| Dec'19 | Dec'18 | |||||
|---|---|---|---|---|---|---|
Cash Flows from Operating Activities | ||||||
Net income | ||||||
13,950 | 9,209 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation, amortization, and accretion, net | ||||||
1,593 | 1,669 | |||||
Deferred income tax benefit | ||||||
-462 | -1,036 | |||||
Provision for loan losses | ||||||
1,618 | 3,126 | |||||
Stock based compensation expense | ||||||
1,043 | 883 | |||||
Income from bank owned life insurance | ||||||
498 | 427 | |||||
Subordinated debt amortization expense | ||||||
29 | 29 | |||||
Gain on disposal of premises and equipment | ||||||
67 | -109 | |||||
Gain on sale of available-for-sale securities | ||||||
5 | - | |||||
Change in: | ||||||
Accrued interest receivable and other receivables | ||||||
250 | 1,299 | |||||
Other assets | ||||||
9,706 | 1,153 | |||||
Other liabilities | ||||||
9,447 | 1,481 | |||||
Net cash provided by operating activities | ||||||
16,692 | 12,591 | |||||
Cash Flows from Investing Activities | ||||||
Activity in available-for-sale securities: | ||||||
Payments | ||||||
4,831 | 4,254 | |||||
Maturities | ||||||
134,844 | 115,000 | |||||
Purchases | ||||||
175,894 | 124,915 | |||||
Activity in held-to-maturity securities: | ||||||
Purchases | ||||||
- | 500 | |||||
Refunded | ||||||
2,110 | 1,655 | |||||
Purchases of restricted investment in bank stock | ||||||
5,109 | 6,163 | |||||
Redemption of restricted investment in bank stock | ||||||
4,846 | 4,510 | |||||
Net increase in loan portfolio | ||||||
116,125 | 265,912 | |||||
Purchases of bank owned life insurance | ||||||
10,000 | - | |||||
Proceeds from sale of premises and equipment | ||||||
77 | 31 | |||||
Purchases of premises and equipment | ||||||
990 | 1,375 | |||||
Net cash used in investing activities | ||||||
-161,410 | -273,415 | |||||
Cash Flows from Financing Activities | ||||||
Net decrease in non-interest deposits | ||||||
40,958 | 40,177 | |||||
Net increase in interest bearing demand, savings, and time deposits | ||||||
110,528 | 212,305 | |||||
Net decrease in Federal Home Loan Bank advances and other borrowings | ||||||
- | 13,780 | |||||
Cash paid in lieu of fractional shares | ||||||
- | 7 | |||||
Net proceeds from sale of common stock, net of offering costs | ||||||
- | 42,712 | |||||
Net cash provided by financing activities | ||||||
151,486 | 281,407 | |||||
Increase in Cash and Cash Equivalents | ||||||
6,768 | 20,583 | |||||
Supplementary Disclosure of Cash Flow Information | ||||||
Cash paid during the period for interest | ||||||
19,498 | 12,068 | |||||
Cash paid during the period for income taxes | ||||||
4,159 | 2,620 | |||||
Right of use assets obtained in exchange for new operating lease liabilities | ||||||
6,693 | - | |||||
Transfers from loans to other real estate owned | ||||||
1,207 | - | |||||
Net unrealized gain (loss) on securities available-for-sale | ||||||
967 | -489 | |||||