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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 14,960 $ 17,742
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and accretion 4,257 4,251
Provision for credit losses on loans 1,075 1,380
Provision (benefit) for credit losses 225 (100)
Deferred income tax expense (benefit) (1,233) (489)
Stock-based compensation expense 1,133 1,321
Excess tax benefit from exercise of SSARs 0 104
Proceeds from sale of loans held-for-sale 44,944 38,105
Originations of loans held-for-sale (43,807) (38,801)
Earnings from bank-owned life insurance (1,100) (980)
Gain from bank-owned life insurance claim 0 (142)
Net gain from sales of loans (752) (721)
Net loss from sales of investment securities 0 1
Net gain from sale and write-down of foreclosed assets held-for-sale (13) 0
Net (gain) loss from write-down and disposal of bank premises and equipment 1 243
Operating lease payments 43 53
Change in:    
Accrued interest receivable (711) (271)
Other assets 1,533 250
Accrued interest payable and other liabilities 2,544 (571)
Net cash provided by operating activities 23,099 21,375
Cash flows from investing activities:    
Proceeds from sales 0 31,208
Proceeds from maturities, calls and principal pay-downs 17,469 19,392
Purchases (1,490) 0
(Increase) decrease in restricted investments in bank stock (39) 1,468
Net increase in loans and leases (112,915) (83,220)
Principal portion of lease payments received under direct finance leases 3,362 4,106
Purchase of bank-owned life insurance policies (2,000) 0
Purchases of bank premises and equipment (4,076) (4,576)
Proceeds from death benefits received on bank-owned life insurance 0 931
Proceeds from sale of bank premises and equipment 19 22
Proceeds from sale of foreclosed assets held-for-sale 243 0
Net cash used in investing activities (99,427) (30,669)
Cash flows from financing activities:    
Net increase (decrease) in deposits 184,085 (15,130)
Net (decrease) increase in other borrowings (93,048) 110,883
Repayment of finance lease obligation (163) (176)
Proceeds from employee stock purchase plan participants 280 302
Repurchase of shares to cover withholdings (79) (239)
Dividends paid, net of dividends reinvested (6,527) (4,966)
Net cash provided by financing activities 84,548 90,674
Net increase in cash and cash equivalents 8,220 81,380
Cash and cash equivalents, beginning 111,949 29,091
Cash and cash equivalents, ending 120,169 110,471
Interest    
Income tax 3,091 2,550
Supplemental Disclosures of Non-cash Investing Activities:    
Net change in unrealized losses on available-for-sale securities 8,388 (14,821)
Cumulative-effect adjustment for adoption of ASU 2016-13 0 (1,326)
Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity 1,758 1,718
Transfers from/(to) loans to/(from) foreclosed assets held-for-sale 668  
Transfers from/(to) loans to/(from) foreclosed assets held-for-sale   (82)
Transfers from/(to) loans to/(from) loans held-for-sale, net 706 (205)
Transfers from premises and equipment to other assets held-for-sale 268 739
Right-of-use asset 1,391 303
Lease liability $ 1,483 $ 303