XML 15 R9.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 2,107 $ 2,072
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 391 412
Provision for credit losses   269
Deferred income tax expense (benefit) 395 (427)
Proceeds from settlement of derivative contracts   2,166
Reclassification of unrealized gains on terminated derivative contracts (313) (227)
Stock-based compensation expense 157 153
Net (accretion) amortization of securities (36) 16
Amortization of intangible assets 37 55
Net loss on premises and equipment and other real estate 374 249
Changes in assets and liabilities:    
Increase in fair value of derivatives not designated as hedging instruments (75)  
Increase in cash surrender value of bank owned life insurance (86) (73)
(Increase) decrease in accrued interest receivable (172) 113
Decrease (increase) in other assets 136 (448)
(Decrease) increase in accrued interest expense (316) 234
Decrease in other liabilities (1,774) (979)
Net cash provided by operating activities 825 3,585
Cash flows from investing activities:    
Net decrease in federal funds sold 3,943 1,505
Purchases of investment securities, available-for-sale (5,791)  
Proceeds from maturities and prepayments of investment securities, available-for-sale 15,915 3,355
Proceeds from maturities and prepayments of investment securities, held-to-maturity 121 179
Net increase in Federal Home Loan Bank stock (293) (231)
Net increase in loans (1,820) (2,610)
Proceeds from the sale of premises and equipment and other real estate 294 128
Purchases of premises and equipment (967) (139)
Net cash provided by investing activities 11,402 2,187
Cash flows from financing activities:    
Net (decrease) increase in deposits (6,923) 27,860
Net increase in short-term borrowings 5,000 4,962
Net share-based compensation transactions (52) (25)
Dividends paid (289) (294)
Net cash (used in) provided by financing activities (2,264) 32,503
Net increase in cash and cash equivalents 9,963 38,275
Cash and cash equivalents, beginning of period 50,279 30,152
Cash and cash equivalents, end of period 60,242 68,427
Supplemental disclosures:    
Interest 5,553 2,292
Income taxes 765 1,020
Non-cash transactions:    
Assets acquired in settlement of loans $ 364 $ 490