XML 21 R7.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net income $ 43,519 $ 29,354 $ 25,736
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of premises and equipment 2,702 2,900 3,083
Amortization of right-of-use lease asset 449 744 398
Accretion of deferred loan fees, net (491) (2,236) (164)
Amortization of intangibles 491 606 730
Amortization of low income housing partnerships 427 569 476
Provision for loan losses 1,750 7,400 6,100
Net unrealized (gain) loss on equity investment securities (2) 35 (132)
Gain on sale of Visa Class B shares (12,153)    
Net (gain) loss on sale of other real estate owned (126) 39 9
Net gain on sale of equity securities   (29)  
Loans originated for sale (24,387) (43,780) (15,901)
Proceeds from sale of loans originated for sale 25,147 44,832 15,753
Net gain on sale of loans originated for sale (331) (903) (89)
Net amortization of investment securities 1,317 1,084 1,668
Net gain on sale of investment securities available-for-sale   (918) (23)
Gain on sale of premises and equipment (50)    
Increase in cash surrender value of life insurance (889) (774) (755)
Deferred income tax expense 450 (1,779) 394
Stock based compensation 546 570 554
Net change in:      
Accrued interest receivable (273) (1,274) 134
Other assets 1,128 (12,268) (3,363)
Accrued interest payable (328) (541) 82
Other liabilities 1,875 13,549 2,389
Net cash provided by operating activities 40,771 37,180 37,079
Cash flows from investing activities:      
Proceeds from sales of investment securities available-for-sale   65,120 9,677
Proceeds from sale of Visa Class B shares 12,153    
Proceeds from repayments of investment securities:      
Available-for-sale 2,886 427 697
Held-to-maturity 57,513 84,622 57,477
Purchases of investment securities:      
Available-for-sale (291,658) (107,196) (124,501)
Held-to-maturity (66,943)    
Net redemption (purchase) of restricted equity securities 1,352 4,804 (2,739)
Net increase in loans (151,955) (241,307) (119,998)
Investment in bank owned life insurance   (6,500)  
Purchases of premises and equipment (4,885) (2,292) (5,603)
Proceeds from the sale of premises and equipment 58 435  
Proceeds from bank owned life insurance 451    
Proceeds from sale of other real estate owned 925 647 269
Net cash used in investing activities (440,103) (201,240) (184,721)
Cash flows from financing activities:      
Net increase in deposits 526,284 465,624 96,467
Proceeds from long-term debt     16,000
Repayment of long-term debt (12,058) (17,964) (21,173)
Net decrease in short-term borrowings (50,000) (102,150) 65,650
Retirement of common stock (2,361) (6,893) (634)
Cash dividends paid (10,792) (10,518) (10,131)
Net cash provided by financing activities 451,073 361,099 146,179
Net increase (decrease) in cash and cash equivalents 51,741 197,039 (1,463)
Cash and cash equivalents at beginning of period 228,192 31,153 32,616
Cash and cash equivalents at end of period 279,933 228,192 31,153
Cash paid during the period for:      
Interest 9,750 14,865 17,786
Income taxes 6,740 6,250 4,550
Noncash items:      
Transfers of loans to other real estate 544 1,163 421
Initial recognition of right-of-use assets 2,731 899 6,523
Initial recognition of lease liability 2,731 899 6,523
Origination of mortgage servicing rights $ 247 318 $ 172
Paycheck Protection Program Liquidity Facility      
Cash flows from financing activities:      
Proceeds from long-term debt   103,650  
Repayment of long-term debt   (103,650)  
Subordinated Debentures      
Cash flows from financing activities:      
Proceeds from long-term debt   $ 33,000