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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 20, 2022
Jun. 30, 2021
Cash flows (used in) from operating activities          
Net income $ 2,567 $ 1,926 $ 3,835 $ 3,835 $ 3,395
Adjustments to reconcile net income to net cash (used in) from operating activities          
Provision for (recovery of) loan losses 459 (678) 735   (1,013)
Depreciation and amortization     888   1,001
Net change in net deferred loan origination costs     (369)   516
Gain on sale of foreclosed assets     (15)   (51)
Foreclosed assets valuation adjustments     (27)   281
Earnings on bank-owned life insurance [1] (11) (30) (39)   (51)
Net change in:          
Accrued interest receivable     (2,012)   (1,359)
Other assets     (492)   530
Accrued interest payable and other liabilities     (6,680)   (736)
Net cash (used in) from operating activities     (4,176)   2,513
Cash flows used in investing activities          
Proceeds from maturities     2,480   10,412
Proceeds from principal repayments     509   699
Purchases of securities     (81,196)   (6,200)
Net change in loans receivable     (99,254)   (28,682)
Loan participation purchased     0   (5,000)
Proceeds from sale of foreclosed assets     244   2,698
Purchase of premises and equipment, net     (1,065)   (1,037)
Net cash used in investing activities     (178,282)   (27,110)
Cash flows (used in) from financing activities          
Deposits     (43,681)   45,030
Borrowings     (5,000)   1,000
Advance payments by borrowers for taxes and insurance     2,879   1,412
Proceeds from issuance of Subordinated Notes     0   20,000
Costs paid for issuance of Subordinated Notes     0   (441)
Repurchase and retirement of common stock     (793)   (6,945)
Cash dividends paid on common stock     (2,638)   (2,919)
Net cash (used in) from financing activities     (49,233)   57,137
Net change in cash and cash equivalents     (231,691)   32,540
Beginning cash and cash equivalents     502,162 $ 502,162 503,496
Ending cash and cash equivalents $ 270,471 $ 536,036 270,471   536,036
Supplemental disclosures of cash flow information:          
Interest paid     1,396   1,234
Income taxes paid     707   1,831
Income taxes refunded     8   0
Loans transferred to foreclosed assets     319   4,473
Bank-owned life insurance death benefit     275   0
Recording of right of use asset in exchange for lease obligations in other assets and other liabilities     $ 0   $ 866
[1] Not within the scope of ASC 606