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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net income $ 13,302 $ 18,079
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 1,201 109
Depreciation 2,528 2,475
Stock based compensation 423 415
Gains on sales of other real estate owned (36)  
Recoveries of other real estate owned, net (55)  
Originations of loans held for sale (3,627) (1,156)
Proceeds from sales of loans held for sale 3,741 1,254
Gains from sales of loans held for sale (322) (31)
Gains on disposal of fixed assets   (34)
Net (accretion)/ amortization of investment securities discounts and premiums- AFS (32) 100
Net (accretion)/amortization of investment securities discounts and premiums- HTM (618) (625)
Amortization of intangible assets 248 157
Gains on sales/calls of investment securities - AFS   (3)
Earnings on Bank owned life insurance (936) (891)
Gains on calls of investment securities - HTM   (93)
Amortization of deferred loan costs/(fees), net 40 (123)
Amortization of operating lease right of use asset 249 260
Operating lease liability (282) (289)
Increase in accrued interest receivable and other assets (1,754) (651)
Deferred tax expense/(benefit) (97) (9,322)
Increase in accrued interest payable and other liabilities 2,793 9,094
Net cash provided by operating activities 16,766 18,725
Investing activities    
Proceeds from maturities/calls of investment securities - AFS 5,320 12,153
Proceeds from maturities/calls of investment securities - HTM 24,537 13,254
Proceeds from sales of investment securities - AFS   1,023
Purchases of investment securities - AFS   (17,652)
Purchases of investment securities - HTM (3,988) (55,686)
Proceeds from sales of other real estate owned 172  
Proceeds from disposal of fixed assets   37
Net (increase)/decrease in restricted stock (4,224) 2
Net increase in loans (101,320) (124,963)
Purchases of premises and equipment (346) (2,803)
Net cash used in by investing activities (79,849) (174,635)
Financing activities    
Net increase in deposits 4,336 41,744
Issuance of common stock 218 162
Cash dividends on common stock (3,878) (2,987)
Net(decrease)/increase in short-term borrowings (11,235) 32,027
Proceeds from long-term borrowings 80,000  
Stock repurchase (21)  
Net cash used in by investing activities 69,420 70,946
Increase/(decrease) in cash and cash equivalents 6,337 (84,964)
Cash and cash equivalents at beginning of the year 74,315 115,720
Cash and cash equivalents at end of period 80,652 30,756
Supplemental information    
Interest paid 16,406 2,655
Taxes paid 4,821 5,248
Non-cash investing activities:    
Transfers from loans to other real estate owned $ 226 256
Transfers from securities available for sale to held to maturity   $ 139,036