,762,000
Proceeds from principal repayments 1,780,000 2,691,000
Purchases of securities (79,124,000) (44,113,000)
Net (increase) decrease in loans receivable (40,190,000) 164,666,000
Loan participation purchased (5,000,000) 0
Proceeds from sale of foreclosed assets 3,509,000 73,000
Purchase of premises and equipment, net (2,335,000) (2,007,000)
Net cash (used in) from investing activities (101,130,000) 199,072,000
Cash flows from financing activities    
Deposits 94,887,000 108,787,000
Borrowings 1,000,000 3,939,000
Advance payments by borrowers for taxes and insurance (677,000) (1,552,000)
Proceeds from issuance of subordinated notes 20,000,000 0
Costs paid for issuance of subordinated notes (441,000) 0
Repurchase and retirement of common stock (17,122,000) (4,610,000)
Cash dividends paid on common stock (5,619,000) (5,982,000)
Net cash from financing activities 92,028,000 100,582,000
Net change in cash and cash equivalents (1,334,000) 313,171,000
Beginning cash and cash equivalents 503,496,000 190,325,000
Ending cash and cash equivalents 502,162,000 503,496,000
Supplemental disclosures of cash flow information:    
Interest paid 2,708,000 7,035,000
Income taxes paid 3,416,000 191,000
Income taxes refunded 0 14,000
Loans transferred to foreclosed assets 4,473,000 33,000
Due to broker 4,936,000 0
Recording of right of use asset in exchange for lease obligations in other assets and other liabilities $ 866,000 $ 111,000
[1] Not within the scope of ASC 606