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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES              
Net income $ 7,204 $ 6,768 $ 9,044 $ 9,023 $ 25,251 $ 27,591  
Adjustments to reconcile net income to net cash provided by operating activities:              
Gain on sales of loans originated for sale         (194) (31)  
Gain on sales of assets held for sale         0 (337)  
Earnings on investment in bank-owned life insurance (503)   (473)   (1,473) (1,399)  
(Gain) loss on sales or calls of securities 0   0   (69) 739  
(Gain) loss on equity securities (28)   27   (19) 22 $ (18)
Restricted stock compensation expense         1,019 317  
Depreciation and amortization 744   825   2,268 2,559  
(Reversal of) provision for credit losses and unfunded commitments         (3,056) 300  
Net amortization of investment securities premiums         1,300 494  
Decrease (increase) in interest receivable         93 (812)  
Increase in interest payable         737 397  
Mortgage loans originated for sale         (9,010) (1,191)  
Proceeds from sales of loans originated for sale         8,404 1,345  
Decrease in other assets         10,954 1,414  
Increase in deferred tax asset         (4,144) (4,436)  
Increase in other liabilities         2,015 5,019  
Net Cash Provided by Operating Activities         34,076 31,991  
CASH FLOWS FROM INVESTING ACTIVITIES              
Proceeds from calls/maturities of investment securities held to maturity         554 904  
Proceeds from calls/maturities of investment securities available for sale         31,783 26,375  
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         (1,176) (3,848)  
Net increase in loans         (49,193) (77,486)  
Acquisition of insurance books of business/agency         0 (174)  
Capital expenditures         (587) (174)  
Proceeds from sales of assets held for sale         0 3,730  
Net Cash (Used in) Provided by Investing Activities         (4,283) 28,542  
CASH FLOWS FROM FINANCING ACTIVITIES              
Net decrease in noninterest-bearing deposits         (36,831) (29,519)  
Net decrease in interest-bearing deposits         (33,665) (218,097)  
Net decrease in short-term borrowings         (19,113) (8,848)  
Proceeds from long-term borrowings         60,000 100,000  
Dividends paid         (7,990) (7,157)  
Common stock repurchased         (249) (1,575)  
Common stock issued, net of restricted stock forfeitures and withheld for taxes         189 543  
Net Cash Used In Financing Activities         (37,659) (164,653)  
Net Decrease in Cash and Cash Equivalents         (7,866) (104,120)  
CASH AND CASH EQUIVALENTS — BEGINNING   $ 65,958   $ 168,161 65,958 168,161 168,161
CASH AND CASH EQUIVALENTS — ENDING $ 58,092   $ 64,041   58,092 64,041 $ 65,958
Supplemental disclosures of cash flow information              
Cash paid for interest         16,848 3,717  
Cash paid for income taxes         $ 4,175 $ 7,350