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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Income $ 16,405 $ 22,093
Adjustments to reconcile net income to net cash provided by operating activities:    
(Release of) Provision for credit losses (568) 600
Depreciation 1,043 1,109
Amortization of intangible assets 66 78
Deferred income taxes (33) 417
Net amortization of securities premiums and discounts 694 1,038
Net realized loss on sales of securities 209  
Earnings and proceeds on life insurance policies (770) (892)
Gain on sales and write-downs of fixed assets and foreclosed real estate owned, net 163 (379)
Net amortization of loan fees 428 (281)
Net gain on sale of loans (27) (1)
Mortgage loans originated for sale 3,337 (435)
Proceeds from sale of loans originated for sale (3,310) 437
Compensation expense related to stock options 287 201
Compensation expense related to restricted stock 326 272
Increase in accrued interest receivable (842) (414)
Increase in accrued interest payable 5,952 222
Other, net (251) 319
Net cash provided by operating activities 23,109 24,384
Securities available for sale:    
Proceeds from sales 3,345  
Proceeds from maturities and principal reductions on mortgage-backed securities 24,523 32,945
Purchases   (130,828)
Purchase of regulatory stock (15,242) (1,019)
Redemption of regulatory stock 11,817 2,726
Net increase in loans (140,442) (76,553)
Proceeds of bank-owned life insurance 437 761
Purchase of bank-owned life insurance (2,500) (3,000)
Purchase of premises and equipment (496) (1,295)
Proceeds from sales of foreclosed real estate owned 305 1,823
Proceeds from sales of bank premises and fixed assets 1  
Net cash used in investing activities (118,252) (174,440)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 19,097 12,003
Net increase in short-term borrowings 10,666 10,932
Repayments of other borrowings (57,553) (29,998)
Proceeds from other borrowings 155,000  
Stock options exercised 367 399
Purchase of treasury stock (3,077) (2,204)
Cash dividends paid (7,077) (6,880)
Net cash provided by (used in) financing activities 117,423 (15,748)
Increase (decrease) in cash and cash equivalents 22,280 (165,804)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 31,866 206,681
CASH AND CASH EQUIVALENTS, END OF PERIOD 54,146 40,877
Cash payments for:    
Interest on deposits and borrowings 16,729 3,885
Income taxes paid, net of refunds 4,777 5,372
Supplemental Schedule of Noncash Investing Activities:    
Transfers of loans to foreclosed real estate and repossession of other assets 1,451 161
Dividends payable $ 2,340 $ 2,281