XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income $ 6,971 $ 2,023
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses (800) 3,330
Provision for deferred taxes 238 399
Depreciation 1,490 646
Deferred loan fees, net 1,215 4,259
Accretion on discount of purchased loans, net (62) (136)
Stock based compensation, net 467 594
Increase in cash surrender value of life insurance (327) (296)
Discount on retained portion of sold loans, net (18) (166)
Loss on sale of investment securities, net   70
Increase in accrued interest receivable and other assets (1,924) (3,902)
Decrease in accrued interest payable and other liabilities (684) (282)
Net cash from operating activities 6,566 6,539
Cash flows from investing activities:    
Purchase of investment securities (12,245) (21,666)
Proceeds from sales of investment securities   7,662
Proceeds from principal payments on investment securities 6,155 3,570
Net increase (decrease) in loans 16,378 (351,545)
Purchase of low income tax credit investments (549) (714)
Purchase of premises and equipment (801) (1,687)
Purchase of bank-owned life insurance policies (40) (821)
Net cash used in investing activities 8,898 (365,201)
Cash flows from financing activities:    
Net increase in customer deposits 147,566 397,466
Paydown of long term borrowing (189,043)  
Proceeds from short term and overnight borrowings   354,703
Proceeds from exercised stock options, net 2 220
Net cash provided by financing activities (41,475) 752,389
Increase in cash and cash equivalents (26,011) 393,727
Cash and cash equivalents, beginning of period 418,517 114,342
Cash and cash equivalents, end of period 392,506 508,069
Supplemental disclosure of cash flow information:    
Recording of right to use assets and operating lease liabilities   3,516
Cash paid during the year for:    
Interest 3,739 4,114
Income taxes $ 1,521 $ 164