XML 23 R9.htm IDEA: XBRL DOCUMENT v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 18,394,000 $ 23,721,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sales of loans originated for sale (2,331,000) (697,000)
Gain on sales of foreclosed assets held for resale, including writedowns (55,000) (87,000)
Earnings on investment in bank-owned life insurance (1,442,000) (1,160,000)
Loss (gain) on equity securities 193,000 (267,000)
Restricted stock compensation expense 428,000 322,000
Depreciation and amortization 3,651,000 2,696,000
Provision for loan losses 9,140,000 600,000
Net amortization of investment securities premiums 931,000 339,000
(Increase) decrease in accrued interest receivable (1,624,000) 177,000
(Decrease) increase in accrued interest payable (1,381,000) 1,312,000
Mortgage loans originated for sale (139,055,000) (41,389,000)
Proceeds from sales of loans originated for sale 136,808,000 40,088,000
Decrease (increase) in other assets 7,270,000 (1,280,000)
(Increase) decrease in deferred tax expense (1,038,000) 120,000
(Decrease) increase in other liabilities (4,419,000) 1,228,000
Net Cash Provided by Operating Activities 25,470,000 25,723,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from maturities of investment securities held to maturity 8,940,000 8,032,000
Proceeds from maturities of investment securities available for sale 96,474,000 19,152,000
Purchase of investment securities available for sale (218,032,000) (44,837,000)
Purchase of equity securities 0 (500,000)
Redemption of restricted investment in bank stocks 1,843,000 692,000
Net (increase) decrease in loans (38,755,000) 28,723,000
Purchase of bank-owned life insurance (400,000) (1,500,000)
Bank acquisition, net of cash acquired 35,262,000 0
Insurance book- acquisition (542,000) (640,000)
Capital expenditures (1,048,000) (1,424,000)
Proceeds from sale of premises and equipment 392,000 33,000
Proceeds from sale of foreclosed real estate 1,018,000 290,000
Net Cash (Used in) Provided by Investing Activities (114,848,000) 8,021,000
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in demand deposits 138,797,000 11,983,000
Net increase in time certificates of deposits and interest bearing deposits 260,410,000 52,185,000
Net increase (decrease) in short-term borrowings 5,029,000 (1,213,000)
Proceeds from long-term borrowings 0 7,000,000
Repayments on long-term borrowings (22,001,000) (24,220,000)
Dividends paid (8,685,000) (6,920,000)
Common stock issued 824,000 892,000
Net Cash Provided by (Used in) Financing Activities 374,374,000 39,707,000
Net Increase (Decrease) in Cash and Cash Equivalents 284,996,000 73,451,000
CASH AND CASH EQUIVALENTS — BEGINNING 114,356,000 40,905,000
CASH AND CASH EQUIVALENTS — ENDING 399,352,000 114,356,000
Supplemental disclosures of cash flow information    
Interest paid 13,603,000 8,828,000
Income taxes paid 5,900,000 5,200,000
Loans transferred to foreclosed assets held for resale and other foreclosed transactions 135,000 412,000
Increase in assets and liabilities:    
Securities (22,167,000) 0
Loans (333,362,000) 0
Premises and equipment (10,959,000) 0
Investment in bank-owned life insurance (10,896,000) 0
Restricted investments in bank stocks (1,141,000) 0
Foreclosed assets held for resale (464,000) 0
Goodwill (22,528,000) 0
Core deposit intangible assets (3,560,000) 0
Other assets (3,086,000) 0
Non-interest bearing deposits 103,492,000 0
Interest bearing deposits 270,566,000 0
Trust preferred debentures 6,000,000 0
Long term borrowings 3,450,000 0
Other liabilities 2,637,000 0
Common shares issued $ 57,000 $ 0