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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income $ 5,782 $ 7,128
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 300 300
Depreciation 355 372
Amortization of intangible assets 23 27
Deferred income taxes (579) 258
Net amortization of securities premiums and discounts 233 395
Net realized gain on sales of securities (2)  
Earnings and proceeds on life insurance policies (213) (176)
Gain on sales and write-downs of fixed assets and foreclosed real estate owned, net   (427)
Net amortization of loan fees 129 (280)
Compensation expense related to stock options 96 67
Compensation expense related to restricted stock 114 82
Decrease in accrued interest receivable 284 13
Increase (decrease) in accrued interest payable 2,050 (43)
Other, net 1,533 1,671
Net cash provided by operating activities 10,105 9,387
Securities available for sale:    
Proceeds from sales 1,982  
Proceeds from maturities and principal reductions on mortgage-backed securities 7,824 13,254
Purchases   (71,498)
Purchase of regulatory stock (3,685) (106)
Redemption of regulatory stock 3,140 610
Net increase in loans (61,828) (16,142)
Purchase of bank-owned life insurance (2,000)  
Purchase of premises and equipment (91) (105)
Proceeds from sales of foreclosed real estate owned   1,579
Net cash used in investing activities (54,658) (72,408)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 28,208 24,984
Net increase in short-term borrowings 15,340 2,800
Repayments of other borrowings (9,811) (3,154)
Proceeds from other borrowings 10,000  
Stock options exercised 334 47
Purchase of treasury stock   (13)
Cash dividends paid (2,369) (2,298)
Net cash provided by financing activities 41,702 22,366
Decrease in cash and cash equivalents (2,851) (40,655)
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 31,866 206,681
CASH AND CASH EQUIVALENTS - END OF PERIOD 29,015 166,026
Cash payments for:    
Interest paid 3,568 1,289
Income taxes paid, net of refunds 189 106
Supplemental Schedule of Noncash Investing Activities:    
Transfers of loans to foreclosed real estate owned and repossession of other assets 454 67
Dividends payable $ 2,372 $ 2,298