XML 22 R9.htm IDEA: XBRL DOCUMENT v3.22.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 27,834,000 $ 18,394,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sales of loans originated for sale (3,393,000) (2,331,000)
Gain on sales of foreclosed assets held for resale, including writedowns (88,000) (55,000)
Loss on sale of premises and equipment 26,000 0
Earnings on investment in bank-owned life insurance (1,408,000) (1,442,000)
(Gain) loss on equity securities (439,000) 193,000
Gain on life insurance proceeds (101,000) 0
Restricted stock compensation expense 362,000 428,000
Depreciation and amortization 3,441,000 3,651,000
Provision for loan losses 50,000 9,140,000
Net amortization of investment securities premiums 1,626,000 931,000
Decrease (increase) in accrued interest receivable 1,430,000 (1,624,000)
Decrease in accrued interest payable (1,325,000) (1,381,000)
Mortgage loans originated for sale (104,633,000) (139,055,000)
Proceeds from sales of loans originated for sale 116,867,000 136,808,000
(Increase) decrease in other assets (4,324,000) 7,270,000
Decrease (increase) in deferred tax expense 236,000 (1,038,000)
Increase (decrease) in other liabilities 5,965,000 (4,419,000)
Net Cash Provided by Operating Activities 42,126,000 25,470,000
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from maturities of investment securities held to maturity 3,840,000 8,940,000
Proceeds from maturities of investment securities available for sale 105,340,000 96,474,000
Purchase of investment securities available for sale (216,786,000) (218,032,000)
Redemption of restricted investment in bank stocks 639,000 1,843,000
Net decrease (increase) in loans 168,013,000 (38,755,000)
Purchase of bank-owned life insurance 0 (400,000)
Bank acquisition, net of cash acquired 0 35,262,000
Insurance book- acquisition 0 (542,000)
Proceeds from Life Insurance Policy 649,000 0
Capital expenditures (1,576,000) (1,048,000)
Proceeds from sale of premises and equipment 213,000 392,000
Proceeds from sale of foreclosed real estate 189,000 1,018,000
Net Cash Provided by (Used in) Investing Activities 60,521,000 (114,848,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in demand deposits 66,694,000 138,797,000
Net increase in time certificates of deposits and interest bearing deposits 174,170,000 260,410,000
Net (decrease) increase in short-term borrowings (3,262,000) 5,029,000
Proceeds from long-term borrowings 15,000,000 0
Repayments on long-term borrowings (34,045,000) (22,001,000)
Dividends paid (8,968,000) (8,685,000)
Common stock repurchased (1,517,000) 0
Common stock issued 60,000 824,000
Net Cash Provided by (Used in) Financing Activities 208,132,000 374,374,000
Net Increase (Decrease) in Cash and Cash Equivalents 310,779,000 284,996,000
CASH AND CASH EQUIVALENTS — BEGINNING 399,352,000 114,356,000
CASH AND CASH EQUIVALENTS — ENDING 710,131,000 399,352,000
Supplemental disclosures of cash flow information    
Interest paid 8,240,000 13,603,000
Income taxes paid 7,400,000 5,900,000
Loans transferred to foreclosed assets held for resale and other foreclosed transactions 101,000 135,000
Increase in assets and liabilities:    
Securities 0 (22,167,000)
Loans 0 (333,362,000)
Premises and equipment 0 (10,959,000)
Investment in bank-owned life insurance 0 (10,896,000)
Restricted investments in bank stocks 0 (1,141,000)
Foreclosed assets held for resale 0 (464,000)
Goodwill 0 (22,528,000)
Core deposit intangible assets 0 (3,560,000)
Other assets 0 (3,086,000)
Non-interest bearing deposits 0 103,492,000
Interest bearing deposits 0 270,566,000
Trust preferred debentures 0 6,000,000
Long term borrowings 0 3,450,000
Other liabilities 0 2,637,000
Common shares issued $ 0 $ 57,280,000