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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
OPERATING ACTIVITIES      
Net income $ 4,896,000 $ 3,833,000  
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for credit losses 507,000 0  
Loss (gain) on equity securities [1] 138,000 (33,000)  
Depreciation and amortization of premises and equipment, net 387,000 334,000  
Software amortization expense 26,000 48,000  
Financing lease amortization expense 62,000 3,000  
Amortization of premium and discount on investment securities, net 150,000 150,000  
Accretion of deferred loan fees, net (256,000) (805,000)  
Amortization of core deposit intangibles 265,000 77,000  
Stock-based compensation income, net 30,000 117,000  
Origination of loans held for sale (1,575,000) (350,000)  
Proceeds from sale of loans 1,494,000 611,000  
Gain on sale of loans (23,000) (3,000)  
Earnings on bank-owned life insurance [1] (200,000) (106,000)  
Deferred income tax (381,000) (360,000)  
Other real estate owned gains (2,000) 0  
Decrease (increase) in accrued interest receivable 25,000 (50,000)  
Increase (decrease) in accrued interest payable 230,000 (2,000)  
Other, net 665,000 (1,002,000)  
Net cash provided by operating activities 6,438,000 2,462,000  
INVESTING ACTIVITIES      
Proceeds from repayments and maturities 871,000 2,229,000  
Purchases (2,000,000) (20,227,000)  
(Increase) decrease in loans, net (29,763,000) 5,710,000  
Proceeds from the sale of other real estate owned 31,000 0  
Purchase of premises and equipment (263,000) (68,000)  
Purchase of restricted stock (1,687,000) 0  
Redemption of restricted stock 1,793,000 0  
Net cash used in investing activities (31,018,000) (12,356,000)  
FINANCING ACTIVITIES      
Net increase in deposits 23,588,000 562,000  
Increase in short-term borrowings, net 20,000,000 0  
Repayment of other borrowings (49,000) (65,000)  
Repurchase of treasury shares (4,506,000) (819,000)  
Cash dividends (1,605,000) (1,000,000)  
Net cash provided by (used in) financing activities 37,428,000 (1,322,000)  
Increase (decrease) in cash and cash equivalents 12,848,000 (11,216,000)  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 53,809,000 119,494,000 $ 119,494,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 66,657,000 108,278,000 $ 53,809,000
SUPPLEMENTAL INFORMATION      
Interest on deposits and borrowings 3,568,000 797,000  
Transfers from loans held for sale to loans held for investment 0 784,000  
Increase in finance lease assets included in premises and equipment 0 (139,000)  
Increase in finance lease liabilities included in other borrowings $ 0 $ 139,000  
[1] Not within scope of ASC 606