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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
     Net income $ 12,192 $ 15,365
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 1,088 1,012
Change in deferred taxes 100 (1,503)
Credit loss (reduction) expense (1) 701
Loans originated for resale (819) (1,679)
Proceeds from sales and transfers of loans 851 1,993
Net gain on sales of loans (32) (39)
Net amortization of premiums on investments 286 263
Equity compensation expense 450 398
Net increase in other assets and accrued interest (6,979) (550)
Net decrease in other liabilities (2,511) (226)
Net loss on disposal of premises and equipment 9 1
Amortization of investment in limited partnership 234 152
Net acquisition amortization 13 13
     Net cash provided by operating activities 4,881 15,901
Cash flows from investing activities    
Increase in interest-bearing deposits in other banks (29,645) (285)
Proceeds from maturities, payments and calls of securities available for sale 12,508 10,619
Proceeds from maturities, payments, calls and sales of securities to be held to maturity 9,205 3,441
Purchases of securities available for sale (8,994) (3,496)
Purchases of securities to be held to maturity (1,250) 0
Change in restricted equity securities (3,725) (1,344)
Net increase in loans (118,399) (146,391)
Capital expenditures (385) (586)
     Net cash used by investing activities (140,685) (138,042)
Cash flows from financing activities    
Net decrease in demand, savings, and money market accounts (63,074) (60,973)
Net increase in certificates of deposit 41,492 181,958
Net increase (decrease) in short-term borrowings 90,968 (13,998)
Advances on long-term borrowings 70,000 25,000
Repayment on long-term borrowings 0 (4)
Payment to repurchase common stock (212) (249)
Proceeds from sale of common stock 421 408
Dividends paid (7,917) (7,652)
Net cash provided by financing activities 131,678 124,490
Net (decrease) increase in cash and cash equivalents (4,126) 2,349
Cash and cash equivalents at beginning of period 31,942 22,728
     Cash and cash equivalents at end of period 27,816 25,077
Interest paid 40,905 26,369
Income taxes paid 2,657 3,170
Non-cash transactions    
Change in net unrealized loss on available for sale securities, net of tax 3,794 (937)
Net transfer from loans to other real estate owned $ 208 $ 64