XML 18 R8.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 8,151 $ 5,774
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 590 970
Amortization of deferred loan costs 77 146
Accretion of deferred Paycheck Protection Program loan fees (1,306) (124)
Depreciation 399 384
Net amortization of investment security premiums and discounts 122 196
Stock compensation expense 307 189
Income on bank owned life insurance (343) (297)
Realized gain on sale of securities available for sale (24) (128)
Loans originated for sale   (689)
Proceeds from sale of loans   748
Net realized gain on sale of loans   (59)
Decrease (increase) in accrued interest receivable 324 (906)
(Increase) decrease in other assets (575) 250
Decrease in accrued interest payable (887) (1,588)
Increase in other liabilities 1,015 678
Net Cash Provided by Operating Activities 7,850 5,544
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of securities available for sale (125,559) (81,890)
Maturities, calls and principal repayments of securities available for sale 30,327 34,328
Proceeds from sales of securities available for sale 3,333 4,023
Net increase in loans (17,421) (24,429)
Net decrease (increase) in Paycheck Protection Program loans 13,447 (64,935)
Net (purchase) redemption of restricted investment in bank stock (94) 129
Purchases of premises and equipment (398) (939)
Net Cash Used in Investing Activities (96,365) (133,713)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in deposits 115,997 123,906
Net increase in securities sold under agreements to repurchase 2,129 4,028
Proceeds from employee stock purchase plan 27 27
Decrease in short-term borrowed funds   (18,067)
Proceeds from long-term borrowed funds   14,651
Proceeds from Paycheck Protection Program Liquidity Facility borrowed funds   62,039
Repayment of Paycheck Protection Program Liquidity Facility borrowed funds (50,794)  
Purchase of treasury stock (600) (720)
Net Cash Provided by Financing Activities 66,759 185,864
Net (Decrease) Increase in Cash and Cash Equivalents (21,756) 57,695
CASH AND CASH EQUIVALENTS - BEGINNING 131,907 39,986
CASH AND CASH EQUIVALENTS - ENDING 110,151 97,681
SUPPLEMENTARY CASH FLOWS INFORMATION    
Interest paid 3,047 5,300
Income taxes paid 2,127 $ 1,286
Non-cash Investing and Financing Activities:    
Right of use assets obtained in exchange for new operating lease liabilities $ 1,215