XML 22 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Apr. 17, 2020
Cash Flows from Operating Activities:          
Net income $ 6,944 $ 29,118 $ 25,103 $ 19,490  
Adjustments to reconcile net income to net cash provided by operating activities:          
Provision for loan losses 0 1,550 2,400 1,675  
Depreciation and amortization   1,113 1,138 1,043  
Amortization and accretion of loans and other assets   (4,535) (3,960) (545)  
Amortization and accretion of investment securities   2,215 1,155 308  
Deferred income taxes   689 367 317  
Equity security (gains) losses, net   (339) 41 (120)  
Available for sale security (gains) losses, net   (212) (305) (24)  
Earnings on bank owned life insurance   (1,828) (695) (623)  
Stock awards   614 473 369  
Originations of loans held for sale   (44,668) (88,024) (21,157)  
Proceeds from sales of loans held for sale   55,621 75,809 21,780  
Realized gains on loans sold   (1,283) (2,168) (473)  
(Increase) decrease in accrued interest receivable   764 (857) (103)  
Increase (decrease) in accrued interest payable   (306) (235) 12  
Other, net   180 1,580 (182)  
Net cash provided by operating activities   38,693 11,822 21,767  
Available-for-sale securities:          
Proceeds from sales of available-for-sale securities   29,198 23,415 10,489  
Proceeds from maturity and principal repayments of securities   55,520 70,008 62,625  
Purchase of securities   (211,218) (143,987) (68,963)  
Purchase of equity securities   0 (1,339) (65)  
Proceeds from sale of equity securities   0 168 0  
Proceeds from redemption of Regulatory Stock   4,989 9,454 10,787  
Purchase of Regulatory Stock   (3,688) (7,396) (11,526)  
Net increase in loans   (32,111) (63,440) (37,492)  
Purchase of interest bearing time deposits   0 (350) (248)  
Proceeds from matured interest bearing time deposits with other banks   2,732 848 1,490  
Purchase of bank owned life insurance   (7,800) 0 0  
Purchase of premises, equipment and software   (1,105) (942) (483)  
Proceeds from sale of premises and equipment   0 0 7  
Proceeds from life insurance   3,714 0 0  
Proceeds from sale of foreclosed assets held for sale   1,537 1,805 1,056  
Acquisition, net of cash paid   0 1,022 0  
Net cash used in investing activities   (158,232) (110,734) (32,323)  
Cash Flows from Financing Activities:          
Net increase in deposits   247,293 168,914 25,962  
Proceeds from long-term borrowings   9,869 20,000 10,000  
Repayments of long-term borrowings   (26,800) (15,000) (3,123)  
Net increase (decrease) in short-term borrowed funds   2,060 (16,280) (12,954)  
Purchase of treasury stock   (1,374) (2,122) (1,291)  
Sale of treasury stock to employee stock purchase plan   0 126 0  
Dividends paid   (7,383) (6,539) (6,315)  
Net cash provided by financing activities   223,665 149,099 12,279  
Net increase in cash and cash equivalents   104,126 50,187 1,723  
Cash and Cash Equivalents at Beginning of Year   68,707 18,520 16,797  
Cash and Cash Equivalents at End of Year 172,833 172,833 68,707 18,520  
Supplemental Disclosures of Cash Flow Information:          
Interest paid   7,411 8,175 12,028  
Income taxes paid   5,500 4,750 3,300  
Non-cash activities:          
Stock dividend   2,352 1,916 2,102  
Real estate acquired in settlement of loans   906 281 3,836  
Right of use asset and liability   1,636 636 1,454  
Non-cash assets acquired          
Goodwill 31,376 31,376 $ 31,376    
MidCoast Community Bancorp, Inc [Member]          
Non-cash assets acquired          
Available-for-sale securities 0 0   0 $ 0
Interest bearing time deposits with other banks 0 0   0 0
Loans 0 0   0 223,235
Premises and equipment 0 0   0 1,787
Accrued interest receivable 0 0   0 586
Bank owned life insurance 0 0   0 3,766
Intangibles 0 0   0 157
Deferred tax asset 0 0   0 3,402
Other assets 0 0   0 2,878
Goodwill 0 0   0 8,080
Total Non-cash assets acquired 0 0   0 243,891
Liabilities assumed          
Noninterest-bearing deposits 0 0   0 38,694
Interest-bearing deposits 0 0   0 170,132
Accrued interest payable 0 0   0 164
Borrowed funds 0 0     15,497
Other liabilities 0 0   0 1,198
Total liabilities assumed 0 0   0 225,685
Net non-cash liabilities acquired 0 0   0 18,206
Cash and cash equivalents acquired $ 0 $ 0   $ 0 $ 8,637