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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities    
Net income $ 5,059,000 $ 6,005,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 801,000 835,000
Provision (reversal of provision) for credit losses 28,000 (1,596,000)
Net loss (gain) on calls and sales of debt and equity securities 719,000 (54,000)
Net unrealized (gain) loss on equity securities (986,000) 516,000
Net gain on sale of loans (13,000) (1,000)
Proceeds from sales of residential mortgages held-for-sale 801,000 388,000
Origination of residential mortgages held-for-sale (1,025,000) (1,197,000)
Increase in cash surrender value of bank-owned life insurance (172,000) (164,000)
Stock-based compensation expense 87,000 91,000
Deferred income tax expense 73,000 61,000
Net decrease in income taxes payable (8,000) (790,000)
Net (increase) decrease in accrued interest receivable (310,000) 1,317,000
Fair value remeasurements on interest rate swap 22,000 38,000
Amortization of mortgage servicing rights and change in valuation allowance 23,000 27,000
Net amortization of premiums and discounts on investment securities 729,000 910,000
Net (decrease) increase in accrued interest payable (806,000) 1,500,000
Operating lease payments (315,000) (312,000)
Decrease in other assets 296,000 145,000
Increase (decrease) in other liabilities 649,000 (313,000)
Net cash provided by operating activities 5,652,000 7,406,000
Investing Activities    
Proceeds from payments, maturities and calls of investments available-for-sale 25,635,000 21,937,000
Proceeds from the sale of investments available-for-sale 13,139,000 9,081,000
Proceeds from the sale of equity securities 1,210,000 7,138,000
Purchases of investments available-for-sale (7,434,000) (6,913,000)
Purchases of equity securities (1,170,000) (711,000)
Proceeds from redemption of investment in restricted stock 16,000 7,628,000
Purchases of restricted stock (400,000) (5,165,000)
Net (increase) decrease in loans (68,810,000) 10,135,000
Net purchases of premises and equipment (841,000) (403,000)
Redemption of Bank Owned Life Insurance investment 341,000  
Net cash (used in) provided by investing activities (38,314,000) 42,727,000
Financing Activities    
Net increase (decrease) in non-interest bearing deposits 5,235,000 (19,453,000)
Net increase in interest-bearing deposits 78,891,000 50,849,000
Net decrease in short-term borrowings (45,028,000) (70,482,000)
Proceeds from long-term debt 10,000,000 20,000,000
Repayment of long-term debt   (10,000,000)
Cash dividends paid, net of reinvestment (2,396,000) (2,312,000)
Proceeds from issuance of common stock 212,000 190,000
Net cash provided by (used in) financing activities 46,914,000 (31,208,000)
Increase in cash and cash equivalents 14,252,000 18,925,000
Cash and cash equivalents at beginning of year 62,657,000 15,899,000
Cash and cash equivalents at end of period 76,909,000 34,824,000
Supplemental Cash Flow Disclosures    
Interest paid 19,960,000 3,547,000
Net income taxes paid 1,141,000 2,177,000
Non-cash transactions:    
Trade-date settlement for matured securities 500,000  
Cumulative change in accounting principal   857,000
Right-of-use assets obtained in exchange for new operating lease liabilities $ 457,000 $ 369,000