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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 35,961 $ 29,677 $ 19,539
Adjustments to reconcile net income to net cash provided by operating activities:      
Loss (gain) on sales of securities 198 (2) (500)
Gain on sale of loans 0 0 (3)
Loss on disposal of fixed assets 28 16 136
Gain on sale of foreclosed assets (107) (1,423) (56)
Writedown of foreclosed assets 77 439 95
Share-based compensation expense 490 373 476
Provision (benefit) for loan losses 2,550 4,350 (1,140)
Depreciation and amortization 2,988 3,174 3,030
Net amortization on securities premiums and discounts 4,449 5,452 6,749
Accretion of discounts for loans acquired and net deferred loan fees (1,023) (1,647) (1,384)
Increase in cash surrender value of life insurance policies (2,184) (591) (1,640)
Amortization of core deposit intangible 1,074 1,020 508
(Increase) decrease in interest receivable and other assets (9,224) (6,106) 10,402
Increase (decrease) in other liabilities 9,662 (5,420) 4,100
Deferred income tax benefit (97) (308) (1,130)
Increase in equity securities (232) (1,183) 0
Net amortization of partnership investment 2,127 2,625 1,497
Net cash provided by operating activities 46,737 30,446 40,679
Cash flows from investing activities:      
Maturities and calls of securities available for sale 9,809 9,730 9,493
Proceeds from sales of securities available for sale 60,510 6,838 40,166
Purchases of securities available for sale (190,168) (122,818) (179,092)
Principal paydowns on securities available for sale 92,766 92,494 100,161
Net purchases of FHLB stock (833) (300) (1,689)
Loan originations and payments, net (32,376) (183,737) (76,129)
Purchases of premises and equipment, net (783) (3,123) (2,141)
Proceeds from sales of fixed assets 10 0 0
Proceeds from sales of foreclosed assets 7,955 13,188 443
Purchase of bank owned life insurance (440) (454) (455)
Liquidation of bank-owned life insurance 260 0 0
Proceeds from BOLI death benefit 0 0 999
Net increase in partnership investment 0 0 (5,000)
Net cash from bank acquisition 0 (6) 61,571
Net cash used in investing activities (53,290) (188,188) (51,673)
Cash flows from financing activities:      
Increase in deposits 52,034 127,954 35,304
Increase (decrease) in borrowed funds (36,100) 34,200 (67,500)
Increase (decrease) in repurchase agreements 9,352 8,209 56
Cash dividends paid (11,332) (9,757) (7,935)
Repurchases of common stock (2,544) 0 0
Stock options exercised 1,088 1,131 764
Net cash provided by financing activities 12,498 161,737 (39,311)
(Decrease) increase in cash and due from banks 5,945 3,995 (50,305)
Cash and cash equivalents, beginning of year 74,132 70,137 120,442
Cash and cash equivalents, end of year 80,077 74,132 70,137
Supplemental disclosure of cash flow information:      
Interest 13,769 8,707 5,000
Income taxes 12,000 11,300 7,147
Supplemental noncash disclosures:      
Real estate acquired through foreclosure 27 7,805 666
Change in unrealized net gains (losses) on securities available-for-sale 17,884 (6,156) (269)
Operating right-of-use asset pursuant to adoption on ASU 2016-02 8,308 0 0
Operating lease liability pursuant to adoption of ASU 2016-02 8,915 0 0
Assets acquired (liabilities assumed) in bank acquisition:      
Cash and cash equivalents 0 0 62,374
Securities 0 0 5,492
Loans 0 0 217,807
Premises and equipment 0 0 1,342
Foreclosed assets 0 0 3,072
Core deposit intangibles 0 0 3,939
Goodwill 0 0 19,089
Other assets 0 0 10,479
Deposits 0 0 (257,611)
Other liabilities 0 0 (3,404)
Borrowings 0 0 (24,400)
Subordinated debentures $ 0 $ 0 $ 0