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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 18,940,000 $ 24,983,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Reversal of provision for credit losses (1,620,000) (160,000)
Decrease in deferred fees/costs, net 23,000 37,000
Depreciation 984,000 1,003,000
Amortization of investment securities, net 606,000 858,000
Unrealized (gain) loss on equity securities (60,000) 141,000
Amortization of operating lease right-of-use asset (170,000) (173,000)
Stock based compensation 647,000 402,000
Gain on sales and calls of available-for-sale securities (114,000) (156,000)
Earnings on cash surrender value of life insurance (764,000) (578,000)
Decrease (increase) in deferred tax asset 1,519,000 (5,901,000)
Increase in interest payable and other liabilities 2,696,000 6,179,000
Decrease in interest receivable 301,000 299,000
Increase in other assets (1,607,000) (2,397,000)
Net cash provided by operating activities 21,381,000 24,537,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of available-for-sale securities (63,683,000) (40,660,000)
Purchases of equity securities (83,000) (74,000)
Proceeds from the sale of available-for-sale securities 28,258,000 43,791,000
Proceeds from maturities, calls, and principal paydowns of available-for-sale-securities 40,818,000 19,614,000
Investment in LIHTC (2,618,000) 0
Net increase in loans (56,356,000) (55,401,000)
Purchase of FHLB Stock (329,000) (720,000)
Purchase of BOLI policies (5,000,000) (500,000)
Purchases of premises and equipment (911,000) (1,641,000)
Net cash used in investing activities (59,904,000) (35,591,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Shareholder cash dividends paid (3,747,000) (2,646,000)
Net increase (decrease) in demand deposits and savings accounts 9,140,000 (153,910,000)
Net increase in time deposits 30,627,000 6,161,000
Tax withholding payments on vested restricted shares surrendered (158,000) (211,000)
Net cash provided by (used in) in financing activities 35,862,000 (150,606,000)
NET DECREASE IN CASH AND CASH EQUIVALENTS (2,661,000) (161,660,000)
CASH AND CASH EQUIVALENTS, beginning of period 216,568,000 429,633,000
CASH AND CASH EQUIVALENTS, end of period 213,907,000 267,973,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 9,134,000 2,557,000
Operating leases 1,121,000 1,142,000
Income taxes 3,835,000 0
NON-CASH INVESTING ACTIVITIES:    
Change in unrealized gain (loss) on securities 5,138,000 (19,066,000)
Right-of-use asset obtained in exchange for new operating lease liability $ (1,113,000) $ (390,000)