XML 19 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income $ 9,483,000 $ 15,921,000 $ 16,492,000
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,714,000 1,724,000 1,828,000
(Reversal of provision) provision for credit losses (844,000) (850,000) 458,000
Net loss (gain) on sales of investment debt and equity securities 2,077,000 (266,000) (1,806,000)
Net unrealized (gain) loss on equity securities (250,000) 1,026,000 (926,000)
Net gain on sale of loans (16,000) (6,000) (595,000)
Proceeds from sales of residential mortgages held-for-sale 989,000 304,000 16,773,000
Origination of residential mortgages held-for-sale (1,522,000) (298,000) (4,892,000)
Income on bank-owned life insurance (320,000) (361,000) (497,000)
Stock-based compensation expense 185,000 85,000 102,000
Deferred income tax (benefit) provision 52,000 (57,000) 113,000
Net decrease in income taxes payable (2,094,000) (534,000) (78,000)
Net (increase) decrease in accrued interest receivable (1,063,000) (934,000) 721,000
Fair value remeasurements on interest rate swap (57,000)    
Amortization of mortgage servicing rights and change in valuation allowance 61,000 71,000 118,000
Net amortization of premiums and discounts on investment securities 1,665,000 2,222,000 3,152,000
Net increase (decrease) in accrued interest payable 4,827,000 256,000 (139,000)
Operating lease payments (626,000) (620,000) (631,000)
Increase in other assets (91,000) (298,000) (507,000)
Increase (decrease) in other liabilities 287,000 (550,000) 703,000
Net cash provided by operating activities 14,457,000 16,835,000 30,389,000
Investing Activities      
Proceeds from payments, maturities and calls of investment debt securities available-for-sale 50,042,000 72,965,000 113,911,000
Proceeds from the sale of investment securities available-for-sale 33,213,000 7,551,000 282,000
Purchases of investment securities available-for-sale (14,381,000) (35,001,000) (385,926,000)
Proceeds from the sale of equity securities 8,556,000 1,594,000 7,768,000
Purchases of equity securities (2,179,000) (1,860,000) (4,615,000)
Proceeds from redemption of investment in restricted bank stock 7,629,000 5,155,000 573,000
Purchase of restricted bank stock (5,166,000) (9,019,000) (861,000)
Net increase in loans (53,910,000) (112,718,000) (11,244,000)
Net purchases of premises and equipment (765,000) (552,000) (3,175,000)
Redemption of Bank Owned Life Insurance investment   239,000 797,000
Net cash provided (used) in investing activities 23,039,000 (71,646,000) (282,490,000)
Financing Activities      
Net (decrease) increase in non-interest-bearing deposits (46,751,000) (11,157,000) 38,422,000
Net increase (decrease) in interest-bearing deposits 117,095,000 (20,219,000) 183,256,000
Net (decrease) increase in short-term borrowings (67,233,000) 92,851,000 9,638,000
Issuance of long-term debt 20,000,000    
Repayment of long-term debt (10,000,000)    
Treasury stock purchase   (75,000) (1,356,000)
Cash dividends paid, net of reinvestment (4,671,000) (4,498,000) (4,375,000)
Proceeds from issuance of common stock 822,000 418,000 575,000
Net cash provided by financing activities 9,262,000 57,320,000 226,160,000
Increase (decrease) in cash and cash equivalents 46,758,000 2,509,000 (25,941,000)
Cash and cash equivalents at beginning of year 15,899,000 13,390,000 39,331,000
Cash and cash equivalents at end of period 62,657,000 15,899,000 13,390,000
Supplemental Cash Flow Disclosures      
Interest paid 24,100,000 7,668,000 4,782,000
Income taxes paid, net of refunds received 4,286,000 4,257,000 3,925,000
Non-cash transactions:      
Cumulative change in accounting principal 857,000    
Trade-date settlements for matured securities 500,000    
Right-of-use assets obtained in exchange for new operating lease liabilities $ 369,000 $ 43,000 $ 698,000