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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash Flows From Operating Activities    
Net income $ 8,208 $ 9,171
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,212 1,373
Credit loss benefit (161) 0
Deferred income tax provision 29 11
Net amortization of premiums on investment securities 394 485
Equity in losses of limited partnerships 1,024 864
Stock based compensation expense 348 359
Net increase in unamortized loan costs (364) (599)
Proceeds from sales of loans held for sale 52,086 60,915
Origination of loans held for sale (56,524) (49,481)
Net gains on sales of loans held for sale (836) (748)
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 (61) 120
Increase in accrued interest receivable (158) (6)
Amortization of debt issuance costs 25 25
Increase in other assets (1,257) (312)
Increase in other liabilities 2,192 575
Net cash provided by operating activities 6,156 22,721
Interest bearing deposits in banks    
Proceeds from maturities and redemptions 3,486 5,478
Purchases (1,494) (6,723)
Investment securities available-for-sale    
Proceeds from sales 0 6,827
Proceeds from maturities, calls and paydowns 12,852 19,161
Purchases (24,922) (48,599)
Net purchases of other investments (15) (122)
Net increase in nonmarketable stock (1,822) (652)
Net increase in loans (63,434) (151,000)
Recoveries of loans charged off 4 6
Net purchases of premises and equipment (1,113) (476)
Investments in limited partnerships (2,418) (1,975)
Proceeds from sales of premises and equipment 16 0
Net cash used in investing activities (78,860) (178,075)
Cash Flows From Financing Activities    
Advances on long-term borrowings 90,696 0
Net (decrease) increase in short-term borrowings outstanding (50,000) 25,000
Net (decrease) increase in noninterest bearing deposits (57,044) 72,625
Net decrease in interest bearing deposits (54,850) (1,271)
Net increase in time deposits 132,270 29,976
Purchase of treasury stock (115) (79)
Dividends paid (4,808) (4,678)
Net cash provided by financing activities 56,149 121,573
Net decrease in cash and cash equivalents (16,555) (33,781)
Cash and cash equivalents    
Beginning of period 37,885 65,922
End of period 21,330 32,141
Supplemental Disclosures of Cash Flow Information    
Interest paid 11,789 2,654
Income taxes paid 925 450
Supplemental Schedule of Noncash Investing Activities    
Investment in limited partnerships acquired by capital contributions payable 2,303 3,494
Dividends paid on Common Stock:    
Dividends declared 4,869 4,720
Dividends reinvested (61) (42)
Dividends paid $ 4,808 $ 4,678