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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net income $ 10,494,000 $ 7,410,000
Adjustments to reconcile to net income to net cash from operating activities    
Provision for (recovery of) loan losses 1,828,000 (1,240,000)
Depreciation and amortization 1,262,000 2,072,000
Net change in net deferred loan origination costs (1,301,000) 87,000
Loss (gain) on sale of foreclosed assets 22,000 (24,000)
Foreclosed assets valuation adjustments 31,000 420,000
Loss (earnings) on bank-owned life insurance [1] 39,000 (114,000)
Net change in:    
Deferred income tax (237,000) 28,000
Accrued interest receivable (2,690,000) (703,000)
Other assets 1,822,000 1,130,000
Accrued interest payable and other liabilities (1,978,000) (1,298,000)
Net cash from operating activities 9,292,000 7,768,000
Cash flows used in investing activities    
Proceeds from maturities 2,888,000 20,230,000
Proceeds from principal repayments 1,018,000 1,780,000
Purchases of securities (136,071,000) (79,124,000)
Net increase in loans receivable (183,925,000) (40,190,000)
Loan participation purchased 0 (5,000,000)
Bank-owned life insurance death benefit 275,000 0
Proceeds from sale of foreclosed assets 987,000 3,509,000
Purchase of premises and equipment, net (1,944,000) (2,335,000)
Net cash used in investing activities (316,772,000) (101,130,000)
Cash flows (used in) from financing activities    
Deposits (113,497,000) 94,887,000
Borrowings (5,000,000) 1,000,000
Advance payments by borrowers for taxes and insurance 681,000 (677,000)
Proceeds from issuance of subordinated notes 0 20,000,000
Costs paid for issuance of subordinated notes 0 (441,000)
Repurchase and retirement of common stock (4,866,000) (17,122,000)
Cash dividends paid on common stock (5,231,000) (5,619,000)
Net cash (usied in) from financing activities (127,913,000) 92,028,000
Net change in cash and cash equivalents (435,393,000) (1,334,000)
Beginning cash and cash equivalents 502,162,000 503,496,000
Ending cash and cash equivalents 66,769,000 502,162,000
Supplemental disclosures of cash flow information:    
Interest paid 4,468,000 2,708,000
Income taxes paid 3,518,000 3,416,000
Income taxes refunded (8,000) 0
Loans transferred to foreclosed assets 791,000 4,473,000
Due to broker 0 4,936,000
Recording of right of use asset in exchange for lease obligations in other assets and other liabilities $ 0 $ 866,000
[1] Not within the scope of ASC 606