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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities:    
Net income $ 34,241,000 $ 32,622,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 900,000 0
Provision for losses on off-balance sheet commitments 129,000 0
Noncash contribution expense to employee stock ownership plan 1,245,000 1,173,000
Noncash director compensation expense 301,000 227,000
Stock-based compensation expense 1,512,000 1,664,000
Amortization of core deposit intangible 887,000 921,000
Amortization of investment security premiums, net of accretion of discounts 1,633,000 2,695,000
Accretion of discount on acquired loans (353,000) (807,000)
Accretion of discount on subordinated debentures 68,000 1,025,000
Net change in deferred loan origination costs/fees (348,000) 183,000
Gain on sale of investment securities (55,000) (876,000)
Depreciation and amortization 2,228,000 2,143,000
Earnings on bank-owned life insurance policies (1,196,000) (913,000)
Net change in operating assets and liabilities:    
Interest receivable and other assets (329,000) 1,148,000
Interest payable and other liabilities 70,000 902,000
Total adjustments 6,692,000 9,485,000
Net cash provided by operating activities 40,933,000 42,107,000
Cash Flows from Investing Activities:    
Purchase of held-to-maturity securities (3,549,000) (1,988,000)
Purchase of available-for-sale securities (110,934,000) (235,873,000)
Proceeds from sale of available-for-sale securities 66,081,000 16,972,000
Proceeds from paydowns/maturities of held-to-maturity securities 23,005,000 22,891,000
Proceeds from paydowns/maturities of available-for-sale securities 86,044,000 57,662,000
Proceeds from sale of Visa Inc. Class B restricted common stock 0 956,000
Loans originated and principal collected, net (77,827,000) (84,598,000)
Purchase of bank-owned life insurance policies (2,997,000) 0
Cash receipts from bank-owned life insurance policies 1,533,000 0
Purchase of premises and equipment (542,000) (907,000)
Purchase of Federal Home Loan Bank stock (616,000) 0
Cash paid for low income housing tax credit investment (952,000) (418,000)
Net cash used in investing activities (20,754,000) (225,303,000)
Cash Flows from Financing Activities:    
Net increase in deposits 161,649,000 26,170,000
Proceeds from stock options exercised 669,000 591,000
Payment of tax withholding for stock options exercised and vesting of restricted stock (220,000) (99,000)
Federal Home Loan Bank (repayment) (7,000,000)  
Federal Home Loan Bank borrowings   7,000,000
Repayment of subordinated debenture including execution costs 0 (4,137,000)
Repayment of finance lease obligations (168,000) 0
Cash dividends paid on common stock (10,958,000) (8,860,000)
Stock repurchased, net of commissions (15,062,000) (6,869,000)
Proceeds from stock issued under employee and director stock purchase plans and ESOP 78,000 76,000
Net cash provided by financing activities 128,988,000 13,872,000
Net increase (decrease) in cash, cash equivalents and restricted cash 149,167,000 (169,324,000)
Cash, cash equivalents and restricted cash at beginning of period 34,221,000 203,545,000
Cash, cash equivalents and restricted cash at end of period 183,388,000 34,221,000
Supplemental disclosure of cash flow information:    
Cash paid in interest 4,659,000 2,599,000
Cash paid in income taxes 12,738,000 8,380,000
Supplemental disclosure of noncash investing and financing activities:    
Change in net unrealized gain or loss on available-for-sale securities 11,839,000 (1,707,000)
Securities transferred from available-for-sale to held-to-maturity 0 27,422,000
Amortization of net unrealized loss on available-for-sale securities transferred to held-to-maturity 445,000 516,000
Subscription in low income housing tax credit investment 0 3,000,000
Stock issued to employee stock ownership plan 1,245,000 1,173,000
Stock issued in payment of director fees 231,000 204,000
Repurchase of stock not yet settled 103,000 143,000
Restricted cash:    
Federal Reserve Bank reserve requirements included in cash, cash equivalents and restricted cash $ 4,806,000 $ 5,971,000