XML 18 R8.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income $ 4,238 $ 5,749
Adjustments to reconcile net income to net cash provided by operating activities:    
Net amortization of securities premiums and discounts and loan fees 2,346 2,539
Decrease (increase) in interest receivable 307 (1,066)
Increase in interest payable 571 61
Provision for credit losses 2,072 750
Losses (gains) on the sale of debt securities, net 1,364 (139)
Losses on equity securities, net 302 138
Gains on sale of mortgages (326) (1,063)
Loans originated for sale (11,928) (23,563)
Proceeds from sales of loans 17,529 23,057
Earnings on bank-owned life insurance (463) (425)
Depreciation of premises and equipment and amortization of software 973 791
Deferred income tax (254) (117)
Amortization of deferred fees on subordinated debt 80 40
Stock-based compensation expense 29
Other assets and other liabilities, net 1,353 1,066
Net cash provided by operating activities 18,193 7,818
Cash flows from investing activities:    
Proceeds from maturities, calls, and repayments 20,457 24,816
Proceeds from sales 61,089 8,576
Purchases (3,030) (107,711)
Equity securities    
Proceeds from sales 150
Purchases (202) (201)
Purchase of regulatory bank stock (1,821) (974)
Redemptions of regulatory bank stock 648 209
Proceeds from bank-owned life insurance 2,083
Net increase in loans (105,562) (120,573)
Purchases of premises and equipment, net (826) (512)
Purchase of computer software (494) (123)
Net cash used for investing activities (27,658) (196,343)
Cash flows from financing activities:    
Net (decrease) increase in demand, NOW, and savings accounts (33,709) 66,369
Net increase (decrease) in time deposits 50,702 (302)
Proceeds from short-term borrowings 20,000
Repayments of short-term debt (16,000)
Proceeds from long-term debt 37,678
Repayments of long-term debt (4,000)
Dividends paid (1,916) (1,900)
Proceeds from sale of treasury stock 534 574
Treasury stock purchased (315) (53)
Net cash provided by financing activities 32,974 84,688
Decrease in cash and cash equivalents 23,509 (103,837)
Cash and cash equivalents at beginning of period 37,572 158,449
Cash and cash equivalents at end of period 61,081 54,612
Supplemental disclosures of cash flow information:    
Interest paid 8,764 1,408
Income taxes paid 1,375 950
Supplemental disclosure of non-cash investing and financing activities:    
Fair value adjustments for securities available for sale 8,921 (50,958)
Recognition of lease operating right-of-use assets 2,811
Recognition of operating lease liabilities $ 2,811