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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
OPERATING ACTIVITIES:    
Net income $ 19,040 $ 19,987
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses, loans 907 885
Provision for credit losses, AFS debt securities 646 0
Net accretion of purchase premiums and discounts on securities (130) (29)
Depreciation and amortization 764 659
PPP deferred fees and costs (9) (73)
Deferred income tax benefit (618) (301)
Net realized security gains (62) (222)
Stock compensation expense 926 840
Gain on sale of mortgage loans, net (586) (707)
Gain on sale of SBA loans held for sale, net (543) (896)
BOLI income (254) (164)
Net change in other assets and liabilities (12,768) (11,309)
Net cash provided by operating activities 7,313 8,670
INVESTING ACTIVITIES    
Purchases of equity securities (2,247) (168)
Purchases of securities available for sale (10,500)  
Proceeds from redemption of FHLB stock, at cost, net 3,478 (2,365)
Maturities and principal payments on securities held to maturity 100 101
Maturities and principal payments on securities available for sale 2,371 2,103
Proceeds from sales of equity securities 221 1,269
Net decrease in SBA PPP loans 593 3,425
Net decrease (increase) in loans 4,135 (63,046)
Purchases of premises and equipment (215) (580)
Net cash used in investing activities (2,064) (59,261)
FINANCING ACTIVITIES    
Net increase in deposits 86,691 62,000
(Repayments of) proceeds from short-term borrowings (96,000) 35,000
Proceeds from long-term borrowings 14,360 5,000
Proceeds from exercise of stock options 769 773
Dividends on common stock (2,509) (2,381)
Purchase of treasury stock, including excise tax accrual (5,918) (13,360)
Net cash (used in) provided by financing activities (2,607) 87,032
Increase in cash and cash equivalents 2,642 36,441
Cash and cash equivalents, beginning of year 194,776 114,793
Cash and cash equivalents, end of period 197,418 151,234
SUPPLEMENTAL DISCLOSURES    
Interest paid 28,926 21,289
Income taxes paid 6,617 3,557
Noncash activities:    
Capitalization of servicing rights $ 152 429
Transfer of loans to OREO   $ 251