v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net income $ 2,765,000 $ 2,578,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 398,000 440,000
Provision for credit losses 300,000 550,000
Net gain on sale of loans (8,000) (18,000)
Proceeds from sales of residential mortgages held-for-sale 757,000 394,000
Origination of residential mortgages held-for-sale (1,702,000) (380,000)
Increase in cash surrender value of bank-owned life insurance (92,000) (87,000)
Stock-based compensation expense 117,000 73,000
Deferred income tax expense 184,000 26,000
Net decrease in income taxes payable (517,000) (102,000)
Net (increase) decrease in accrued interest receivable (11,000) 164,000
Fair value remeasurements on interest rate swap 44,000 (12,000)
Amortization of mortgage servicing rights and change in valuation allowance 9,000 10,000
Net amortization of premiums and discounts on investment securities 308,000 262,000
Net amortization of deferred costs on subordinated debt 50,000 50,000
Net decrease in accrued interest payable (1,457,000) (3,115,000)
Operating lease payments (168,000) (161,000)
(Increase) decrease in other assets (1,894,000) 181,000
Decrease in other liabilities (1,017,000) (1,840,000)
Net cash used in operating activities (1,934,000) (987,000)
Investing Activities    
Proceeds from payments, maturities and calls of investments available-for-sale 27,194,000 22,776,000
Proceeds from the sale of investments available-for-sale 0 0
Purchases of investments available-for-sale (13,439,000) (19,472,000)
Proceeds from redemption of investment in restricted stock 937,000 1,803,000
Purchases of restricted stock (1,701,000) (1,858,000)
Net (increase) decrease in loans (20,686,000) 4,309,000
Net purchases of premises and equipment (691,000) (176,000)
Net cash (used in) provided by investing activities (8,386,000) 7,382,000
Financing Activities    
Net (decrease) increase in non-interest-bearing deposits (2,377,000) 20,167,000
Net increase in interest-bearing deposits 13,297,000 15,847,000
Net increase (decrease) in short-term borrowings 6,205,000 (10,545,000)
Cash dividends paid, net of reinvestment (1,309,000) (1,238,000)
Proceeds from issuance of common stock 810,000 218,000
Net cash provided by financing activities 16,626,000 24,449,000
Increase in cash and cash equivalents 6,306,000 30,844,000
Cash and cash equivalents at beginning of year 50,297,000 50,713,000
Cash and cash equivalents at end of period 56,603,000 81,557,000
Supplemental Cash Flow Disclosures    
Interest paid 10,824,000 13,776,000
Federal income taxes paid, net of refunds received 1,000,000 700,000
State income taxes paid, net of refunds received $ 40,000 $ 0