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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 $ 13,035 $ 13,782 $ 3,185
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for (recovery of) loan losses 438 (156) 1,367
Depreciation and amortization of premises and equipment 1,790 1,738 1,144
Amortization and accretion of investment securities 767 560 556
Amortization of right of use asset 990 0 0
Amortization of deferred loan fees and costs (844) (744) (602)
Amortization of core deposit intangible 825 1,016 409
Amortization of acquisition premium on time deposits (14) (178) (292)
Amortization of acquisition premium on borrowings 0 (12) (89)
Deferred income taxes 585 1,061 2,325
Stock-based compensation 369 178 115
Accretion on acquired loans (904) (3,051) (1,061)
Proceeds from loans held for sale 34,578 22,726 0
Originations of loans held for sale (34,173) (22,711) (98)
Gain on loans held for sale (753) (497) 0
Gain on the sale of securities (48) 0 (1)
Increase in cash surrender value of bank-owned life insurance (672) (686) (575)
Loss (gain) on sale of premises and equipment 60 62 (5)
Loss on assets held for sale 8 178 0
Net loss on sale and write-downs of foreclosed real estate 49 71 442
Change in assets and liabilities:      
Net change in accrued interest receivable (300) 108 (432)
Net change in other assets (1,708) 2,578 526
Net change in accrued expenses and other liabilities (719) (11,210) (356)
NET CASH (USED) PROVIDED BY OPERATING ACTIVITIES 13,359 4,813 6,558
CASH FLOWS FROM INVESTING ACTIVITIES      
Redemption (purchase) of FHLB stock 238 (793) 1,265
Purchase of investment securities available for sale (38,698) 0 (1,523)
Maturities of investment securities available for sale 3,383 1,400 4,255
Mortgage-backed securities pay-downs 13,805 9,685 6,015
Proceeds from sale of investment securities available for sale 1,125 0 21,972
Cash received from branch acquisition 24,093 0 28,513
Net change in loans outstanding (45,584) (247) (108,814)
Proceeds from sale of foreclosed real estate 120 717 1,442
Net change in other non-marketable securities 43 257 73
Proceeds from sale of premises and equipment 68 104 9
Proceeds from sale of assets held for sale 660 0 0
Purchases of premises and equipment (1,381) (1,556) (931)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (42,128) 9,567 (47,724)
CASH FLOWS FROM FINANCING ACTIVITIES      
Net change in deposits (12,614) (14,439) 89,356
Proceeds from long-term debt 0 38,000 0
Repayments on short-term debt (7,000) (21,267) (26,722)
Repayments of long-term debt 0 0 (14,653)
Repayment in lease liability (703) 0 0
Proceeds from issuance of common stock 0 63,250 0
Direct expenses related to capital transactions 0 (3,444) 0
Repurchase common stock (11,427) 0 0
Proceeds from stock options exercised 228 187 166
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES (31,516) 62,287 48,147
CASH AND CASH EQUIVALENTS, BEGINNING 139,362 62,695  
CASH AND CASH EQUIVALENTS, ENDING 79,077 139,362 62,695
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Interest 11,645 9,210 4,900
Income Taxes 2,553 2,277 3,471
Non-cash transactions:      
Unrealized (losses) gains on investment securities available for sale, net of tax 959 (457) (40)
Transfers from loans to foreclosed real estate 2,614 618 2,543
Acquisition:      
Assets acquired (excluding goodwill) 26,258 0 279,142
Liabilities assumed 25,776 0 256,422
Purchase price 482 0 40,693
Goodwill recorded $ 0 $ 0 $ 17,973