Consolidated Statement of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2019 |
Dec. 31, 2018 |
| Operating activities |
|
|
| Net income |
$ 13,129
|
$ 10,667
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Provision for loan losses |
1,320
|
2,111
|
| Depreciation |
3,115
|
2,435
|
| Stock compensation |
268
|
249
|
| Gains on sales of other real estate owned |
(160)
|
(260)
|
| Write-downs of other real estate owned |
1,459
|
1,356
|
| Origination of loans held for sale |
(20,668)
|
(10,866)
|
| Proceeds from sales of loans held for sale |
19,502
|
11,021
|
| Gains on sales of loans held for sale |
(150)
|
(88)
|
| Loss on disposal of fixed assets |
3
|
74
|
| Net (accretion)/amortization of investment securities discounts and premiums- AFS |
(3)
|
39
|
| Net amortization of investment securities discounts and premiums- HTM |
114
|
57
|
| Net gain on sales of investment securities – available-for-sale |
|
(113)
|
| Amortization of deferred loan fees |
(935)
|
(745)
|
| Deferred tax expense |
953
|
1,338
|
| Earnings on bank owned life insurance |
(2,257)
|
(1,162)
|
| Amortization of operating lease right of use asset |
277
|
|
| Operating lease liability |
(287)
|
|
| (Increase)/decrease in accrued interest receivable and other assets |
(190)
|
367
|
| Increase in accrued interest payable and other liabilities |
900
|
1,814
|
| Net cash provided by operating activities |
16,390
|
18,294
|
| Investing activities |
|
|
| Proceeds from maturities/calls of investment securities available-for-sale |
26,553
|
10,888
|
| Proceeds from maturities/calls of investment securities held-to-maturity |
8,124
|
6,741
|
| Proceeds from sales of investment securities available-for-sale |
21,872
|
2,005
|
| Purchases of investment securities available-for-sale |
(39,307)
|
(3,390)
|
| Purchases of investment securities held-to-maturity |
(8,207)
|
(7,176)
|
| Proceeds from sales of other real estate owned |
2,777
|
2,981
|
| Proceeds from BOLI |
2,125
|
|
| Net decrease/(increase)in FHLB stock |
979
|
(190)
|
| Net increase in loans |
(43,465)
|
(116,088)
|
| Purchases of premises and equipment |
(3,973)
|
(9,483)
|
| Net cash used in investing activities |
(32,522)
|
(113,712)
|
| Financing activities |
|
|
| Net increase in deposits |
74,504
|
28,137
|
| Proceeds from issuance of common stock |
170
|
119
|
| Cash dividends paid on common stock |
(3,125)
|
(1,911)
|
| Net (decrease)/increase in short-term borrowings |
(28,979)
|
28,862
|
| Payments on long-term borrowings |
|
(20,000)
|
| Net cash provided by financing activities |
42,570
|
35,207
|
| Increase/(decrease) in cash and cash equivalents |
26,438
|
(60,211)
|
| Cash and cash equivalents at beginning of the year |
23,541
|
83,752
|
| Cash and cash equivalents at end of period |
49,979
|
23,541
|
| Supplemental information |
|
|
| Interest paid |
11,485
|
8,110
|
| Taxes paid |
1,011
|
530
|
| Non-cash investing activities: |
|
|
| Transfers from loans to other real estate owned |
1,605
|
$ 534
|
| Initial recognition of operating lease right of use assets at adoption |
2,730
|
|
| Initial recognition of operating lease liabilities at adoption |
3,317
|
|
| Operating lease right of use assets recognized |
208
|
|
| Operating lease liabilities recognized |
$ 208
|
|