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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 11,616,000 $ 17,629,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for (reversal of) credit losses 0 (460,000)
Increase (decrease) in deferred fees/costs, net (89,000) (113,000)
Depreciation 660,000 674,000
Amortization of investment securities, net 369,000 570,000
Unrealized loss on equity securities 81,000 3,000
Amortization of operating lease right-of-use asset (111,000) (117,000)
Stock based compensation 446,000 271,000
Gain on sales and calls of available-for-sale securities (114,000) (143,000)
Earnings on cash surrender value of life insurance (477,000) (383,000)
Increase in interest payable and other liabilities (1,812,000) 4,687,000
Decrease in interest receivable 36,000 702,000
Decrease in other assets 1,846,000 (27,000)
Net cash from operating activities 12,451,000 23,293,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of available-for-sale securities (32,436,000) (40,660,000)
Purchases of equity securities (55,000) (49,000)
Proceeds from the sale of available-for-sale securities 28,258,000 43,791,000
Proceeds from maturities, calls, and principal paydowns of available-for-sale securities 23,018,000 14,726,000
Investment in LIHTC (456,000) 0
Net increase in loans (53,232,000) (34,446,000)
Purchase of FHLB Stock (329,000) (720,000)
Purchase of BOLI policies (5,000,000) 0
Purchases of premises and equipment (728,000) (1,607,000)
Net cash used in investing activities (40,960,000) (18,965,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
CASH FLOWS FROM FINANCING ACTIVITIES: (1,866,000) (1,321,000)
Net decrease in demand deposits and savings accounts (27,072,000) (126,987,000)
Net increase (decrease) in time deposits 21,286,000 (4,932,000)
Tax withholding payments on vested restricted shares surrendered (107,000) (175,000)
Net cash used in financing activities (7,759,000) (133,415,000)
NET DECREASE IN CASH AND CASH EQUIVALENTS (36,268,000) (129,087,000)
CASH AND CASH EQUIVALENTS, beginning of period 216,568,000 429,633,000
CASH AND CASH EQUIVALENTS, end of period 180,300,000 300,546,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 5,633,000 1,152,000
Operating leases 731,000 767,000
Income taxes 3,835,000 0
NON-CASH INVESTING ACTIVITIES:    
Change in unrealized (loss) gain on securities (6,222,000) 6,703,000
Right-of-use asset obtained in exchange for new operating lease liability $ 446,000 $ 444,000