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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows From Operating Activities    
Net income $ 4,436 $ 5,676
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 823 812
Credit loss expense (benefit) 158 (22)
Deferred income tax provision 9 30
Net amortization of premiums on investment securities 276 259
Equity in losses of limited partnerships 824 661
Stock based compensation expense 292 218
Net increase in unamortized loan costs (179) (220)
Proceeds from sales of loans held for sale 41,591 30,084
Origination of loans held for sale (44,117) (31,551)
Net gains on sales of loans held for sale (628) (500)
Net gains on disposals of premises and equipment (19) (1)
Net gains on other investments (128) (102)
Decrease in accrued interest receivable 686 363
Amortization of debt issuance costs 17 17
Increase in other assets (1,230) (1,065)
Increase in other liabilities 2,300 1,086
Net cash provided by operating activities 5,111 5,745
Interest bearing deposits in banks    
Proceeds from maturities and redemptions 2,739 2,490
Purchases (1,992) (1,245)
Investment securities available-for-sale    
Proceeds from maturities, calls and paydowns 8,698 8,303
Purchases (1,299) (24,923)
Net purchases of other investments (29) (12)
Net increase in nonmarketable stock (6,183) (2,878)
Net decrease in loans 22,280 22,618
Recoveries of loans charged off 12 1
Net purchases of premises and equipment (721) (402)
Proceeds from Company-owned life insurance death benefit 235 0
Investments in limited partnerships (1,936) (853)
Proceeds from sales of premises and equipment 42 16
Net cash provided by investing activities 21,846 3,115
Cash Flows From Financing Activities    
Advances on long-term borrowings 205,000 95,349
Repayment of long-term borrowings (90,000) 0
Net increase (decrease) in short-term borrowings outstanding 66,400 (24,800)
Net decrease in noninterest bearing deposits (28,064) (47,509)
Net decrease in interest bearing deposits (207,031) (129,703)
Net (decrease) increase in time deposits (17,200) 98,986
Purchase of treasury stock 0 (60)
Dividends paid (3,221) (3,205)
Net cash used in financing activities (74,116) (10,942)
Net decrease in cash and cash equivalents (47,159) (2,082)
Cash and cash equivalents    
Beginning of period 77,666 37,885
End of period 30,507 35,803
Supplemental Disclosures of Cash Flow Information    
Interest paid 12,664 6,631
Income taxes paid 0 725
Supplemental Schedule of Noncash Investing Activities    
Investment in limited partnerships acquired by capital contributions payable 1,712 0
Right-of-use operating lease assets obtained in exchange for operating lease liabilities 0 350
Dividends paid on Common Stock:    
Dividends declared 3,254 3,246
Dividends reinvested (33) (41)
Dividends paid $ 3,221 $ 3,205