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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES    
Net income $ 4,935 $ 8,224
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation on premises and equipment 370 412
Core deposit intangible amortization 65 91
Amortization of (discounts) premiums of debt securities (127) 145
Gain on sale of loans (415) (808)
Loans originated for sale (1,777) (1,469)
Proceeds from sales of and principal collected on loans held for sale 6,778 10,802
(Reversal of) provision for credit losses (331) 202
Deferred income tax expense 1,638 1,294
Stock-based compensation 895 1,686
Increase in cash surrender value of bank owned life insurance (261) (223)
Accretion of net discounts and deferred loan fees (603) (532)
Net decrease in other items (3,114) (1,552)
Net cash provided by operating activities 8,053 18,272
INVESTING ACTIVITIES    
Proceeds from maturities and paydowns of debt securities available for sale 2,941 1,683
Purchases of debt securities available for sale (2,041) (11,644)
Net change in stock investments 96 (580)
Net repayment (funding) of loans 61,609 4,043
Proceeds from sale of loans held for investment 0 50
Purchases of premises and equipment (89) (79)
Net cash provided by (used in) investing activities 62,516 (6,527)
FINANCING ACTIVITIES    
Net (decrease) increase in deposits (13,017) 53,941
Repayment of Federal Home Loan Bank advances (58,000) (50,000)
Proceeds from exercise of stock options 706 67
Repurchase of common shares (509) (374)
Net cash (used in) provided by financing activities (70,820) 3,634
Net change in cash and cash equivalents (251) 15,379
Cash and cash equivalents at beginning of period 86,793 86,760
Cash and cash equivalents at end of period 86,542 102,139
Supplemental Disclosures of Cash Flow Information:    
Interest paid 9,593 4,017
Taxes paid 0 0
Lease liability arising from obtaining right-of-use assets 0 405
Loans transferred to other real estate owned 13,004 0
Net impact of adoption of ASU 2016-13 on retained earnings $ 0 $ 3,851