XML 22 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
Cash flows from operating activities:      
Net income $ 7,171 $ 7,333 $ 6,168
Adjustments to reconcile net income to net cash from operating activities:      
Provision for loan losses   35 485
Depreciation 1,610 1,183 1,389
Amortization 1,517 893 1,061
Compensation expense on employee and director stock purchases, stock options, and restricted stock units 373 344 317
Net (gains)/losses on sales of securities (22) (34) 280
Net change in market value of equity securities   (71)  
Gains on sales of loans (1,951) (1,003) (1,265)
Loans originated for sale (63,920) (33,555) (43,171)
Proceeds from loan sales 62,763 34,872 42,883
Earnings on bank-owned life insurance (485) (385) (398)
Proceeds from BOLI policy 605    
Earnings on death benefit from bank-owned life insurance (288)    
(Gains)/losses on sales of other real estate owned (54) (79) (18)
Proceeds from sales of other real estate owned 938 515 663
Deferred federal income tax (benefit)/expense 310 209 62
Net change in:      
Other assets 2,128 (875) 417
Other liabilities (1,493) 573 (783)
Net cash from operating activities 9,202 9,955 8,090
Cash flows from investing activities:      
Sales of securities available for sale 178,450 2,634 57,595
Sales of equity securities 463 91 33
Maturities, prepayments and calls of securities available for sale 47,816 13,443 17,572
Purchases of securities available for sale (209,763) (31,450) (56,123)
Purchases or calls of FHLB stock (1)    
Loan originations and payments, net (485) (24,366) (35,723)
Additions to premises and equipment (766) (4,207) (1,656)
Cash received from merger with County Bank Corp 20,638    
Net cash from investing activities 36,352 (43,855) (18,302)
Cash flows from financing activities:      
Net change in deposits 3,986 37,162 27,467
Net change in repurchase agreements   (7,148) (765)
Net change in fed funds purchased (8,600) 4,800  
Proceeds from Federal Home Loan Bank advances 115,000 128,500 212,500
Payments on Federal Home Loan Bank advances (110,035) (143,535) (204,533)
Issuance of common stock 142 77 98
Repurchase of common stock (67) (523) (203)
Cash dividends and fractional shares from stock dividend and merger (5,815) (2,580) (2,324)
Cash related to equity issuance for merger (297)    
Net cash from financing activities (5,686) 16,753 32,240
Net change in cash and cash equivalents 39,868 (17,147) 22,028
Beginning cash and cash equivalents 19,690 36,837 14,809
Ending cash and cash equivalents 59,558 19,690 36,837
Supplemental disclosures of cash flow information:      
Cash paid for interest 4,500 2,300 1,465
Cash paid for income taxes 1,035 850 2,120
Loans transferred to other real estate owned $ 347 $ 432 $ 314