XML 19 R8.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 4,488 $ 5,754
Adjustments to reconcile net income to net cash provided by operating activities:    
Credit loss expense for loans 423 [1] 285 [2]
Credit loss expense (benefit) for off-balance sheet credit exposures (72) 23
Amortization of securities available-for-sale and loans, net 529 795
Amortization of intangible assets 173 258
Depreciation 654 589
Provision for deferred income taxes (35) 22
Securities (gains) losses, net 165 (7)
Increase in cash value of bank-owned life insurance (40) (38)
Gain on sales of loans held for sale (249) (159)
Proceeds from loans held for sale 11,992 8,319
Originations of loans held for sale (12,129) (8,658)
Amortization of investment in New Markets Tax Credit projects 349 383
Gain on other real estate owned, net (11) 0
Change in assets and liabilities:    
Decrease in accrued income receivable 469 715
Decrease in other assets 207 216
(Decrease) increase in accrued interest payable (1,519) 1,668
Increase (decrease) in accrued expenses and other liabilities (134) 308
Net cash provided by operating activities 5,260 10,473
CASH FLOWS FROM INVESTING ACTIVITIES    
Change in interest-bearing time deposits 2,489 3,555
Purchase of securities available-for-sale (11,614) (3,763)
Proceeds from sale of securities available-for-sale 2,049 1,353
Proceeds from maturities and calls of securities available-for-sale 48,478 37,342
Purchase of FHLB stock (6,344) (9,619)
Proceeds from the redemption of FHLB and FRB stock 5,482 10,225
Net increase in loans (3,815) (7,734)
Net proceeds from the sale of other real estate owned 82 0
Purchase of premises and equipment (164) (2,566)
Net cash provided by investing activities 36,643 28,793
CASH FLOWS FROM FINANCING ACTIVITIES    
Increase (decrease) in deposits 9,282 (34,680)
Increase (decrease) in securities sold under agreements to repurchase (13,330) 7,405
Payments on other borrowings (110,658) (75,300)
Proceeds from other borrowings 107,000 150,000
Net (payments on) FHLB short-term borrowings (21,000) (16,420)
Dividends paid (4,856) (4,856)
Net cash provided by (used in) financing activities (33,562) 26,149
Net increase in cash and cash equivalents 8,341 65,415
CASH AND CASH EQUIVALENTS    
Beginning 55,101 27,884
Ending 63,442 93,299
Cash payments for:    
Interest 20,387 11,749
Income taxes 53 873
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING ACTIVITIES    
Transfer of loans receivable to other real estate owned 71 0
SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCING ACTIVITIES    
Dividends declared, not paid $ 2,428 $ 2,428
[1] The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss benefit of $69 thousand related to off-balance sheet credit exposures.
[2] The difference in the credit loss expense reported herein as compared to the Consolidated Statements of Income is associated with the credit loss expense of $23 thousand related to off-balance sheet credit exposures.