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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 8,612 $ 8,789
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 2,140 938
Depreciation 1,952 1,700
Stock based compensation 433 354
Gain on sales of other real estate owned (126) (36)
Write-downs of other real estate owned, net   (69)
Originations of loans held for sale (4,100) (1,337)
Proceeds from sales of loans held for sale 4,237 977
Gains from sales of loans held for sale (141) (140)
Net accretion of investment securities discounts and premiums- AFS (48) (25)
Net accretion of investment securities discounts and premiums- HTM (317) (405)
Amortization of intangible assets 165 165
Earnings on bank owned life insurance (660) (616)
Amortization of deferred loan (fees)/costs, net (86) 27
Amortization of operating lease right of use asset 137 164
Decrease/(increase) in accrued interest receivable and other assets 1,326 (4,259)
Deferred tax (benefit)/expense (81) 1,038
Operating lease liability (144) (186)
(Decrease)/increase in accrued interest payable and other liabilities (2,548) 967
Net cash provided by operating activities 10,751 8,046
Investing activities    
Proceeds from maturities/calls of investment securities - AFS 2,186 3,358
Proceeds from maturities/calls of investment securities - HTM 40,417 5,305
Proceeds from sales of other real estate owned 1,710 172
Net decrease/(increase) in restricted stock 1,855 (3,463)
Net increase in loans (18,094) (71,239)
Purchases of premises and equipment (181) (284)
Net cash provided by/(used in) by investing activities 27,893 (66,151)
Financing activities    
Net (decrease)/increase in deposits (13,906) 9,226
Issuance of common stock 144 138
Cash dividends paid on common stock (2,657) (2,536)
Net increase/(decrease) in short-term borrowings 17,146 (14,487)
Stock repurchase (4,032)  
Proceeds from long-term borrowings   80,000
Payments of long-term borrowings (40,000)  
Net cash (used in)/provided by financing activities (43,305) 72,341
(Decrease)/increase in cash and cash equivalents (4,661) 14,236
Cash and cash equivalents at beginning of the year 49,753 74,315
Cash and cash equivalents at end of period 45,092 88,551
Supplemental information    
Interest paid 15,221 8,726
Taxes paid 923 2,550
Non-cash investing activities:    
Transfers from loans to other real estate owned $ 69 $ 176