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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income $ 6,628 $ 6,247
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,617 1,631
Amortization of right of use lease assets 403 333
Accretion related to acquisition, net 33 33
Amortization of subordinated debt issuance costs 98 98
Provision for credit losses 623 1,242
Loss on sale of securities, net 0 134
Net amortization of securities 425 564
Decrease in loans held for sale, net 470 129
Net gain on disposal of premises and equipment 0 (200)
Net loss on write-down/sale of repossessed assets 61 69
Income from bank owned life insurance (820) (776)
Stock compensation expense 335 419
Increase (decrease) in other assets 930 (2,635)
Increase in accrued expenses and other liabilities 505 704
Net cash provided by operating activities 11,308 7,992
Investing activities:    
Purchases of available-for-sale securities (2,100) (11,733)
Proceeds from redemption (cash used in purchases) of restricted securities, net 1,331 (681)
Proceeds from maturities and paydowns of available-for-sale securities 1,170 200
Proceeds from sales of available-for-sale securities 0 19,821
Paydowns on available-for-sale securities 14,220 11,308
Net decrease (increase) in loans held for investment 51,937 (56,267)
Purchases of premises and equipment (2,115) (885)
Proceeds from sale of premises and equipment 0 839
Net cash provided by (used in) investing activities 64,443 (37,398)
Financing activities:    
Increase (decrease) in noninterest-bearing deposits 21,126 (70,266)
Increase in savings deposits 10,154 35,272
Increase in time deposits 21,109 116,583
Decrease in federal funds purchased, repurchase agreements and other borrowings, net (606) (15,042)
Increase in Federal Home Loan Bank advances 104,336 347,850
Repayment of Federal Home Loan Bank advances (133,786) (324,500)
Proceeds from Employee Stock Purchase Plan issuance 92 101
Cash dividends paid on common stock (2,127) (2,111)
Net cash provided by financing activities 20,298 87,887
Net increase in cash and cash equivalents 96,049 58,481
Cash and cash equivalents at beginning of period 80,806 21,066
Cash and cash equivalents at end of period 176,855 79,547
Cash payments for:    
Interest 17,941 11,399
Income tax 200 2,101
Supplemental schedule of noncash transactions    
Unrealized gain (loss) on securities available-for-sale 5,324 (3,636)
Loans transferred to repossessed assets 1,547 0
Impact of adoption of new accounting pronouncements $ 455 $ 991