XML 73 R8.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
OPERATING ACTIVITIES    
Net income $ 9,570,000 $ 9,006,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 430,000 630,000
Investment securities gains on sale, net [1] (194,000)
Gain on equity securities [1] (12,000) (46,000)
Depreciation and amortization of premises and equipment, net 778,000 694,000
Software amortization expense 479,000 460,000
Financing lease amortization expense 264,000
Amortization of premium and discount on investment securities, net 240,000 317,000
Accretion of deferred loan fees, net (557,000) (690,000)
Amortization of core deposit intangibles 256,000 265,000
Stock-based compensation expense 366,000 360,000
Origination of loans held for sale (12,845,000) (9,588,000)
Proceeds from sale of loans 12,936,000 9,290,000
Gain on sale of loans (285,000) (164,000)
Earnings on bank-owned life insurance [1] (323,000) (318,000)
Deferred income tax 117,000 184,000
Net (gain) loss on other real estate owned (123,000) 5,000
Increase in accrued interest receivable (51,000) (445,000)
Increase in accrued interest payable 276,000 126,000
Other, net (1,609,000) (1,721,000)
Net cash provided by operating activities 9,713,000 8,365,000
INVESTING ACTIVITIES    
Proceeds from repayments and maturities 8,571,000 4,340,000
Proceeds from sale of securities 12,325,000
Purchases (24,844,000) (12,998,000)
Increase in loans, net (7,529,000) (49,467,000)
Proceeds from the sale of other real estate owned 360,000 26,000
Purchase of premises and equipment (1,420,000) (1,843,000)
Purchase of restricted stock (169,000) (90,000)
Net cash used in investing activities (12,706,000) (60,032,000)
FINANCING ACTIVITIES    
Net increase in deposits 18,346,000 135,567,000
Increase (decrease) in short-term borrowings, net 1,602,000 (19,403,000)
Repayment of other borrowings (245,000) (20,109,000)
Restricted stock cash portion (44,000)
Stock options exercised 4,000 107,000
Proceeds from dividend reinvestment and purchase plan 372,000 441,000
Repurchase of treasury shares (2,229,000)
Cash dividends (2,721,000) (2,871,000)
Net cash provided by financing activities 15,085,000 93,732,000
Increase in cash and cash equivalents 12,092,000 42,065,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 107,933,000 39,886,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 120,025,000 81,951,000
Cash paid during the year for:    
Interest on deposits and borrowings 9,736,000 6,785,000
Income taxes 2,180,000 1,675,000
Noncash operating transactions:    
Operating lease assets added to other, net (1,071,000)
Operating lease liabilities added to other, net 1,071,000
Noncash investing transactions:    
Transfers from loans to other real estate owned 56,000 76,000
Transfer of equity securities from investment securities available for sale, at fair value (625,000)
Finance lease assets added to premises and equipment (3,801,000)
Noncash financing transactions:    
Finance lease liabilities added to borrowed funds $ 3,801,000
[1] Not within scope of ASC 606