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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income $ 29,518 $ 38,990 $ 36,269
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 2,107 1,984 2,039
Change in deferred taxes (1,360) (127) 999
Provision for (reduction in) credit losses 1,184 1,750 (375)
Loans originated for resale (3,916) (21,554) (106,393)
Proceeds from sales and transfers of loans 4,283 22,520 114,491
Net gain on sales of loans (92) (406) (3,078)
Net gain on sale or call of securities 0 (7) (23)
Net amortization of investment premiums 111 914 2,351
Net (gain) loss on sale of other real estate owned (42) 1 (91)
Equity compensation expense 820 809 856
Net (increase) decrease in other assets and accrued interest (680) (21,443) 18,604
Net increase (decrease) in other liabilities 4,624 17,423 (9,332)
Net loss (gain) on disposal of premises and equipment 33 (15) (2)
Amortization of investments in limited partnerships 303 305 309
Net acquisition amortization 26 69 69
Net cash provided by operating activities 36,919 41,213 56,693
Cash flows from investing activities      
Decrease (increase) in interest-bearing deposits in other banks 205 62,985 (10,527)
Proceeds from sales of securities available for sale 0 1,301 19,240
Proceeds from maturities, payments, calls of securities available for sale 97,524 42,005 104,424
Proceeds from maturities, payments, calls and sales of securities held to maturity 8,149 16,544 80,217
Proceeds from sales of other real estate owned 106 50 999
Purchases of securities available for sale (88,581) (62,336) (141,222)
Purchases of securities to be held to maturity 0 (40,621) (85,061)
Redemption of restricted equity securities 498 1,482 5,180
Net increase in loans (215,077) (267,624) (171,245)
Capital expenditures (2,635) (1,404) (3,757)
Proceeds from sale of premises and equipment 3 38 3
Net cash used in investing activities (199,808) (247,580) (201,749)
Cash flows from financing activities      
Net increase (decrease) in demand, savings, and money market accounts 18,209 (45,886) 318,066
Net increase (decrease) in certificates of deposit 202,576 301,466 (39,380)
Repayment on long-term borrowings (84) (55,007) (7)
Net increase (decrease) in short-term borrowings (33,747) 22,148 (125,689)
Payment to repurchase common stock (250) (277) (253)
Proceeds from sale of common stock 817 796 689
Dividends paid (15,418) (14,779) (13,948)
Net cash provided by financing activities 172,103 208,461 139,478
Net increase (decrease) in cash and cash equivalents 9,214 2,094 (5,578)
Cash and cash equivalents at beginning of year 22,728 20,634 26,212
Cash and cash equivalents at end of year 31,942 22,728 20,634
Interest paid 62,228 16,068 11,141
Income taxes paid 5,621 8,010 6,548
Non-cash transactions:      
Net transfer from loans to other real estate owned 0 0 0
Change in net unrealized gain (loss) on available for sale securities, net of tax $ 5,143 $ (43,000) $ (6,727)