XML 18 R8.htm IDEA: XBRL DOCUMENT v3.23.3
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net income $ 10,127 $ 11,221
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,506 1,049
Net amortization of loans and investment securities 1,891 3,207
Amortization of subordinate debt issuance costs 30 27
Provision for credit losses 1,936
Change in fair value of equity securities 25 46
Realized losses on sales of debt securities 1,119 34
Loans originated for sale (10,686) (40,342)
Proceeds from sale of loans 10,327 41,512
Gain on sale of loans held for sale (150) (692)
Increase in cash surrender value of life insurance (333) (326)
Change in fair value of derivative (3) (17)
Stock based compensation 366 352
Decrease in other assets 1,563 1,679
Increase (decrease) in other liabilities 2,924 (4)
Net cash provided by operating activities 20,642 17,746
Cash flows from investing activities    
Net decrease (increase) in long-term interest-earning deposits in other banks 6,247 (1,984)
Proceeds from sales and calls of investment securities available for sale 40,117 1,082
Proceeds from maturities and pay-downs of securities available for sale 24,779 31,013
Purchase of investment securities available for sale (45,419) (66,499)
Net increase in restricted stock (1,650) (149)
Net increase in loans (155,677) (49,886)
Capital expenditures (479) (11,007)
Net cash used in investing activities (132,082) (97,430)
Cash flows from financing activities    
Net (decrease) increase in demand deposits, interest-bearing checking, and savings accounts (36,950) 135,019
Net increase (decrease) in time deposits 52,916 (14,395)
Net increase in short-term borrowings 110,000
Dividends paid (4,198) (4,254)
Purchase of Treasury shares (2,394) (2,664)
Cash received from option exercises 33 43
Treasury shares issued under dividend reinvestment plan 1,087 942
Net cash provided by financing activities 120,494 114,691
Increase in cash and cash equivalents 9,054 35,007
Cash and cash equivalents at the beginning of the period 64,899 175,149
Cash and cash equivalents at the end of the period 73,953 210,156
Cash paid during the year for:    
Interest on deposits and other borrowed funds 12,865 2,208
Income taxes 1,338 58
Noncash Activities    
Lease liabilities arising from obtaining right-of-use assets 1,867
Noncash extinguishment of lease liability 537
Noncash decrease in right-of-use asset $ 507