v3.22.4
Consolidated Statement of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES    
Net income $ 15,673,000 $ 18,633,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 0 700,000
Loss (gain) on equity securities [1] 173,000 (209,000)
Depreciation and amortization of premises and equipment, net 1,330,000 1,420,000
Software amortization expense 143,000 361,000
Financing lease amortization expense 176,000 313,000
Amortization of premium and discount on investment securities, net 624,000 506,000
Accretion of deferred loan fees, net (1,804,000) (4,780,000)
Amortization of core deposit intangibles 372,000 321,000
Stock-based compensation expense, net 307,000 478,000
Origination of loans held for sale (1,350,000) (34,081,000)
Proceeds from sale of loans 1,641,000 35,148,000
Gain on sale of loans (24,000) (1,240,000)
Earnings on bank-owned life insurance [1] (459,000) (546,000)
Deferred income tax (324,000) (401,000)
Gain on other real estate owned 0 (43,000)
Other real estate owned writedowns 1,200,000 0
(Increase) decrease in accrued interest receivable (209,000) 1,078,000
Increase (decrease) in accrued interest payable 395,000 (343,000)
Other, net 498,000 (1,893,000)
Net cash provided by operating activities 18,362,000 15,422,000
INVESTING ACTIVITIES    
Proceeds from repayments and maturities 4,235,000 11,521,000
Proceeds from sale of securities 57,887,000 0
Purchases (32,290,000) (68,907,000)
(Increase) decrease in loans, net (55,908,000) 127,294,000
Proceeds from the sale of other real estate owned 0 501,000
Purchase of premises and equipment (884,000) (605,000)
Proceeds from the disposal of premises and equipment 165,000 0
Purchase of restricted stock (1,448,000) 0
Redemption of restricted stock 1,183,000 658,000
Proceeds from bank-owned life insurance 0 424,000
Acquisition, net of cash paid 18,406,000 0
Net cash (used in) provided by investing activities (8,654,000) 70,886,000
FINANCING ACTIVITIES    
Net decrease in deposits (128,553,000) (58,590,000)
Increase in short-term borrowings, net 65,000,000 0
Repayment of other borrowings (231,000) (4,204,000)
Stock options exercised 0 94,000
Repurchase of treasury shares (6,119,000) (12,291,000)
Cash dividends (5,490,000) (4,240,000)
Net cash used in financing activities (75,393,000) (79,231,000)
(Decrease) increase in cash and cash equivalents (65,685,000) 7,077,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 119,494,000 112,417,000
CASH AND CASH EQUIVALENTS AT END OF YEAR 53,809,000 119,494,000
SUPPLEMENTAL INFORMATION    
Interest on deposits and borrowings 4,334,000 4,408,000
Income taxes 3,579,000 5,526,000
Common stock issued in business acquisition 73,265,000 0
Transfers from loans held for sale to loans held for investment (784,000) 63,000
Decrease (increase) in finance lease assets included in premises and equipment 611,000 (67,000)
Transfers from loans to other real estate owned 29,000 0
(Decrease) increase in finance lease liabilities included in other borrowings (611,000) 67,000
Noncash assets acquired    
Goodwill 31,735,000 15,071,000
Liberty Bancshares Inc [Member]    
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of core deposit intangibles 0  
Noncash assets acquired    
Investments 57,907,000 0
Loans 312,618,000
Premises and equipment, net 6,087,000 0
Accrued interest receivable 1,563,000 0
Bank-owned life insurance 16,290,000 0
Other assets 3,111,000 0
Goodwill 16,664,000 0
Total noncash assets acquired 422,590,000 0
Liabilities assumed    
Time deposits (69,278,000) 0
Deposits other than time deposits (294,684,000) 0
Accrued interest payable (246,000) 0
Other liabilities (3,523,000) 0
Total liabilities assumed (367,731,000) 0
Liberty stock acquired in business combination (73,265,000) 0
Cash and cash equivalents acquired, net 18,406,000 0
Liberty Bancshares Inc [Member] | Core Deposits [Member]    
Noncash assets acquired    
Acquired finite lived intangible assets 6,670,000 0
Liberty Bancshares Inc [Member] | Mortgage Servicing Rights [Member]    
Noncash assets acquired    
Acquired finite lived intangible assets $ 1,680,000
[1] Not within scope of ASC 606