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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 11,843 $ 14,613 $ 15,465
Adjustments to reconcile net income to net cash (used) provided in operating activities      
Depreciation 1,760 1,663 1,714
Net premium amortization AFS (2,507) 1,869 2,317
Net premium amortization HTM (575) (264)
Provision for credit losses 1,129 (152) 335
Write-downs of other real estate owned 44 69 50
Loss (gain) loss on sale of other real estate owned (151) 45 (77)
Originations of HFS loans (50,253) (64,495) (139,773)
Sales of HFS loans 47,599 69,836 177,673
Amortization of intangibles 158 158 201
Loss on sale of securities 1,249
Loss on fair value of equity investments (19) (2) (4)
Accretion on acquired loans (81) (49) (135)
Gain on sale of other assets 73 (117)
(Increase) decrease in other assets (1,628) (1,696) 994
Increase (decrease) in other liabilities 3,658 457 (715)
Net cash provided (used) in operating activities 12,226 22,125 57,928
Cash flows from investing activities:      
Proceeds from sale of securities available-for-sale 38,662
Purchase of investment securities available-for-sale (6,025) (105,943) (271,293)
Purchase of investment securities held-to-maturity (11,270)
Purchase of other investment securities (2,589) (2,406) (87)
Maturity/call of investment securities available-for-sale 21,891 61,958 53,872
Maturity/call of investment securities held-to-maturity 12,074 11,745
Proceeds from sale of other investments 355
Increase in loans (153,029) (116,797) (19,100)
Proceeds from sale of other real estate owned 419 117 201
Proceeds from sale of fixed assets 925 1,414
Purchase of property and equipment (1,071) (1,223) (813)
Net disposal of property and equipment 115 19
Purchase of BOLI (850)
Net cash used in investing activities (89,668) (162,779) (236,282)
Cash flows from financing activities:      
Increase in deposit accounts 125,619 24,091 171,878
Increase (decrease) in Fed Funds Borrowed (22,000) 22,000
Advances from the Federal Home Loan Bank 289,000 118,000
Repayment of advances from the Federal Home Loan Bank (249,000) (68,000)
Increase in securities sold under agreements to repurchase (5,880) 14,527 13,302
Shares Retired (121) (42) (70)
Restricted Stock Units Granted 180 1,447
Change in non-vested restricted stock 763 507 363
Dividend reinvestment plan 438 388 368
Proceeds from (cost of) issuance of common stock-deferred compensation (28) 28 136
Dividends paid on Common Stock (4,235) (3,913) (3,593)
Net cash provided in financing activities 134,736 109,033 182,384
Net increase in cash and cash equivalents 57,294 (31,621) 4,030
Cash and cash equivalents at beginning of year 37,401 69,022 64,992
Cash and cash equivalents at end of year 94,695 37,401 69,022
Supplemental disclosure:      
Cash paid during the period for: interest 20,750 3,058 3,312
Income Taxes 3,574 3,893 5,097
Non-cash investing and financing activities:      
Unrealized gain (loss) on securities available-for-sale, net of tax 2,871 (23,285) (8,008)
Transfer of investment securities available-for-sale to held-to-maturity 245,619
Loans charged off 24 68 182
CECL transition 337
Transfer of loans to other real estate owned 44 145
Recognition of operating lease right of use asset 835
Recognition of operating lease liability $ 835