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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities:    
Net income $ 12,857 $ 13,556
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of premises and equipment 1,458 1,227
Amortization of right-of-use lease asset 209 187
Amortization of deferred loan costs (665) (156)
Amortization of intangibles 308 374
Amortization of low income housing partnerships 262 238
Provision for loan losses 5,300 1,400
Net unrealized loss on equity investment securities 85 8
Net gain (loss) on sale of other real estate owned (4) 20
Loans originated for sale (16,215) (5,848)
Proceeds from sale of loans originated for sale 15,148 5,813
Net gain on sale of loans originated for sale (156) (47)
Net amortization of investment securities 553 895
Net gain on sale of investment securities available-for-sale (267) (23)
Bank owned life insurance income (380) (378)
Deferred income tax expense 619  
Stock based compensation 191 240
Net change in:    
Accrued interest receivable (1,387) (188)
Other assets (11,445) (4,114)
Accrued interest payable (405) (137)
Other liabilities 13,586 3,022
Net cash provided by operating activities 19,652 16,089
Cash flows from investing activities:    
Proceeds from sales of investment securities available-for-sale 26,502 9,677
Proceeds from repayments of investment securities:    
Available-for-sale 34,520 24,651
Held-to-maturity 253 387
Purchases of investment securities:    
Available-for-sale (9,080) (22,151)
Net redemption (purchase) of restricted equity securities 4,849 (371)
Net increase in lending activities (244,675) (36,380)
Purchases of premises and equipment (1,214) (2,541)
Proceeds from the sale of premises and equipment   21
Proceeds from sale of other real estate owned 157 111
Net cash used in investing activities (188,688) (26,596)
Cash flows from financing activities:    
Net increase in deposits 238,635 1,777
Proceeds from long-term debt   16,000
Repayment of long-term debt (11,970) (926)
Net decrease in short-term borrowings (102,150) (3,800)
Retirement of common stock (2,568) (166)
Cash dividends paid (5,305) (5,032)
Net cash provided by financing activities 189,817 7,853
Net increase (decrease) in cash and cash equivalents 20,781 (2,654)
Cash and cash equivalents at beginning of period 31,153 32,616
Cash and cash equivalents at end of period 51,934 29,962
Cash paid during the period for:    
Interest 8,031 9,245
Income taxes   2,200
Noncash items:    
Transfers of loans to other real estate 730 172
Right-of-use assets 899 6,523
Lease liabilities for operating leases 899 $ 6,523
Paycheck Protection Program Liquidity Facility    
Cash flows from financing activities:    
Proceeds from long-term debt 103,650  
Repayment of long-term debt (63,475)  
Subordinated Debentures    
Cash flows from financing activities:    
Proceeds from long-term debt $ 33,000