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 $ 5,676 $ 5,413
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 812 922
Credit loss benefit (22) 0
Deferred income tax provision 30 12
Net amortization of premiums on investment securities 259 324
Equity in losses of limited partnerships 661 548
Stock based compensation expense 218 236
Net increase in unamortized loan costs (220) (488)
Proceeds from sales of loans held for sale 30,084 34,672
Origination of loans held for sale (31,551) (24,363)
Net gains on sales of loans held for sale (500) (300)
Net gains on disposals of premises and equipment (1) 0
Net gains on sales of investment securities available-for-sale 0 (31)
Net (gains) losses on other investments (102) 60
Decrease in accrued interest receivable 363 262
Amortization of debt issuance costs 17 17
Increase in other assets (1,415) (1,184)
Increase in other liabilities 1,436 246
Net cash provided by operating activities 5,745 16,346
Interest bearing deposits in banks    
Proceeds from maturities and redemptions 2,490 5,229
Purchases (1,245) (5,976)
Investment securities available-for-sale    
Proceeds from sales 0 6,827
Proceeds from maturities, calls and paydowns 8,303 13,650
Purchases (24,923) (48,599)
Net purchases of other investments (12) (90)
Net (increase) decrease in nonmarketable stock (2,878) 276
Net decrease (increase) in loans 22,618 (30,905)
Recoveries of loans charged off 1 6
Net purchases of premises and equipment (402) (290)
Investments in limited partnerships (853) (1,874)
Proceeds from sales of premises and equipment 16 0
Net cash provided by (used in) investing activities 3,115 (61,746)
Cash Flows From Financing Activities    
Advances on long-term borrowings 95,349 0
Net decrease in short-term borrowings outstanding (24,800) 0
Net (decrease) increase in noninterest bearing deposits (47,509) 72,252
Net decrease in interest bearing deposits (129,703) (60,701)
Net increase (decrease) in time deposits 98,986 (3,580)
Purchase of treasury stock (60) (79)
Dividends paid (3,205) (3,118)
Net cash (used in) provided by financing activities (10,942) 4,774
Net decrease in cash and cash equivalents (2,082) (40,626)
Cash and cash equivalents    
Beginning of period 37,885 65,922
End of period 35,803 25,296
Supplemental Disclosures of Cash Flow Information    
Interest paid 6,631 1,510
Income taxes paid 725 200
Supplemental Schedule of Noncash Investing Activities    
Investment in limited partnerships acquired by capital contributions payable 0 3,494
Dividends paid on Common Stock:    
Dividends declared 3,246 3,146
Dividends reinvested (41) (28)
Dividends paid $ 3,205 $ 3,118