v3.25.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities    
Net income $ 6,461,000 $ 5,059,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 890,000 801,000
Provision for credit losses 404,000 28,000
Net loss on calls and sales of debt and equity securities   719,000
Net unrealized gain on equity securities   (986,000)
Net gain on sale of loans (22,000) (13,000)
Proceeds from sales of residential mortgages held-for-sale 668,000 801,000
Origination of residential mortgages held-for-sale (2,005,000) (1,025,000)
Increase in cash surrender value of bank-owned life insurance (168,000) (172,000)
Stock-based compensation expense 164,000 87,000
Deferred income tax expense (benefit) 32,000 73,000
Net increase (decrease) in income taxes payable 199,000 (8,000)
Net increase in accrued interest receivable (37,000) (310,000)
Fair value remeasurements on interest rate swap (70,000) 22,000
Amortization of mortgage servicing rights and change in valuation allowance 21,000 23,000
Net amortization of premiums and discounts on investment securities 520,000 729,000
Net amortization of deferred costs on subordinated debt 100,000  
Net decrease in accrued interest payable (1,329,000) (806,000)
Operating lease payments (323,000) (315,000)
Decrease in other assets 456,000 296,000
(Decrease) increase in other liabilities (1,217,000) 649,000
Net cash provided by operating activities 4,744,000 5,652,000
Investing Activities    
Proceeds from payments, maturities and calls of investments available-for-sale 49,226,000 25,635,000
Proceeds from the sale of investments available-for-sale 0 13,139,000
Proceeds from the sale of equity securities 0 1,210,000
Purchases of investments available-for-sale (40,452,000) (7,434,000)
Purchases of equity securities   (1,170,000)
Proceeds from redemption of investment in restricted stock 3,270,000 16,000
Purchases of restricted stock (3,606,000) (400,000)
Net increase in loans (1,615,000) (68,810,000)
Net purchases of premises and equipment (413,000) (841,000)
Redemption of Bank Owned Life Insurance investment   341,000
Net cash provided by (used in) investing activities 6,410,000 (38,314,000)
Financing Activities    
Net increase in non-interest bearing deposits 17,961,000 5,235,000
Net increase in interest-bearing deposits 5,165,000 78,891,000
Net decrease in short-term borrowings 13,620,000 (45,028,000)
Proceeds from long-term debt   10,000,000
Repayment of long-term debt (30,000,000)  
Cash dividends paid, net of reinvestment (2,489,000) (2,396,000)
Proceeds from issuance of common stock 347,000 212,000
Net cash provided by financing activities 4,604,000 46,914,000
Increase in cash and cash equivalents 15,758,000 14,252,000
Cash and cash equivalents at beginning of year 50,713,000 62,657,000
Cash and cash equivalents at end of period 66,471,000 76,909,000
Supplemental Cash Flow Disclosures    
Interest paid 22,448,000 19,960,000
Net income taxes paid $ 1,400,000 1,141,000
Non-cash transactions:    
Unsettled trades for matured securities   500,000
Right-of-use assets obtained in exchange for new operating lease liabilities   $ 457,000