XML 18 R8.htm IDEA: XBRL DOCUMENT v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows From Operating Activities    
Net income $ 2,977 $ 2,482
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 408 459
Credit Loss Expense (Benefit) 74 0
Deferred income tax provision 32 11
Net amortization of premiums on investment securities 128 160
Equity in losses of limited partnerships 331 256
Stock based compensation expense 113 103
Net increase in unamortized loan costs (22) (302)
Proceeds from sales of loans held for sale 11,946 16,430
Origination of loans held for sale (13,423) (4,936)
Net gains on sales of loans held for sale (194) (14)
Net gains on disposals of premises and equipment (1) 0
Net gains on sales of investment securities available-for-sale 0 (26)
Net gains on other investments (46) (82)
Increase in accrued interest receivable (15) (49)
Amortization of debt issuance costs 8 8
Increase in other assets (264) (436)
Increase in other liabilities 32 704
Net cash provided by operating activities 2,084 14,768
Interest bearing deposits in banks    
Proceeds from maturities and redemptions 996 1,992
Purchases (996) (2,988)
Investment securities available-for-sale    
Proceeds from sales 0 6,827
Proceeds from maturities, calls and paydowns 4,062 7,304
Purchases (24,923) (38,691)
Net purchases of other investments (40) (59)
Net decrease in nonmarketable stock 135 276
Net increase in loans (14,252) (40,558)
Recoveries of loans charged off 0 1
Net purchases of premises and equipment (200) (164)
Investments in limited partnerships (460) (1,355)
Proceeds from sales of premises and equipment 16 0
Net cash used in investing activities (35,662) (67,415)
Cash Flows From Financing Activities    
Advances on long-term borrowings 106 0
Net decrease in short-term borrowings outstanding (5,000) 0
Net (decrease) increase in noninterest bearing deposits (23,657) 38,189
Net (decrease) increase in interest bearing deposits (53,321) 3,385
Net increase (decrease) in time deposits 101,044 (2,412)
Purchase of treasury stock (60) (75)
Dividends paid (1,600) (1,560)
Net cash provided by financing activities 17,512 37,527
Net decrease in cash and cash equivalents (16,066) (15,120)
Cash and cash equivalents    
Beginning of period 37,885 65,922
End of period 21,819 50,802
Supplemental Disclosures of Cash Flow Information    
Interest paid 3,028 911
Supplemental Schedule of Noncash Investing Activities    
Investment in limited partnerships acquired by capital contributions payable 0 3,494
Dividends paid on Common Stock:    
Dividends declared 1,623 1,573
Dividends reinvested (23) (13)
Dividends paid $ 1,600 $ 1,560