XML 22 R8.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities      
Net income $ 27,129 $ 25,525 $ 23,536
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 2,221 1,938 1,792
Change in deferred taxes (262) 336 (485)
Provision for loan losses 6,050 1,250 1,500
Loans originated for resale (128,375) (37,721) (25,447)
Proceeds from sales and transfers of loans 125,982 38,218 26,323
Net gain on sales of loans (3,308) (651) (490)
Net gain on sale or call of securities (1,155) (224) (137)
Net amortization of investment premiums 1,944 1,082 1,820
Net gain on sale of other real estate owned (170) (113) (312)
Provision for losses on other real estate owned 45 0 0
Equity compensation expense 652 565 381
Net (increase) decrease in other assets and accrued interest (17,737) (7,690) 1,146
Net increase in other liabilities 9,347 2,802 3,848
Net (gain) loss on disposal of premises and equipment (19) 386 136
Amortization of investments in limited partnerships 311 307 186
Net acquisition amortization 43 43 43
Net cash provided by operating activities 22,698 26,053 33,840
Cash flows from investing activities      
(Increase) decrease in interest-bearing deposits in other banks (44,841) 769 (11,219)
Proceeds from sales of securities available for sale 103,579 8,339 459
Proceeds from maturities, payments, calls of securities available for sale 141,598 78,825 51,752
Proceeds from maturities, payments, calls and sales of securities held to maturity 81,809 24,087 14,094
Proceeds from sales of other real estate owned 542 418 1,350
Purchases of securities available for sale (197,207) (98,257) (76,893)
Cash paid for limited partnerships (717) 0 0
Purchases of securities to be held to maturity (165,658) (71,857) (13,159)
Purchase of restricted equity securities (1,563) 0 (1,228)
Redemption of restricted equity securities 0 2,604 0
Net increase in loans (159,080) (59,635) (75,751)
Capital expenditures (2,540) (1,573) (1,484)
Proceeds from sale of premises and equipment 67 0 2
Cash paid, net of cash acquired, in branch acquisition (6,060) 0 0
Net cash used in investing activities (250,071) (116,280) (112,077)
Cash flows from financing activities      
Net increase in demand, savings, and money market accounts 262,035 24,811 75,798
Net increase (decrease) in certificates of deposit (87,151) 98,570 32,408
Advances on long-term borrowings 55,000 0 0
Repayment on long-term borrowings (10,007) (25,362) (80,000)
Net increase in short-term borrowings 32,090 0 61,559
Payment to repurchase common stock (156) (183) (168)
Proceeds from sale of common stock 670 653 619
Dividends paid (13,329) (12,963) (12,052)
Net cash provided by financing activities 239,152 85,526 78,164
Net increase (decrease) in cash and cash equivalents 11,779 (4,701) (73)
Cash and cash equivalents at beginning of year 14,433 19,134 19,207
Cash and cash equivalents at end of year 26,212 14,433 19,134
Interest paid 17,560 26,088 20,104
Income taxes paid 5,049 3,994 3,057
Non-cash transactions:      
Net transfer from loans to other real estate owned 1,046 0 610
Fair value of assets acquired (25,328) 0 0
Less liabilities assumed 19,268 0 $ 0
Right of use lease asset 511 0  
Operating lease liability $ (511) $ 0