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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
OPERATING ACTIVITIES    
Net income $ 7,922,000 $ 8,592,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 0 900,000
Loss (gain) on equity securities [1] 39,000 (121,000)
Depreciation and amortization of premises and equipment, net 651,000 723,000
Software amortization expense 88,000 154,000
Financing lease amortization expense 70,000 157,000
Amortization of premium and discount on investment securities, net 321,000 221,000
Accretion of deferred loan fees, net (1,551,000) (2,327,000)
Amortization of core deposit intangibles 154,000 160,000
Stock-based compensation income, net (44,000) (21,000)
Origination of loans held for sale (1,118,000) (21,476,000)
Proceeds from sale of loans 1,406,000 22,377,000
Gain on sale of loans (21,000) (813,000)
Earnings on bank-owned life insurance [1] (214,000) (332,000)
Deferred income tax (310,000) 162,000
Loss (gain) on other real estate owned 0 28,000
Other real estate owned writedowns 200,000 0
Decrease (increase) in accrued interest receivable 163,000 844,000
Decrease in accrued interest payable (11,000) (236,000)
Other, net (1,264,000) (2,519,000)
Net cash provided by operating activities 6,481,000 6,473,000
INVESTING ACTIVITIES    
Proceeds from repayments and maturities 3,310,000 8,436,000
Purchases (32,040,000) (45,642,000)
Decrease in loans, net 6,237,000 49,895,000
Proceeds from the sale of other real estate owned 0 332,000
Proceeds from bank-owned life insurance 0 424,000
Purchase of premises and equipment (340,000) (160,000)
Redemption of restricted stock 0 401,000
Net cash (used in) provided by investing activities (22,833,000) 13,686,000
FINANCING ACTIVITIES    
Net decrease in deposits (19,444,000) (29,915,000)
Repayment of other borrowings (130,000) (4,074,000)
Stock options exercised 0 94,000
Repurchase of treasury shares (2,422,000) (4,192,000)
Cash dividends (1,993,000) (2,020,000)
Net cash used in by financing activities (23,989,000) (40,107,000)
Decrease in cash and cash equivalents (40,341,000) (19,948,000)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 119,494,000 112,417,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 79,153,000 92,469,000
SUPPLEMENTAL INFORMATION    
Interest on deposits and borrowings 1,596,000 2,529,000
Income taxes 1,852,000 2,854,000
Transfers from loans held for sale to loans held for investment 784,000
Transfers from loans to other real estate owned 0 63,000
Finance lease assets added to premises and equipment (139,000) (67,000)
Finance lease liabilities added to other borrowings funds $ 139,000 $ 67,000
[1] Not within scope of ASC 606