XML 22 R9.htm IDEA: XBRL DOCUMENT v3.24.2.u1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES              
Net income $ 11,279 $ 6,768 $ 9,524 $ 9,023 $ 18,047 $ 18,547  
Adjustments to reconcile net income to net cash provided by operating activities:              
Gain on sales of loans originated for sale         (82) (31)  
Gain on sales of assets held for sale         0 (314)  
Earnings on investment in bank-owned life insurance (493)   (484)   (970) (926)  
(Gain) loss on sales or calls of securities 0   546   (69) 739  
Loss (gain) on equity securities (1)   15   9 (5) $ (18)
Restricted stock compensation expense         775 317  
Depreciation and amortization 758   851   1,524 1,734  
(Reversal of) provision for credit losses and unfunded commitments         (3,177) 221  
Net amortization of investment securities premiums         868 936  
(Increase) decrease in interest receivable         (401) 213  
Increase in interest payable         758 240  
Mortgage loans originated for sale         (5,026) (21,023)  
Proceeds from sales of loans originated for sale         3,587 21,177  
Decrease in other assets         7,650 454  
Increase in deferred tax asset         (790) (852)  
(Decrease) increase in other liabilities         (2,179) 3,046  
Net Cash Provided by Operating Activities         20,524 24,473  
CASH FLOWS FROM INVESTING ACTIVITIES              
Proceeds from calls/maturities of investment securities held to maturity         369 416  
Proceeds from calls/maturities of investment securities available for sale         15,875 19,246  
Proceeds from sales of investment securities available for sale         14,336 78,624  
Proceeds from sale of equity securities         0 591  
Purchase of restricted investment in bank stocks         (2,176) (3,248)  
Net increase in loans         (51,652) (36,509)  
Capital expenditures         (365) (106)  
Proceeds from sales of assets held for sale         0 2,296  
Net Cash (Used in) Provided by Investing Activities         (23,613) 61,310  
CASH FLOWS FROM FINANCING ACTIVITIES              
Net decrease in noninterest-bearing deposits         (20,606) (25,320)  
Net decrease in interest-bearing deposits         (2,619) (209,901)  
Net (decrease) increase in short-term borrowings         (7,908) 9,749  
Proceeds from long-term borrowings         60,000 60,000  
Dividends paid         (5,267) (4,773)  
Common stock repurchased         (147) (29)  
Common stock issued, net of restricted stock forfeitures and withheld for taxes         (48) 373  
Net Cash Provided by (Used In) Financing Activities         23,405 (169,901)  
Net Increase (Decrease) in Cash and Cash Equivalents         20,316 (84,118)  
CASH AND CASH EQUIVALENTS — BEGINNING   $ 65,958   $ 168,161 65,958 168,161 168,161
CASH AND CASH EQUIVALENTS — ENDING $ 86,274   $ 84,043   86,274 84,043 $ 65,958
Supplemental disclosures of cash flow information:              
Cash paid for interest         10,885 1,800  
Cash paid for income taxes         $ 1,500 $ 4,800