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Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 10,612 $ 10,127
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,567 1,506
Net amortization of loans and investment securities 2,467 1,891
Amortization of subordinate debt issuance costs 30 30
Provision for credit losses 1,483 1,936
Change in fair value of equity securities (228) 25
Realized losses on sales of debt securities 1,119
Loans originated for sale (28,344) (10,686)
Proceeds from sale of loans 26,199 10,327
Gain on sale of loans held for sale (367) (150)
Increase in cash surrender value of life insurance (340) (333)
Gain from claims on life insurance policies (78)
Change in fair value of derivative (1) (3)
Stock based compensation 465 366
Decrease in other assets 2,650 1,563
Increase in other liabilities 1,420 2,924
Net cash provided by operating activities 17,535 20,642
Cash flows from investing activities    
Net decrease in long-term interest-earning deposits in other banks 4,480 6,247
Proceeds from sales and calls of investment securities available for sale 40,117
Proceeds from maturities and pay-downs of securities available for sale 36,163 24,779
Purchase of investment securities available for sale (19,616) (45,419)
Increase in restricted stock (6,800) (1,650)
Net increase in loans (109,132) (155,677)
Proceeds from surrender of life insurance policies 558
Capital expenditures (2,184) (479)
Net cash used in investing activities (96,531) (132,082)
Cash flows from financing activities    
Net increase (decrease) in demand deposits, interest-bearing checking, and savings accounts 74,684 (36,950)
Net increase in time deposits 110,829 52,916
Increase in long-term borrowings (FHLB & FRB) 200,000 110,000
Decrease in long-term borrowings (FHLB & FRB) (90,000)
Dividends paid (4,217) (4,198)
Purchase of Treasury shares (596) (2,394)
Cash received from option exercises 25 33
Treasury shares issued under dividend reinvestment plan 1,448 1,087
Net cash provided by financing activities 292,173 120,494
Increase in cash and cash equivalents 213,177 9,054
Cash and cash equivalents at the beginning of the period 23,140 64,899
Cash and cash equivalents at the end of the period 236,317 73,953
Cash paid during the period for:    
Interest on deposits and other borrowed funds 30,535 12,865
Income taxes 1,133 1,338
Noncash Activities    
Lease liabilities arising from obtaining right-of-use assets 20
Noncash extinguishment of lease liability 537
Noncash decrease in right-of-use asset $ 507