XML 23 R9.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 14,756 $ 13,313
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization of premises, equipment and software 921 960
Deferred income tax expense (benefit) 293 (135)
Provision for (recovery of) credit losses 198 (895)
Gain on sale of loans, net (161) (331)
Security amortization, net of accretion 828 1,066
Secondary market loan sale proceeds 4,891 10,100
Originations of secondary market loans held-for-sale (4,725) (9,034)
Earnings on bank-owned life insurance (702) (674)
Effects of changes in operating assets and liabilities:    
Net deferred loan fees (costs) 138 (106)
Accrued interest receivable (350) (874)
Accrued interest payable 253 61
Other assets and liabilities (715) 940
Net cash provided by operating activities 15,625 14,391
Securities:    
Proceeds from repayments, available-for-sale 17,102 15,917
Proceeds from repayments, held-to-maturity 20,993 21,827
Purchases, available-for-sale (4,457) (48,885)
Purchases, held-to-maturity   (94,541)
Purchases, equity securities   (131)
Redemption of restricted stock 1,895 1,184
Loan (originations) and payments, net (74,242) (78,450)
Purchases of premises and equipment (424) (366)
Purchases of software (2) (13)
Sale of property 9  
Net cash used in investing activities (39,126) (183,458)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in deposits 4,010 20,670
Net change in short-term borrowings 3,293 (3,980)
Repayment of other borrowings (707) (946)
Cash dividends paid (4,013) (3,526)
Purchase of treasury stock (1,425) (388)
Net cash provided by financing activities 1,158 11,830
NET DECREASE IN CASH AND CASH EQUIVALENTS (22,343) (157,237)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 86,420 243,657
CASH AND CASH EQUIVALENTS AT END OF YEAR 64,077 86,420
Cash paid during the year for:    
Interest 9,622 2,435
Income taxes $ 4,165 $ 2,710