XML 21 R8.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OPERATING ACTIVITIES      
Net income $ 7,448,000 $ 7,072,000 $ 4,598,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Provision for loan losses 50,000 1,100,000 2,375,000
Depreciation and amortization expense 2,066,000 2,016,000 1,996,000
Amortization expense of core deposit intangible 30,000 19,000  
Amortization of fair value adjustment on acquired time deposits (101,000) (98,000)  
Net amortization of investment securities 108,000 222,000 285,000
Net realized gains on investment securities - available for sale   (84,000)  
Net amortization of deferred loan fees (553,000) (1,351,000) (707,000)
Origination of mortgage loans held for sale (9,421,000) (13,806,000) (87,140,000)
Net gains on loans held for sale (208,000) (664,000) (1,523,000)
Sales of mortgage loans held for sale 10,553,000 19,737,000 87,281,000
(Increase) decrease in accrued interest receivable (820,000) 1,084,000 (1,619,000)
Increase (decrease) in accrued interest payable 45,000 (490,000) (525,000)
Earnings on bank-owned life insurance (1,089,000) (1,117,000) (782,000)
Deferred income taxes 533,000 729,000 1,614,000
Stock compensation expense 50,000 43,000 3,000
Net change in operating leases (84,000) (94,000) (89,000)
Other, net (3,398,000) (4,379,000) (7,140,000)
Net cash provided by (used in) operating activities 5,209,000 9,939,000 (1,373,000)
INVESTING ACTIVITIES      
Purchase of investment securities - available for sale (58,207,000) (61,578,000) (36,519,000)
Purchase of investment securities - held to maturity (11,104,000) (16,272,000) (9,359,000)
Proceeds from maturities of investment securities - available for sale 19,638,000 38,826,000 36,215,000
Proceeds from maturities of investment securities - held to maturity 2,918,000 6,665,000 4,985,000
Proceeds from sales of investment securities - available for sale 1,519,000 960,000  
Purchase of regulatory stock (11,143,000) (1,799,000) (9,979,000)
Proceeds from redemption of regulatory stock 8,081,000 3,928,000 9,143,000
Long-term loans originated (223,704,000) (313,125,000) (301,210,000)
Principal collected on long-term loans 216,787,000 301,498,000 212,179,000
Purchases of premises and equipment (2,080,000) (1,241,000) (1,325,000)
Proceeds from sale of other real estate owned and repossessed assets 14,000 8,000 63,000
Cash acquired in branch acquisition, net   40,431,000  
Proceeds from life insurance policies 1,000,000 1,211,000 490,000
Net cash used in investing activities (56,281,000) (488,000) (95,317,000)
FINANCING ACTIVITIES      
Net (decrease) increase in deposit balances (30,740,000) 42,124,000 94,407,000
Net increase (decrease) in other short-term borrowings 88,641,000 (24,702,000) 2,290,000
Principal borrowings on advances from Federal Home Loan Bank   2,000,000 36,050,000
Principal repayments on advances from Federal Home Loan Bank (22,888,000) (24,336,000) (24,729,000)
Principal payments on financing lease liabilities (219,000) (210,000) (203,000)
Redemption of guaranteed junior subordinated deferrable interest debentures   (12,018,000)  
Subordinated debt issuance, net   26,589,000  
Redemption of subordinated debt   (7,650,000)  
Stock options exercised 106,000 57,000 78,000
Purchases of treasury stock     (151,000)
Common stock dividend paid (1,967,000) (1,708,000) (1,716,000)
Net cash provided by financing activities 32,933,000 146,000 106,026,000
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (18,139,000) 9,597,000 9,336,000
CASH AND CASH EQUIVALENTS AT JANUARY 1 41,101,000 31,504,000 22,168,000
CASH AND CASH EQUIVALENTS AT DECEMBER 31 $ 22,962,000 $ 41,101,000 $ 31,504,000