XML 17 R7.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 7,040 $ 7,522
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, amortization and accretion 1,188 1,402
Provision for credit losses on loans 180 525
Provision (credit) for loan losses 225 (11)
Deferred income tax expense (benefit) (71) 439
Stock-based compensation expense 445 306
Proceeds from sale of loans held-for-sale 11,105 30,239
Originations of loans held-for-sale (9,795) (18,048)
Earnings from bank-owned life insurance (321) (319)
Gain from bank-owned life insurance claim (142) 0
Net gain from sales of loans (164) (712)
Net loss from sales of investment securities 1 0
Net gain from sale and write-down of foreclosed assets held-for-sale 0 (44)
Net loss from write-down and disposal of bank premises and equipment 2 157
Operating lease payments 22 31
Change in:    
Accrued interest receivable (179) 101
Other assets (895) (1,501)
Accrued interest payable and other liabilities (1,589) (1,842)
Net cash provided by operating activities 7,052 18,245
Cash flows from investing activities:    
Proceeds from sales 31,208 0
Proceeds from maturities, calls and principal pay-downs 7,142 10,057
Purchases 0 (37,930)
Increase in restricted investments in bank stock (700) (24)
Net increase in loans and leases (63,082) (27,254)
Principal portion of lease payments received under direct finance leases 1,407 1,494
Purchases of bank premises and equipment (718) (3,242)
Proceeds from death benefits received on bank-owned life insurance 931 0
Proceeds from sale of bank premises and equipment 22 0
Proceeds from sale of foreclosed assets held-for-sale 0 764
Net cash used in investing activities (23,790) (56,135)
Cash flows from financing activities:    
Net (decrease) increase in deposits (23,812) 40,149
Net increase (decrease) in other borrowings 75,991 (36)
Repayment of finance lease obligation (59) (59)
Proceeds from employee stock purchase plan participants 302 252
Repurchase of shares to cover withholdings (68) 0
Dividends paid (1,669) (1,890)
Net cash provided by financing activities 50,685 38,416
Net increase in cash and cash equivalents 33,947 526
Cash and cash equivalents, beginning 29,091 96,877
Cash and cash equivalents, ending 63,038 97,403
Supplemental Disclosures of Cash Flow Information    
Interest 5,075 928
Income tax 0 0
Supplemental Disclosures of Non-cash Investing Activities:    
Net change in unrealized gains (losses) on available-for-sale securities 9,825 (54,020)
Cumulative-effect adjustment for adoption of ASU 2016-13 (1,326) 0
Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity 572 0
Transfers from loans to foreclosed assets held-for-sale (82)  
Transfers to loans from foreclosed assets held-for-sale   437
Transfers from/(to) loans to/(from) loans held-for-sale, net (205) (12,798)
Transfers from premises and equipment to other assets held-for-sale 0 633
Right-of-use asset 0 50
Lease liability $ 0 $ 50