XML 18 R9.htm IDEA: XBRL DOCUMENT v3.22.1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 4,523 $ 5,240
Adjustments to reconcile net income to net cash flows from operating activities:    
Depreciation, amortization, and accretion 772 308
Provision (credit) for loan losses 49 (52)
Deferred income tax provision 93 74
Increase in cash surrender value of bank owned life insurance (265) (267)
(Gain) loss from equity securities 126 (112)
Realized gain from sales of premises and equipment (12) (5)
Origination of mortgage loans for sale (5,159) (1,354)
Realized gains from sales of loans (124) (43)
Proceeds from sales of mortgage loans 5,223 1,381
Compensation expense related to restricted stock 197 93
Changes in:    
Accrued interest receivable (365) (328)
Other assets 3,025 1,565
Other liabilities (3,480) (2,461)
TOTAL ADJUSTMENTS 80 (1,201)
NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES 4,603 4,039
CASH FLOWS FROM INVESTING ACTIVITIES:    
Available-for-sale 9,801 7,833
Held-to-maturity 99 115
Purchases of equity securities (4) (5)
Available-for-sale (12,092) (40,759)
Held-to-maturity 0 0
Net increase in loans (9,827) (34,733)
Purchases of premises and equipment (59) (302)
Proceeds from sale of premises and equipment 12 5
NET CASH FLOWS USED IN INVESTING ACTIVITIES (12,070) (67,846)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net increase in deposits 7,787 81,693
Net increase in short-term borrowings 24,746 0
Principal payments on long-term debt 0 (5,000)
Proceeds from issuance of common stock 105 8
Repurchase of common stock (21,086) (1,140)
Proceeds from exercise of stock options 0 4
Cash dividends paid on common stock (2,280) (2,344)
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 9,272 73,221
NET CHANGE IN CASH AND CASH EQUIVALENTS 1,805 9,414
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 18,136 31,730
CASH AND CASH EQUIVALENTS AT END OF PERIOD 19,941 41,144
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid 836 1,265
Income Taxes Paid, Net (468) 0
Right-of-use assets obtained in exchange for new operating lease liabilities $ 0 $ 801