XML 18 R9.htm IDEA: XBRL DOCUMENT v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows from Operating Activities    
Net income $ 6,304 $ 7,674
Adjustment to reconcile net income to net cash provided by operating activities:    
Depreciation 117 153
Right of use asset amortization 334 346
Provision for (recovery of) credit losses (774)  
Share-based compensation expense 197 139
Net (accretion)/amortization of securities (82) 125
Fair value adjustment on equity securities (89) 117
Amortization of debt issuance costs 21 117
Net losses on premises and equipment 1 1
Losses on available-for-sale securities 202  
Deferred tax expense 221 580
Net increase in cash surrender value of life insurance (100) (95)
Changes in assets and liabilities:    
Decrease in accrued interest receivable 60 589
Decrease in other assets 1,181 409
Decrease in accrued interest payable (63) (366)
Decrease in other liabilities (1,519) (172)
Net cash provided by operating activities 6,011 9,617
Cash Flows from Investing Activities    
Net decrease in loans 18,236 35,208
Purchase of available-for-sale securities   (87,151)
Purchase of held-to-maturity securities   (1,003)
Proceeds from sale of available-for-sale securities 11,511 0
Proceeds from maturities, calls and principal repayments of available-for-sale securities 10,272 14,968
Proceeds from maturities, calls and principal repayments of held-to-maturity securities 856 2,261
Net increase of restricted securities (104) (137)
Net purchases of equity securities (386) (572)
Proceeds from sale of premises and equipment 50  
Purchases of bank premises and equipment (400) (66)
Net cash provided by (used in) investing activities 40,035 (36,492)
Cash Flows from Financing Activities    
Net increase in deposits 20,902 101,546
Repayment of federal funds purchased (25,500)  
Issuance of common stock for share options exercised 312 1,891
Net cash (used in) provided by financing activities (4,286) 103,437
Net increase in cash and cash equivalents 41,760 76,562
Cash and cash equivalents, beginning of period 61,599 105,799
Cash and cash equivalents, end of period 103,359 182,361
Supplemental Disclosures of Cash Flow Information    
Interest 9,027 2,078
Supplemental Disclosures of Noncash Transactions    
Unrealized gain (loss) on securities available-for-sale 4,469 $ (13,276)
Right of use asset obtained in exchange for new operating lease liability $ 490