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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net income $ 6,495,000 $ 6,156,000
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 538,000 449,000
Change in deferred taxes 52,000 203,000
Provision for loan losses 400,000 375,000
Loans originated for resale (11,637,000) (4,661,000)
Proceeds from sales and transfers of loans 11,417,000 4,305,000
Net gain on sales of loans (187,000) (80,000)
Net gain on sale or call of securities (752,000) 0
Net amortization of premiums on investments 369,000 261,000
Equity compensation expense 150,000 123,000
Net increase in other assets and accrued interest (11,811,000) (6,055,000)
Net increase (decrease) in other liabilities 7,729,000 (435,000)
Net loss on disposal of premises and equipment 0 1,000
Amortization of investment in limited partnership 78,000 77,000
Net acquisition amortization 11,000 11,000
Net cash provided by operating activities 2,852,000 730,000
Cash flows from investing activities    
Increase in interest-bearing deposits in other banks 5,263,000 11,848,000
Proceeds from sales of securities available for sale 68,620,000 0
Proceeds from maturities, payments and calls of securities available for sale 21,890,000 11,622,000
Proceeds from maturities, payments, calls and sales of securities to be held to maturity 27,275,000 2,804,000
Purchases of securities available for sale (37,173,000) (15,325,000)
Purchases of securities to be held to maturity (87,255,000) (28,328,000)
Redemption of restricted equity securities 0 2,604,000
Purchase of restricted equity securities (1,012,000) 0
Net increase in loans (47,351,000) (26,473,000)
Capital expenditures (389,000) (161,000)
Net cash used by investing activities (50,132,000) (41,409,000)
Cash flows from financing activities    
Net decrease in demand, savings, and money market accounts (26,813,000) (41,277,000)
Net increase in certificates of deposit 20,959,000 121,067,000
Net increase in short-term borrowings 18,087,000 0
Advances on long-term borrowings 44,998,000 0
Repayment on long-term borrowings 0 (39,898,000)
Payment to repurchase common stock (154,000) (96,000)
Proceeds from sale of common stock 163,000 168,000
Dividends paid (3,276,000) (3,149,000)
Net cash provided by financing activities 53,964,000 36,815,000
Net increase in cash and cash equivalents 6,684,000 (3,864,000)
Cash and cash equivalents at beginning of period 14,433,000 19,134,000
Cash and cash equivalents at end of period 21,117,000 15,270,000
Interest paid 5,777,000 6,221,000
Income taxes paid 0 0
Non-cash transactions    
Net transfer from loans to other real estate owned $ 37,000 $ 0