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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities:    
Net income $ 6,254,000 $ 7,626,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for Credit Losses 821,000 1,525,000
Change in deferred loan origination costs/fees, net (179,000) (93,000)
Depreciation and amortization 448,000 386,000
Stock-based compensation expense 100,000 99,000
Loss on sale of investment securities 19,826,000 0
Amortization of investment security premiums 267,000 324,000
Accretion of investment security discounts (264,000) (201,000)
Loss on sale of other vehicles 15,000 0
Gain on sale of loans held for sale 0 (230,000)
Loans originated for sale (251,000) (736,000)
Proceeds from loan sales 0 4,627,000
Earnings on bank-owned life insurance (96,000) (104,000)
Gain on sale of buildings (19,854,000) 0
Decrease in accrued interest receivable and other assets 1,151,000 1,445,000
Increase in accrued interest payable and other liabilities 924,000 170,000
Net cash provided by operating activities 9,162,000 14,838,000
Cash Flows from Investing Activities:    
Proceeds from principal repayments from available-for-sale mortgage-backed securities 7,871,000 7,011,000
Proceeds from sale of investments 114,838,000 0
Proceeds from matured and called available-for-sale securities 850,000 1,135,000
Purchases of available-for-sale securities (88,805,000) (40,338,000)
Purchase of FRB stock (3,000) (2,000)
Net increase in loans (18,227,000) (5,494,000)
Proceeds from sale of other vehicles 310,000 139,000
Proceeds from bank owned life insurance 0 327,000
Proceeds from the sale of buildings 25,690,000 0
Purchase of premises and equipment (191,000) (956,000)
Net cash provided by (used in) investing activities 42,333,000 (38,178,000)
Cash Flows from Financing Activities:    
Net decrease in demand, interest bearing and savings deposits (32,990,000) (50,888,000)
Net decrease in time deposits (977,000) (176,000)
Net decrease in securities sold under agreements to repurchase (3,723,000) (1,710,000)
Cash dividends paid on common stock (1,588,000) (1,463,000)
Redemption of Trust Preferred Securities 0 (10,310,000)
Increase in other borrowings 30,000,000 10,000,000
Proceeds from exercise of stock options 359,000 137,000
Net cash used in by financing activities (8,919,000) (54,410,000)
Increase (decrease) in cash and cash equivalents 42,576,000 (77,750,000)
Cash and Cash Equivalents at Beginning of Year 85,655,000 183,426,000
Cash and Cash Equivalents at End of Period 128,231,000 105,676,000
Supplemental Disclosure of Cash Flow Information:    
Interest expense 2,569,000 632,000
Supplemental noncash disclosures    
Real estate and vehicles acquired through foreclosure 220,000 303,000
Common stock retired in connection with the exercise of stock options 39,000 154,000
Lease liabilities arising from obtaining right-of-use assets $ 22,588,000 $ 0