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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Mar. 31, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Operating activities              
Net income $ 6,936 $ 5,715 $ 4,388 $ 3,430 $ 18,079 $ 12,221  
Adjustments to reconcile net income to net cash provided by operating activities:              
Provision for loan losses (108)   (597)   97 68  
Depreciation         2,475 2,453  
Stock based compensation         415 389  
Gains on sales of other real estate owned     2     (594)  
Write-downs of other real estate owned       (160)  
Originations of loans held for sale         (1,156) (23,618)  
Proceeds from sale of loans held for sale         1,254 27,758  
Gains from sale of loans held for sale         (31) (996)  
Gains on disposal of fixed assets         (34) (16)  
Net (accretion)/ amortization of investment securities discounts and premiums- AFS         100 790  
Net (accretion)/amortization of investment securities discounts and premiums- HTM         (625) 276  
Amortization of intangible assets         157    
Gains on sales/calls of investment securities - AFS         (3) (154)  
Losses/(gains) on investment securities - HTM (93)   54   (93) 54  
Earnings on Bank owned life insurance         (891) (877)  
Amortization of deferred loan fees         (123) (3,228)  
Amortization of operating lease right of use asset         260 77  
Increase in accrued interest receivable and other assets         (651) (1,638)  
Deferred tax benefit         (9,322) (48)  
Operating lease liability         (289) (104)  
Increase/(decrease) in accrued interest payable and other liabilities         9,106 (2,216)  
Net cash provided by operating activities         18,725 10,437  
Investing activities              
Proceeds from maturities/calls of investment securities - AFS         12,153 40,045  
Proceeds from maturities/calls of investment securities - HTM         13,254 12,286  
Proceeds from sales of investment securities - AFS         1,023 13,687  
Purchases of investment securities - AFS         (17,652) (65,101)  
Purchases of investment securities - HTM         (55,686) (6,332)  
Proceeds from sales of other real estate owned           3,477  
Proceeds from disposal of fixed assets         37 39  
Net decrease in restricted stock         2 3,439  
Net (increase)/decrease in loans         (124,963) 67,908  
Purchases of loans           (58,943)  
Purchases of premises and equipment         (2,803) (826)  
Net cash (used in)/provided by investing activities         (174,635) 9,679  
Financing activities              
Net increase in deposits         41,744 22,128  
Issuance of common stock         162 103  
Cash dividends on common stock         (2,987) (2,898)  
Net increase in short-term borrowings         32,027 23,236  
Stock repurchase           (7,179)  
Net decrease in long-term borrowings           (70,000)  
Net cash provided by/(used in) financing activities         70,946 (34,610)  
Decrease in cash and cash equivalents         (84,964) (14,494)  
Cash and cash equivalents at beginning of the year   $ 115,720   $ 149,432 115,720 149,432 $ 149,432
Cash and cash equivalents at end of period $ 30,756   $ 134,938   30,756 134,938 $ 115,720
Supplemental information              
Interest paid         2,655 5,033  
Taxes paid         5,248 $ 4,637  
Non-cash investing activities:              
Transfers from loans to other real estate owned         256    
Transfers from securities available for sale to held to maturity         $ 139,036