XML 18 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Cash Flows from Operating Activities:          
Net income $ 3,692,000 $ 4,002,000 $ 10,193,000 $ 11,630,000  
Adjustments to reconcile net income to net cash provided by operating activities:          
Provision for Loan Losses 800,000 300,000 2,800,000 900,000 $ 1,500,000
Change in deferred loan origination costs/fees, net     3,809,000 (553,000)  
Depreciation and amortization     1,077,000 1,065,000  
Stock-based compensation expense     195,000 150,000  
Gain on sale of investments 0 0 0 (20,000)  
Amortization of investment security premiums     776,000 598,000  
Gain (loss) on sale of OREO and other vehicles     11,000 (14,000)  
Gain on sale of loans held for sale (317,000) (313,000) (945,000) (788,000)  
Gain on sale of building     (218,000) 0  
Loans originated for sale     (18,647,000) (16,766,000)  
Proceeds from loan sales     21,283,000 17,887,000  
Earnings on bank-owned life insurance     (260,000) (246,000)  
Increase in accrued interest receivable and other assets     (2,959,000) (297,000)  
Decrease in accrued interest payable and other liabilities     (114,000) (643,000)  
Net cash provided by operating activities     17,001,000 12,903,000  
Cash Flows from Investing Activities:          
Proceeds from principal repayments from available-for-sale government-sponsored mortgage-backed securities     30,247,000 16,946,000  
Proceeds from matured and called available-for-sale securities     380,000 0  
Purchases of available-for-sale securities     (26,790,000) (21,471,000)  
Proceeds from sale of available-for-sale securities     0 11,379,000  
Purchase of FHLB stock     (150,000) 0  
Net increase in loans     (130,637,000) (36,881,000)  
Proceeds from sale of OREO     0 85,000  
Proceeds from sale of other vehicles     370,000 420,000  
Proceed from sale of building     1,348,000 0  
Purchase of premises and equipment     (1,367,000) (1,053,000)  
Net cash used in investing activities     (126,599,000) (30,575,000)  
Cash Flows from Financing Activities:          
Net increase in demand, interest bearing and savings deposits     229,521,000 64,328,000  
Net increase (decrease) in time deposits     684,000 (14,710,000)  
Net (decrease) increase in securities sold under agreements to repurchase     (854,000) 331,000  
Cash dividends paid on common stock     (1,243,000) (1,186,000)  
Proceeds from FHLB advances     10,000,000 0  
Proceeds from exercise of stock options     79,000 103,000  
Net cash provided by financing activities     238,187,000 48,866,000  
Increase in cash and cash equivalents     128,589,000 31,194,000  
Cash and Cash Equivalents at Beginning of Year     46,942,000 46,686,000 46,686,000
Cash and Cash Equivalents at End of Period 175,531,000 77,880,000 175,531,000 77,880,000 $ 46,942,000
Supplemental Disclosure of Cash Flow Information:          
Interest expense     976,000 1,334,000  
Income taxes     3,922,000 4,409,000  
Non-Cash Investing Activities:          
Real estate and vehicles acquired through foreclosure $ 381,000 $ 409,000 381,000 409,000  
Non-Cash Financing Activities:          
Common stock retired in connection with the exercise of stock options     $ 46,000 $ 42,000