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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES    
Net income $ 12,171,000 $ 13,796,000
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] 96,000 (223,000)
Depreciation and amortization of premises and equipment, net 968,000 1,075,000
Software amortization expense 115,000 242,000
Financing lease amortization expense 114,000 235,000
Amortization of premium and discount on investment securities, net 470,000 351,000
Accretion of deferred loan fees, net (1,678,000) (3,750,000)
Amortization of core deposit intangibles 232,000 241,000
Stock-based compensation income, net 113,000 (21,000)
Origination of loans held for sale (1,341,000) (30,309,000)
Proceeds from sale of loans 1,636,000 31,633,000
Gain on sale of loans (28,000) (1,122,000)
Earnings on bank-owned life insurance [1] (322,000) (440,000)
Deferred income tax 48,000 281,000
Loss on other real estate owned 0 28,000
Other real estate owned writedowns 200,000 0
(Increase) decrease in accrued interest receivable (143,000) 818,000
Increase (decrease) in accrued interest payable 94,000 (275,000)
Other, net (271,000) (2,177,000)
Net cash provided by operating activities 12,474,000 11,283,000
INVESTING ACTIVITIES    
Proceeds from repayments and maturities 3,576,000 9,528,000
Purchases (32,290,000) (59,429,000)
(Increase) decrease in loans, net (10,852,000) 97,365,000
Proceeds from the sale of other real estate owned 0 332,000
Proceeds from bank-owned life insurance 0 424,000
Net purchase of premises and equipment (636,000) (417,000)
Purchase of restricted stock (1,448,000) 0
Redemption of restricted stock 1,183,000 658,000
Net cash (used in) provided by investing activities (40,467,000) 48,461,000
FINANCING ACTIVITIES    
Net decrease in deposits (36,123,000) (24,643,000)
Increase in short-term borrowings, net 80,000,000 0
Repayment of other borrowings (183,000) (4,139,000)
Stock options exercised 0 94,000
Repurchase of treasury shares (3,642,000) (8,124,000)
Cash dividends (2,976,000) (2,998,000)
Net cash provided (used in) by financing activities 37,076,000 (39,810,000)
Increase in cash and cash equivalents 9,083,000 19,934,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 119,494,000 112,417,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 128,577,000 132,351,000
SUPPLEMENTAL INFORMATION    
Interest on deposits and borrowings 2,459,000 3,520,000
Income taxes 2,727,000 4,328,000
Transfers from loans held for sale to loans held for investment 784,000 63,000
Transfers from loans to other real estate owned 0 0
Decrease (increase) in finance lease assets included in premises and equipment 611,000 (67,000)
(Decrease) increase in finance lease liabilities included in other borrowings $ (611,000) $ 67,000
[1] Not within scope of ASC 606