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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net earnings $ 12,236,000 $ 9,878,000 $ 18,011,000
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Provision for credit losses 349,000 500,000
Valuation allowance on real estate owned 6,000 354,000 48,000
Amortization of investment security premiums, net 240,000 1,481,000 2,078,000
Accretion of purchase accounting adjustments (993,000) (460,000) (55,000)
Amortization of mortgage servicing rights and intangibles 1,844,000 1,446,000 1,601,000
Depreciation 1,270,000 1,134,000 997,000
Increase in cash surrender value of bank owned life insurance [1] (913,000) (780,000) (686,000)
Stock-based compensation 352,000 295,000 323,000
Deferred income taxes 404,000 (1,190,000) 808,000
Net loss (gain) on investment securities 1,246,000 1,103,000 (1,138,000)
Net (gain) loss on sales of premises and equipment and foreclosed assets (1,000) (114,000) 5,000
Net gains on sales of loans [1] (2,269,000) (3,444,000) (10,487,000)
Proceeds from sale of loans 80,475,000 145,923,000 344,187,000
Origination of loans held for sale (76,995,000) (140,990,000) (324,908,000)
Changes in assets and liabilities:      
Accrued interest and other assets (1,276,000) 5,146,000 611,000
Accrued interest, expenses and other liabilities (3,371,000) 4,998,000 (736,000)
Net cash provided by operating activities 12,604,000 24,780,000 31,159,000
Cash flows from investing activities:      
Net (increase) decrease in loans (97,361,000) (73,571,000) 47,840,000
Net change in interest-bearing deposits at banks 4,150,000 (1,728,000) (1,918,000)
Maturities and prepayments of investment securities 54,537,000 53,877,000 60,904,000
Purchases of investment securities (29,112,000) (226,336,000) (174,748,000)
Proceeds from sale of available-for-sale securities 20,913,000 52,597,000 16,623,000
Redemption of bank stocks 11,192,000 4,208,000 2,418,000
Purchase of bank stocks (13,845,000) (6,074,000) (850,000)
Net cash paid in bank acquisition (572,000)
Proceeds from sales of premises and equipment and foreclosed assets 7,000 1,379,000 601,000
Purchase of bank owned life insurance (6,000,000)
Premiums paid on bank owned life insurance (97,000) (63,000)
Purchases of premises and equipment, net (995,000) (876,000) (1,324,000)
Net cash used in investing activities (50,611,000) (197,159,000) (56,454,000)
Cash flows from financing activities:      
Net increase in deposits 15,591,000 1,758,000 132,454,000
Federal Home Loan Bank advance borrowings 727,629,000 327,360,000
Federal Home Loan Bank advance repayments (677,815,000) (326,160,000)
Proceeds from other borrowings 10,065,000
Repayments on other borrowings (2,352,000) (1,065,000)
Change in repurchase agreements (16,688,000) (199,000) 1,032,000
Proceeds from exercise of stock options 52,000 22,000
Payment of dividends (4,390,000) (4,198,000) (3,818,000)
Purchase of treasury stock (75,000) (1,239,000)
Net cash provided by financing activities 41,952,000 6,322,000 129,690,000
Net increase (decrease) in cash and cash equivalents 3,945,000 (166,057,000) 104,395,000
Cash and cash equivalents at beginning of year 23,156,000 189,213,000 84,818,000
Cash and cash equivalents at end of year 27,101,000 23,156,000 189,213,000
Supplemental disclosure of cash flow information:      
Cash payments paid during the year for income taxes 55,000 1,104,000 4,458,000
Cash paid during the year for interest 19,851,000 4,032,000 1,549,000
Cash paid during the year for operating leases 156,000 175,000 141,000
Supplemental schedule of noncash investing and financing activities:      
Transfer of loans to real estate owned 1,264,000
Transfer of premises and equipment to real estate held for sale 4,343,000
Operating lease asset and related liability recorded 61,000 219,000
Bank acquisition:      
Fair value of liabilities assumed 181,350,000
Fair value of assets acquired $ 200,033,000
[1] Not within the scope of ASC 606.