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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows From Operating Activities    
Net income $ 2,482 $ 2,876
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 459 459
Provision for loan losses 0 150
Deferred income tax provision 11 14
Net amortization of premiums on investment securities 160 168
Equity in losses of limited partnerships 256 262
Stock based compensation expense 103 92
Net (increase) decrease in unamortized loan costs (302) 619
Proceeds from sales of loans held for sale 16,430 30,574
Origination of loans held for sale (4,936) (37,704)
Net gains on sales of loans held for sale (14) (894)
Net gains on sales of investment securities available-for-sale (26) 0
Net gains on sales of other real estate owned 0 (11)
Net gains on other investments (82) (44)
Increase in accrued interest receivable (49) (95)
Amortization of core deposit intangible 0 43
Amortization of debt issuance costs 8 0
Increase in other assets (436) (412)
Increase (decrease) in other liabilities 704 (873)
Net cash provided by (used in) operating activities 14,768 (4,776)
Interest bearing deposits in banks    
Proceeds from maturities and redemptions 1,992 498
Purchases (2,988) (2,490)
Investment securities available-for-sale    
Proceeds from sales 6,827 0
Proceeds from maturities, calls and paydowns 7,304 7,310
Purchases (38,691) (46,880)
Net purchases of other investments (59) (41)
Net decrease in nonmarketable stock 276 0
Net increase in loans (40,558) (31,085)
Recoveries of loans charged off 1 8
Net purchases of premises and equipment (164) (302)
Investments in limited partnerships (1,355) (700)
Proceeds from sales of other real estate owned 0 61
Net cash used in investing activities (67,415) (73,621)
Cash Flows From Financing Activities    
Net increase in noninterest bearing deposits 38,189 16,747
Net increase in interest bearing deposits 3,385 11,591
Net decrease in time deposits (2,412) (14,749)
Exercise of stock options 0 12
Purchase of treasury stock (75) (2)
Dividends paid (1,560) (1,467)
Net cash provided by financing activities 37,527 12,132
Net decrease in cash and cash equivalents (15,120) (66,265)
Cash and cash equivalents    
Beginning of period 65,922 122,771
End of period 50,802 56,506
Supplemental Disclosures of Cash Flow Information    
Interest paid 911 1,122
Supplemental Schedule of Noncash Investing Activities    
Investment in limited partnerships acquired by capital contributions payable 3,494 0
Dividends paid on Common Stock:    
Dividends declared 1,573 1,479
Dividends reinvested (13) (12)
Dividends paid $ 1,560 $ 1,467