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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
     Net income $ 6,021 $ 7,971
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 544 495
Change in deferred taxes 319 (1,453)
Provision (reduction) for credit losses (513) 550
Loans originated for resale (363) (705)
Proceeds from sales and transfers of loans 373 996
Net gain on sales of loans (10) (16)
Net amortization of premiums on investments 135 122
Equity compensation expense 231 184
Net increase in other assets and accrued interest (5,982) (7,296)
Net (decrease) increase in other liabilities (2,385) 4,115
Net loss on disposal of premises and equipment 9 1
Amortization of investment in limited partnership 117 76
Net acquisition amortization 7 7
     Net cash (used) provided by operating activities (1,497) 5,047
Cash flows from investing activities    
Increase in interest-bearing deposits in other banks 577 920
Proceeds from maturities, payments and calls of securities available for sale 5,359 4,956
Proceeds from maturities, payments, calls and sales of securities to be held to maturity 6,011 1,594
Purchases of securities available for sale (1,968) (3,496)
Change in restricted equity securities   9
Change in restricted equity securities (2,548)  
Net increase in loans (44,214) (68,198)
Capital expenditures (326) (526)
     Net cash used by investing activities (37,109) (64,741)
Cash flows from financing activities    
Net decrease in demand, savings, and money market accounts (45,854) (54,172)
Net (decrease) increase in certificates of deposit (4,820) 141,996
Net increase (decrease) in short-term borrowings 15,127 (19,599)
Advances on long-term borrowings 70,000 0
Repayment on long-term borrowings 0 (3)
Payment to repurchase common stock (211) (237)
Proceeds from sale of common stock 204 212
Dividends paid (3,907) (3,773)
Net cash provided by financing activities 30,539 64,424
Net (decrease) increase in cash and cash equivalents (8,067) 4,730
Cash and cash equivalents at beginning of period 31,942 22,728
     Cash and cash equivalents at end of period 23,875 27,458
Interest paid 19,521 11,460
Non-cash transactions    
Change in net unrealized loss on available for sale securities, net of tax $ 3,241 $ (4,181)