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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 10,768 $ 10,287
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for credit losses 2,736 530
Depreciation and amortization 1,660 1,733
Stock-based compensation expense 522 478
Income on bank-owned life insurance, net (307) (295)
Net gains on sales of debt securities 0 (1,062)
Mortgage loans originated for sale (1,188) (819)
Proceeds from mortgage loans sold 840 841
Net gains on sales of loans (14) (22)
Net loss on equity securities 16 67
Changes in:    
Net increase in other assets (3,597) (6,124)
Net decrease in other liabilities (5,762) (8,879)
Net cash provided by (used in) operating activities 5,674 (3,265)
Cash flows from investing activities:    
Proceeds from sales of debt securities 0 32,715
Purchase of debt securities 0 (66,833)
Proceeds from maturities, calls and pay-downs of debt securities 16,433 26,067
Net purchases of equity securities (1,122) (1,243)
Net purchases of FHLB capital stock 0 116
Net increase in loans (49,594) (42,142)
Additions to premises and equipment, net (944) (1,719)
Net cash used in investing activities (35,227) (53,039)
Cash flows from financing activities:    
Net (decrease) increase in deposits (19,650) 54,261
Net decrease in borrowed funds (17) (2,505)
Cash dividends paid, net of dividend reinvestment plan (2,424) (2,123)
Proceeds from issuance of common stock 7 10
Net settlement for employee taxes on restricted stock and options (348) (286)
Net proceeds from stock option exercises 89 58
Net cash (used in) provided by financing activities (22,343) 49,415
Net decrease in cash and cash equivalents (51,896) (6,889)
Cash and cash equivalents at beginning of period 267,589 436,576
Cash and cash equivalents at end of period $ 215,693 $ 429,687