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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 $ 3,463 $ 3,489
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation 427 437
Net premium amortization on investment securities available-for-sale (620) 707
Net premium amortization on investment securities held-to-maturity (134)
Provision for (release of) for credit losses 70 (125)
Write-downs of other real estate owned 19
Origination of loans held-for-sale (5,213) (28,731)
Sale of loans held-for-sale 5,680 23,756
Amortization of intangibles 39 39
Accretion on acquired loans (20) (14)
Loss on fair value of equity securities 2
(Increase) decrease in other assets (559) (1,270)
Increase (decrease) in other liabilities 843 88
Net cash (used in) provided by operating activities 3,978 (1,605)
Cash flows from investing activities:    
Purchase of investment securities available-for-sale (6,025) (57,492)
Purchase of other investment securities (1,577) (94)
Maturity/call of investment securities available-for-sale 5,331 20,654
Maturity/call of investment securities held-to-maturity 5,698
Increase in loans (11,829) (12,072)
Purchase of property and equipment (492) (119)
Net disposal of property and equipment 16
Net cash used in investing activities (8,894) (49,107)
Cash flows from financing activities:    
Increase in deposit accounts 34,775 69,457
Increase in securities sold under agreements to repurchase 8,232 13,844
Decrease in Fed Funds Borrowed (22,000)
Advances from the Federal Home Loan Bank 124,000
Repayment of advances from the Federal Home Loan Bank (89,000)
Shares retired / forfeited (105) (42)
Dividends paid: Common Stock (1,057) (977)
Restricted Stock Units Granted 72
Proceeds from issuance of stock-based compensation, new issuance of common stock. (28) 28
Change in non-vested restricted stock 191 79
Dividend reinvestment plan 108 93
Net cash provided by financing activities 55,188 82,482
Net increase in cash and cash equivalents 50,272 31,770
Cash and cash equivalents at beginning of period 37,401 69,022
Cash and cash equivalents at end of period 87,673 100,792
Supplemental disclosure:    
Interest 3,137 532
Income taxes
Non-cash investing and financing activities:    
Unrealized gain (loss) on available-for-sale securities, net of tax 2,593 (18,288)
Amortization of unrealized losses on securities from transfer of available-for-sale securities to held-to-maturity, net of tax 320
Recognition of operating lease liability $ 3,602