XML 18 R8.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 6,970 $ 6,086
Adjustments to reconcile net income to net cash provided by operating activities:    
Net (increase) decrease in deferred loan fees (56) 208
Depreciation 158 204
Accretion (515) (336)
Amortization 2,306 2,319
Stock-based compensation 140 97
Provision for credit losses 633 0
Net change in equity securities (105) 345
Increase in bank-owned life insurance, net of expenses (249) (242)
Net (decrease) increase in accrued interest receivable and other assets (2,509) 1,574
Net increase (decrease) in accrued interest payable and other liabilities 3,251 (10,249)
Benefit (provision) for deferred income taxes 289 (435)
Net cash provided by (used in) operating activities 10,532 (635)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sales or calls 12,066 132,991
Proceeds from maturity and principal repayments of available-for-sale investment securities 10,355 18,435
Proceeds from Maturities, Prepayments and Calls of Held-to-maturity Securities 798 0
Net (increase) decrease in loans (29,212) 27,125
Purchases of premises and equipment (210) (2)
Net cash used in investing activities (6,203) (107,836)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net (decrease) increase in demand, interest bearing and savings deposits (69,013) 44,891
Net increase (decrease) in time deposits 145,110 (5,328)
Purchase and retirement of common stock 0 4,486
Proceeds from stock issued under employee stock purchase plan 76 57
Proceeds from exercise of stock options 0 132
Cash dividend payments on common stock (1,410) (1,425)
Net cash provided by financing activities 28,763 33,841
Increase (decrease) in cash and cash equivalents 33,092 (74,630)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 31,170 163,467
CASH AND CASH EQUIVALENTS AT END OF PERIOD 64,262 88,837
Cash paid during the period for:    
Interest 2,730 172
Operating cash flows from operating leases 589 575
Payments to Acquire Debt Securities, Available-for-sale 0 (286,385)
Debt Securities, Available-for-sale, Realized Gain (Loss) 219 (206)
Proceeds from short-term borrowings from Federal Home Loan Bank 3,346,500 0
Payments of FHLBank Borrowings, Financing Activities 3,392,500 0
Income taxes $ 0 $ 0