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CONDENSED 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 $ 8,700 $ 10,053
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 532 480
Accretion and amortization of investment securities premiums and discounts, net 505 1,150
(Decrease) increase in deferred loan origination fees and costs, net (36) 553
Amortization of core deposit intangible 414 377
Provision for credit losses 750 2,600
Stock-based compensation 455 380
Losses on sales/calls of available-for-sale securities 80 64
Amortization of operating lease right-of-use asset 510 536
Gains on sales of loans held-for-sale (5) (31)
Proceeds from sales of loans held-for-sale 1,699 1,945
Originations of loans held-for-sale (1,961) (2,925)
Gain on bargain purchase 0 (1,405)
Changes in assets and liabilities:    
(Increase) decrease in interest receivable and other assets (1,533) 828
Decrease in interest payable and other liabilities (4,914) (1,617)
Net cash provided by operating activities 5,196 12,988
Cash Flows From Investing Activities    
Proceeds from calls or maturities of available-for-sale securities 42,785 15,265
Proceeds from sales of available-for-sale securities 2,932 16,986
Principal repayments on available-for-sale securities 35,155 36,202
Purchases of available-for-sale securities (72,199) (35,941)
Proceeds from maturities of certificates of deposit 5,430 1,963
Purchases of certificates of deposit (2,580) (2,207)
Net decrease (increase) in loans 2,603 (46,730)
Purchases of Federal Home Loan Bank stock and other equity securities, at cost 0 (1,078)
Purchases of premises and equipment (119) (506)
Cash and cash equivalents acquired in acquisition 0 103,425
Net cash provided by investing activities 14,007 87,379
Cash Flows From Financing Activities    
Net increase (decrease) in deposits 14,615 (82,828)
Cash dividends paid in lieu of fractional shares (7) (7)
Repurchases of common stock (1,239) (143)
Net cash provided by (used in) by financing activities 13,369 (82,978)
Net increase in Cash and Cash Equivalents 32,572 17,389
Cash and Cash Equivalents, beginning of period 149,211 187,417
Cash and Cash Equivalents, end of period 181,783 204,806
Cash paid during the period for:    
Interest 7,151 2,000
Income taxes 4,520 0
Supplemental disclosures of non-cash investing and financing activities:    
Stock dividend distributed 6,392 5,652
Unrealized holding (losses) gains on available for sale securities, net of taxes (1,427) 2,323
Market value of shares tendered in-lieu of cash to pay for exercise of options 348 81
Recognition of right-of-use assets obtained in exchange for operating lease liabilities 0 245
Non-cash assets acquired (liabilities assumed) in acquisition:    
Total assets acquired 0 12,612
Total liabilities assumed $ 0 $ (115,916)