XML 20 R9.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Statement of Cash Flows [Abstract]    
Net income $ 10,745 $ 12,673
Adjustments to reconcile net income to net cash used in operating activities:    
Loss on sale of investment securities 57 58
Net amortization of investment premiums and discounts and change in fair value of equity securities 2,873 1,225
Depreciation and amortization (accretion), net 276 289
Provision for credit losses 7,828 2,186
Amortization of issuance costs on subordinated debt 92 56
Stock based compensation 319 515
Net change in fair value of derivative instruments (176) (217)
Net change in fair value of loans held for sale (138) 88
Net change in fair value of loans held for investment (766) 673
Amortization and net impairment of servicing rights 994 1,618
SBA loan income (2,315) (3,463)
Proceeds from sale of loans 594,669 515,573
Loans originated for sale (594,399) (504,880)
Mortgage banking income (15,528) (13,143)
Increase in accrued interest receivable (687) (1,621)
Increase in other assets (438) (4,874)
Earnings from investment in bank owned life insurance (644) (585)
Decrease in deferred income tax 66 170
(Decrease) increase in accrued interest payable (3,307) 5,425
Increase (decrease) in other liabilities 10,780 (778)
Net cash provided by operating activities 10,301 10,988
Activity in available-for-sale securities:    
Maturities, repayments and calls 12,436 7,301
Sales 16,004 13,514
Purchases (61,024) (12,949)
Activity in held-to-maturity securities:    
Maturities, repayments and calls 1,720 1,020
Increase in restricted stock (470) (1,378)
Net increase in loans (124,753) (149,462)
Purchases of premises and equipment (222) (1,080)
Net cash used in investing activities (156,309) (143,034)
Cash flows from financing activities:    
Net increase in deposits 155,465 96,166
(Decrease) increase in short-term borrowings (40,609) 37,201
Increase in long-term debt 10,594 18,676
Repayment of subordinated debt 0 (54)
Proceeds from issuance of subordinated debt 0 9,740
Issuance costs on subordinated debt 0 (9)
Net purchase of treasury stock 0 (4,258)
Dividends paid (4,196) (4,217)
Share based awards and exercises 404 169
Net cash provided by financing activities 121,658 153,414
Net change in cash and cash equivalents (24,350) 21,368
Cash and cash equivalents at beginning of period 56,697 38,391
Cash and cash equivalents at end of period 32,347 59,759
Cash paid during the period for:    
Interest 67,609 42,818
Income taxes 1,222 1,839
Transfers from loans held for sale to loans held for investment 0 351
Net loans sold, not settled 8,162 12,820
Investment security purchases, not settled $ (7,380) $ 0