v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 10,885,000 $ 11,616,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for credit losses 0 0
Increase (decrease) in deferred fees/costs, net 315,000 (89,000)
Depreciation 659,000 660,000
Amortization of investment securities, net 399,000 369,000
Unrealized (gain) loss on equity securities (64,000) 81,000
Amortization of operating lease right-of-use asset (118,000) (111,000)
Stock based compensation 435,000 446,000
Gain on sales and calls of available-for-sale securities (2,000) (114,000)
Earnings on cash surrender value of life insurance (587,000) (477,000)
Increase in deferred tax asset (2,605,000) (1,839,000)
Decrease in interest payable and other liabilities (7,000) (1,812,000)
(Increase) decrease in interest receivable (89,000) 36,000
Decrease in other assets 4,331,000 3,685,000
Net cash provided by operating activities 13,552,000 12,451,000
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of available-for-sale securities 0 (32,436,000)
Purchases of equity securities (59,000) (55,000)
Proceeds from the sale of available-for-sale securities 0 28,258,000
Proceeds from maturities, calls, and principal paydowns of available-for-sale-securities 13,943,000 23,018,000
Investment in LIHTC (3,242,000) (456,000)
Net increase in loans (3,350,000) (53,232,000)
Purchase of FHLB Stock (776,000) (329,000)
Purchase of BOLI policies 0 (5,000,000)
Purchases of premises and equipment (2,763,000) (728,000)
Net cash provided by (used in) investing activities 3,753,000 (40,960,000)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Shareholder cash dividends paid (2,507,000) (1,866,000)
Net increase (decrease) in demand deposits and savings accounts 5,766,000 (27,072,000)
Net increase in time deposits 9,785,000 21,286,000
Tax withholding payments on vested restricted shares surrendered (240,000) (107,000)
Net cash provided by (used in) in financing activities 12,804,000 (7,759,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 30,109,000 (36,268,000)
CASH AND CASH EQUIVALENTS, beginning of period 168,751,000 216,568,000
CASH AND CASH EQUIVALENTS, end of period 198,860,000 180,300,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 6,575,000 5,633,000
Operating leases 773,000 731,000
Income taxes 2,705,000 3,835,000
NON-CASH INVESTING ACTIVITIES:    
Change in unrealized loss on securities (8,809,000) (6,221,000)
Change in contributions payable to LIHTC limited partner investment 5,000,000 0
Right-of-use asset obtained in exchange for new operating lease liability $ (634,000) $ (446,000)