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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income $ 8,789 $ 11,143
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 938 210
Depreciation 1,700 1,645
Stock based compensation 354 336
Gains on sales of other real estate owned (36)  
Write-downs of other real estate owned (69)  
Originations of loans held for sale (1,337) (1,043)
Proceeds from sale of loans held for sale 977 1,138
Gains from sale of loans held for sale (140) (28)
Gains on disposal of fixed assets   (34)
Net (accretion)/ amortization of investment securities discounts and premiums- AFS (25) 100
Net (accretion)/amortization of investment securities discounts and premiums- HTM (405) (405)
Amortization of intangible assets 165 105
Gains on sales/calls of investment securities - AFS   (3)
Earnings on Bank owned life insurance (617) (589)
Amortization of deferred loan costs/(fees), net 27 (123)
Amortization of operating lease right of use asset 164 172
Operating lease liability (186) (191)
(Increase)/decrease in accrued interest receivable and other assets (4,259) 1,295
Deferred tax expense/(benefit) 1,038 (6,796)
Increase in accrued interest payable and other liabilities 968 3,527
Net cash provided by operating activities 8,046 10,459
Investing activities    
Proceeds from maturities/calls of investment securities - AFS 3,358 9,583
Proceeds from maturities/calls of investment securities - HTM 5,305 7,571
Proceeds from sales of investment securities - AFS   1,023
Purchases of investment securities - AFS   (12,892)
Purchases of investment securities - HTM   (52,459)
Proceeds from sales of other real estate owned 172  
Proceeds from disposal of fixed assets   37
Net (increase)/decrease in restricted stock (3,463) 3
Net increase in loans (71,239) (80,454)
Purchases of premises and equipment (284) (2,256)
Net cash used in by investing activities (66,151) (129,844)
Financing activities    
Net increase in deposits 9,226 14,980
Issuance of common stock 138 109
Cash dividends on common stock (2,536) (1,988)
Net(decrease)/increase in short-term borrowings (14,487) 12,215
Proceeds from long-term borrowings 80,000  
Net cash used in by investing activities 72,341 25,316
Increase/(decrease) in cash and cash equivalents 14,236 (94,069)
Cash and cash equivalents at beginning of the year 74,315 115,720
Cash and cash equivalents at end of period 88,551 21,651
Supplemental information    
Interest paid 8,726 1,667
Taxes paid 2,550 3,758
Non-cash investing activities:    
Transfers from loans to other real estate owned $ 176 40
Transfers from securities available for sale to held to maturity   $ 139,036