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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income $ 9,620 $ 7,494 $ 6,931
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 1,275 1,173 1,121
Amortization of premiums and accretion of discounts on investment securities, net (3,247) (6,629) (7,286)
Stock compensation expense 157 161 167
Provision for loan losses 124 1,409 1,485
Gain on sale of securities 0 1,378 829
Gain from death benefit proceeds on BOLI (192) (357) 0
(Gain) loss on sale of fixed assets (322) 13 (74)
Impairment loss on fixed assets 208 0 0
Net gain on sale of other real estate owned (27) (323) (105)
Deferred income tax expense 401 566 498
Writedown on other real estate owned 42 914 230
(Increase) decrease in accrued interest receivable (694) 1,812 (1,802)
Increase in cash surrender value life insurance (665) (670) (726)
Increase (decrease) in accrued interest payable 403 (194) (606)
Increase (decrease) in deferred compensation liability 325 (122) 212
Net change in other operating assets and liabilities 142 (364) (255)
Net cash provided by operating activities 13,760 17,491 14,043
Cash flows from investing activities      
Proceeds from calls, paydowns and maturities of securities available-for-sale 39,399 150,879 237,705
Proceeds from calls, paydowns and maturities of securities held-to-maturity 8,371 0 0
Proceeds from sales of securities available-for-sale 0 500,685 188,324
Purchases of investment securities available-for-sale (122,120) (631,131) (640,289)
Proceeds from sale of FHLB stock 0 4,447 2,913
Decrease in federal funds sold 0 0 1,600
Death benefit proceeds from bank-owned life insurance 812 1,162 0
Purchases of bank premises, furniture, fixtures and equipment (2,642) (2,599) (2,019)
Proceeds from sales of bank premises, furniture, fixtures and equipment 546 492 124
Proceeds from sale of other real estate owned 1,331 3,257 1,899
Purchases of FHLB stock (880) (4,103) (1,025)
Net change in loans (13,166) 75,527 (77,239)
Net cash (used in) provided by investing activities (88,349) 98,616 (288,007)
Cash flows from financing activities      
Net change in deposits 14,510 16,703 196,193
Net increase (decrease) in securities sold under agreement to repurchase 14,814 (83,512) 25,862
Proceeds from borrowings on secured line of credit 0 18,000 0
Proceeds from exercise of stock options 0 0 86
Dividends paid to shareholders (5,377) (5,370) (5,363)
Net (decrease) increase in FHLB advances 0 (25,000) 25,000
Net cash provided by (used in) financing activities 23,947 (79,179) 241,778
Net (decrease) increase in cash and due from banks (50,642) 36,928 (32,186)
Cash and cash equivalents, beginning of year 79,236 42,308 74,494
Cash and cash equivalents, end of year 28,594 79,236 42,308
Supplemental disclosures of cash flow information      
Interest 4,388 5,209 8,033
Income taxes 1,490 515 1,539
Noncash disclosures      
Real estate acquired by foreclosure $ 49 $ 3,250 $ 1,546