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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 4,345 $ 6,097
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 186 265
Depreciation and amortization 409 305
Stock-based compensation expense 203 164
Amortization of premiums and accretion of discount on securities 6 11
Accretion of net deferred loan fees and costs (37) (534)
Increase in cash surrender value of bank-owned life insurance (380) (290)
Deferred income tax 98 (793)
Amortization of core deposit intangible 121 136
Increase (decrease) in accrued interest receivable and other assets (152) 2,052
Increase (decrease) in accrued interest payable and other liabilities 28 (227)
NET CASH PROVIDED BY OPERATING ACTIVITIES 4,827 7,186
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of available-for-sale securities (28,898) (345)
Principal repayments and maturities on securities available-for-sale 1,254 1,144
Maturities, calls and principal repayments of securities held-to-maturity 26 2
Net increase in loans (22,859) (18,840)
Purchases of premises and equipment (71) (245)
Redemption (purchases) of restricted bank stock 12 (1,553)
NET CASH USED IN INVESTMENT ACTIVITIES (50,536) (19,837)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase (decrease) in deposits 69,879 (55,630)
Proceeds from overnight borrowings 0 34,500
Cash dividends (1,899) (1,876)
Dividend reinvestment program 33 33
Share Redemption for Tax Witholding on Restricted Stock Vesting (249) 0
Purchase of treasury stock (579) 0
Proceeds from exercise of stock options 34 297
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 67,219 (22,676)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 21,510 (35,327)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 150,557 53,351
CASH AND CASH EQUIVALENTS, END OF PERIOD 172,067 18,024
SUPPLEMENTARY CASH FLOWS INFORMATION:    
Interest paid 9,949 2,818
Income taxes paid 724 653
Increase in ROU leases 1,808 9,799
Reclass of paid-in capital related to holding company formation 0 15,095
Reclass of treasury stock related to holding company formation 0 19,452
Reclass of common stock related to holding company formation $ 0 $ (34,547)