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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 $ 31,456 $ 34,200 $ 28,881
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 12,499 1,180 2,250
Depreciation and amortization 6,784 6,142 6,836
Stock-based compensation expense 1,905 1,872 1,848
Income on bank-owned life insurance, net (587) (638) (672)
Net (gains) losses on sales of debt securities (227) (146) 2,950
Net losses (gains) on equity securities 49 (367) 204
Mortgage loans originated for sale (59,570) (25,562) (13,026)
Proceeds from mortgage loans sold 61,209 26,131 12,793
Net gains on sales of loans (1,409) (469) (260)
Net gains on sales of OREO 0 (34) 0
Changes in:      
(Increase) decrease in other assets (16,997) 136 (1,815)
Increase in other liabilities 5,223 1,174 1,812
Net cash provided by operating activities 40,335 43,619 41,801
Cash flows from investing activities:      
Proceeds from sales of debt securities 5,907 13,623 129,862
Purchase of debt securities (145,319) (126,872) (208,978)
Proceeds from maturities, calls and pay-downs of debt securities 77,534 48,805 42,278
Net (purchase) sale of equity securities (328) 1,348 (1,631)
Net sale (purchase) of FHLB capital stock 2,579 873 (142)
Net increase in loans (509,949) (179,623) (118,918)
Additions to premises and equipment, net (6,679) (12,498) (5,297)
Proceeds from OREO sales 0 289 0
Net cash used in investing activities (576,255) (254,055) (162,826)
Cash flows from financing activities:      
Net increase in deposits 764,533 221,948 123,420
Net (decrease) increase in borrowed funds (91,399) (4,319) 11,492
Proceeds from the issuance of subordinated debt 60,000 0 0
Cash dividends paid, net of DRP (7,105) (6,371) (5,443)
Proceeds from issuance of common stock 91 69 121
Net settlement for employee taxes on restricted stock and options (233) (402) (559)
Net proceeds from stock option exercises 21 185 308
Net cash provided by financing activities 725,908 211,110 129,339
Net increase in cash and cash equivalents 189,988 674 8,314
Cash and cash equivalents at beginning of year 63,794 63,120 54,806
Cash and cash equivalents at end of year $ 253,782 $ 63,794 $ 63,120