XML 21 R8.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
OPERATING ACTIVITIES    
Net income $ 3,789,000 $ 2,828,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for loan losses 500,000 625,000
Depreciation and amortization expense 1,021,000 993,000
Amortization expense of core deposit intangible 3,000  
Amortization of fair value adjustment on acquired time deposits (15,000)  
Net amortization of investment securities 120,000 120,000
Net realized gains on investment securities - available for sale (84,000)  
Net gains on loans held for sale (617,000) (572,000)
Amortization of deferred loan fees (737,000) (149,000)
Origination of mortgage loans held for sale (10,620,000) (44,171,000)
Sales of mortgage loans held for sale 17,334,000 41,422,000
(Increase) decrease in accrued interest receivable 183,000 (1,198,000)
Decrease in accrued interest payable (604,000) (347,000)
Earnings on bank-owned life insurance (550,000) (277,000)
Deferred income taxes 905,000 704,000
Stock compensation expense 17,000 2,000
Net change in operating leases (47,000) (44,000)
Other, net (1,347,000) (1,378,000)
Net cash provided by (used in) operating activities 9,251,000 (1,442,000)
INVESTING ACTIVITIES    
Purchase of investment securities - available for sale (45,456,000) (16,229,000)
Purchase of investment securities - held to maturity (11,275,000) (3,268,000)
Proceeds from maturities of investment securities - available for sale 21,965,000 16,664,000
Proceeds from maturities of investment securities - held to maturity 1,905,000 1,620,000
Proceeds from sales of investment securities - available for sale 960,000 0
Purchase of regulatory stock (738,000) (4,635,000)
Proceeds from redemption of regulatory stock 2,662,000 4,802,000
Long-term loans originated (163,670,000) (147,844,000)
Principal collected on long-term loans 143,733,000 110,333,000
Purchases of premises and equipment (625,000) (744,000)
Proceeds from sale of other real estate owned   21,000
Cash acquired in branch acquisition, net 40,431,000  
Proceeds from life insurance policies 645,000  
Net cash used in investing activities (9,463,000) (39,280,000)
FINANCING ACTIVITIES    
Net increase in deposit balances 71,405,000 72,520,000
Net decrease in other short-term borrowings (24,702,000) (14,854,000)
Principal borrowings on advances from Federal Home Loan Bank   19,210,000
Principal repayments on advances from Federal Home Loan Bank (16,840,000) (10,542,000)
Principal payments on financing lease liabilities (104,000) (100,000)
Stock options exercised 39,000 75,000
Purchases of treasury stock   (151,000)
Common stock dividend paid (853,000) (864,000)
Net cash provided by financing activities 28,945,000 65,294,000
NET INCREASE IN CASH AND CASH EQUIVALENTS 28,733,000 24,572,000
CASH AND CASH EQUIVALENTS AT JANUARY 1 31,504,000 22,168,000
CASH AND CASH EQUIVALENTS AT JUNE 30 $ 60,237,000 $ 46,740,000