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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 3,466 $ 7,579
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of premises and equipment 749 703
Amortization of right-of-use lease asset 140 124
Amortization of deferred loan fees, net 164 150
Amortization of intangibles   29
Amortization of low income housing partnerships 125 121
Provision for credit losses 708 1,264
Net unrealized loss on equity investment securities 8 29
Loans originated for sale (300) (1,244)
Proceeds from sale of loans originated for sale 252 1,245
Net gain on sale of loans originated for sale (2) (1)
Net amortization of investment securities 218 290
Net gain on sale of investment securities available for sale   (81)
Loss (gain) on sale of premises and equipment 9 (14)
Increase in cash surrender value of life insurance (279) (258)
Deferred income tax (benefit) expense (174) 183
Stock compensation, including tax effects and expenses 61 209
Net change in:    
Accrued interest receivable (831) 37
Other assets (1,450) (3,019)
Accrued interest payable (438) 1,401
Other liabilities 800 (4,198)
Net cash provided by operating activities 3,226 4,549
Cash flows from investing activities:    
Proceeds from sales of investment securities available-for-sale   67,362
Proceeds from repayments of investment securities:    
Available-for-sale 1,881 2,791
Held-to-maturity 1,520 1,446
Net redemption of restricted equity securities 199 4,743
Net increase in loans (8,685) (88,086)
Purchases of premises and equipment (216) (2,506)
Proceeds from the sale of premises and equipment   14
Net cash used in investing activities (5,301) (14,236)
Cash flows from financing activities:    
Net (decrease) increase in deposits (75,099) 189,369
Proceeds from long-term debt   25,000
Repayment of long-term debt   (555)
Net increase (decrease) in short-term borrowings 2,670 (97,650)
Retirement of common stock   (826)
Cash dividends paid (2,893) (2,936)
Net cash (used in) provided by financing activities (75,322) 112,402
Net (decrease) increase in cash and cash equivalents (77,397) 102,715
Cash and cash equivalents at beginning of period 187,365 37,868
Cash and cash equivalents at end of period 109,968 140,583
Supplemental disclosures:    
Interest 20,117 9,833
Income taxes 24 47
Noncash items:    
Cumulative effect of adoption of ASC 326 on retained earnings, net of tax   2,364
Transfers of fixed assets to other real estate $ 1,497  
Initial recognition of right-of-use assets   (785)
Initial recognition of lease liability   $ (820)