XML 154 R9.htm IDEA: XBRL DOCUMENT v3.20.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating Activities:      
Net Income $ 17,701 $ 10,596 $ 7,089
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan and lease losses 1,390 500 325
Depreciation 2,815 2,395 1,464
Amortization of intangibles 1,430 1,224 105
Net amortization of security premiums 755 517 1,280
Amortization of operating lease right of use assets 1,678    
Amortization of finance lease right of use asset 150    
Gain on sales of investment securities (1,878) (137) (42)
Earnings on cash surrender value of life insurance (331) (286) (262)
Mortgage loans originated for sale (163,228) (46,264) (44,010)
Proceeds from sales of mortgage loans originated for sale 160,279 46,353 45,801
Gain on sale of mortgage loans (3,771) (751) (872)
SBA loans originated for sale (13,792) (7,734) (10,282)
Proceeds from sales of SBA loans originated for sale 14,622 8,296 11,082
Gain on sale of SBA loans (831) (561) (800)
Loss on write-down/disposal of property, plant, and equipment 168 71 14
(Gain) loss on sale or write-down of foreclosed assets (15) 4 88
Restricted stock compensation expense 346 267 145
Deferred income tax expense 665 1,317 1,828
Decrease (increase) in accrued interest receivable 280 (398) (636)
Increase in other assets (8,193) (1,779) (380)
(Decrease) increase in accrued interest payable (54) 528 130
Net change in operating lease liability (1,782)    
Decrease in other liabilities (573) (3,175) (172)
Net Cash Provided By Operating Activities 7,831 10,983 11,895
Investing Activities:      
Proceeds from the sale of available-for-sale securities 154,307 158,271 52,932
Proceeds from the maturity or call of available-for-sale securities 13,659 17,235 5,960
Purchases of available-for-sale securities (20,406) (24,830) (16,041)
Proceeds from the maturity or call of held-to-maturity securities 23,160 14,493 5,102
Purchases of held-to-maturity securities (58,848) (75,375) (108,697)
Net cash received from acquisitions   72,616  
Redemptions (purchases) of restricted investment in bank stocks 1,744 72 (1,941)
Net increase in loans and leases (139,430) (132,097) (96,570)
Proceeds from bank owned life insurance 140    
Purchases of bank premises and equipment (3,885) (8,958) (6,879)
Proceeds from sale of bank premises and equipment 1,268   2,201
Proceeds from sale of foreclosed assets 1,306 420 136
Net Cash (Used In) Provided By Investing Activities (26,985) 21,847 (163,797)
Financing Activities:      
Net increase (decrease) in deposits 186,368 (12,469) 88,195
Net (decrease) increase in short-term borrowings (43,100) (25,836) 34,611
Proceeds from long-term debt borrowings 13,500 30,000  
Common stock dividends paid (6,688) (4,513) (2,204)
Net change in finance lease liability (46)    
Long-term debt repayment (32,184) (198) (1,220)
Deferred financing fees paid for subordinated debt issuance     (85)
Subordinated debt issuance     10,000
Net Cash Provided By (Used In) Financing Activities 118,119 (16,279) 129,443
Net increase (decrease) in cash and cash equivalents 98,965 16,551 (22,459)
Cash and cash equivalents, beginning of year 40,065 23,514 45,973
Cash and cash equivalents, end of year 139,030 40,065 23,514
Supplemental Disclosures of Cash Flow Information:      
Interest paid 25,218 11,103 6,174
Income taxes paid 3,770 1,425 3,890
Supplemental Noncash Disclosures:      
Recognition of operating lease right-of-use assets 13,120    
Recognition of operating lease liabilities 14,326    
Recognition of finance lease right-of-use asset 3,597    
Recognition of finance lease liability 3,597    
Loan transfers to foreclosed assets held for sale 470 1,116 189
Debt securities transferred from held-to-maturity to available-for-sale 67,096    
Dividends declared and not paid before year-end     1,060
First Priority and Scottdale [Member]      
Supplemental Noncash Disclosures:      
Common stock issued to First Priority and Scottdale shareholders   4,200  
Assets Acquired:      
Securities   177,016  
Loans   582,392  
Restricted stock   2,334  
Property and equipment   2,643  
Foreclosed assets   136  
Deferred income taxes   4,190  
Accrued interest receivable   3,282  
Core deposit and other intangible assets   7,976  
Cash surrender value of life insurance   3,363  
Other assets   1,100  
Assets acquired   784,432  
Liabilities Assumed:      
Deposits   714,927  
Borrowings   49,939  
Accrued interest payable   1,089  
Other liabilities   6,309  
Liabilities assumed   772,264  
Equity Acquired:      
Preferred stock   3,404  
Employee [Member]      
Financing Activities:      
Proceeds from Stock Purchase Plan 134 119 104
Director [Member]      
Financing Activities:      
Proceeds from Stock Purchase Plan $ 135 124 $ 42
Series D Preferred Stock [Member]      
Financing Activities:      
Preferred stock dividends paid   (102)  
Preferred stock redemption   $ (3,404)