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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net income $ 4,375 $ 5,715
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision/(credit) for credit/loan losses 543 (421)
Depreciation 853 820
Stock based compensation 56 (4)
Amortization of intangible assets 83 52
Gains on sales of other real estate owned (36)
Write-downs of other real estate owned 32
Originations of loans held for sale (552) (963)
Proceeds from sale of loans held for sale 422 911
Gains from sale of loans held for sale (54) (21)
Gains on disposal of fixed assets   (28)
Net (accretion)/ amortization of investment securities discounts and premiums- AFS (15) 83
Net (accretion)/amortization of investment securities discounts and premiums- HTM (200) (165)
Gains on sales/calls of investment securities - AFS   (3)
Amortization of deferred loan fees 12 (113)
Amortization of operating lease right of use asset 82 86
Deferred tax benefit (934) 549
Earnings on Bank owned life insurance (306) (292)
Operating lease liability (93) (95)
Increase in accrued interest receivable and other assets 542 105
Increase/(decrease) in accrued interest payable and other liabilities (1,300) (3,141)
Net cash provided by operating activities 3,510 3,075
Investing activities    
Proceeds from maturities/calls of investment securities - AFS 1,609 5,063
Proceeds from maturities/calls of investment securities - HTM 2,776 3,260
Proceeds from sales of investment securities - AFS   1,023
Purchases of investment securities - AFS   (12,892)
Purchases of investment securities - HTM   (49,456)
Proceeds from sales of other real estate owned 139  
Proceeds from disposal of fixed assets   30
Net decrease in restricted stock (3,463) 3
Net (increase)/decrease in loans (9,761) (28,030)
Purchases of premises and equipment (112) (126)
Net cash used in by investing activities (8,812) (81,125)
Financing activities    
Net increase in deposits 20,552 38,181
Issuance of common stock 64 55
Cash dividends on common stock (1,199) (993)
Net(decrease)/increase in short-term borrowings (12,535) 1,203
Proceeds from long-term borrowings 80,000  
Net cash provided by/(used in) financing activities 86,882 38,446
Increase/(decrease) in cash and cash equivalents 81,580 (39,604)
Cash and cash equivalents at beginning of the year 74,315 115,720
Cash and cash equivalents at end of period 155,895 76,116
Supplemental information    
Interest paid 2,989 840
Taxes paid $ 90 2,568
Non-cash investing activities:    
Transfers from securities available for sale to held to maturity   $ 139,036