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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net Income $ 8,119 $ 7,671
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and software amortization 298 294
Net loss on securities available for sale 0 12
Net loss (gain) on other equity securities 12 (526)
Net amortization of securities 141 195
Amortization of core deposit intangible 82 82
Provision for credit losses 1,236 1,181
Deferred income taxes 7 24
Stock-based compensation 239 239
Net decrease (increase) in loans held for sale 25 (1,329)
Income from bank owned life insurance (191) (164)
Increase in interest receivable (850) (114)
Increase in interest payable 286 260
Net other operating activities 1,992 1,114
Net cash provided by operating activities 11,396 8,939
INVESTING ACTIVITIES    
Purchase of securities available for sale (6,515) (19,234)
Proceeds from sale of securities available for sale 1,281 10,532
Proceeds from sale of other equity securities 0 703
Proceeds from maturities, calls, and paydowns of securities available for sale 6,689 2,108
Net redemption (purchase) of restricted equity securities 576 (728)
Net increase in loans (81,111) (59,633)
Purchase of premises, equipment and software (134) (47)
Net cash used in investing activities (79,214) (66,299)
FINANCING ACTIVITIES    
Net increase in deposits 91,609 68,748
Proceeds from issuance of common stock 385 200
Repurchase of common stock 0 (575)
Net (repayment) proceeds of FHLB advances (18,000)  
Net (repayment) proceeds of FHLB advances   14,000
Net (repayment) proceeds of other borrowings (18,997)  
Net (repayment) proceeds of other borrowings   3
Net proceeds of subordinated notes 97 74
Common stock dividends paid (804) (793)
Net cash provided by financing activities 54,290 81,657
Net (decrease) increase in cash and cash equivalents (13,528) 24,297
Cash and cash equivalents at beginning of year 250,651 168,499
Cash and cash equivalents at end of period 237,123 192,796
Cash paid during the year for:    
Interest 17,611 8,894
Income taxes $ 11 $ 0