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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows From Operating Activities    
Net Income $ 7,889 $ 7,508
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation 1,122 886
Provision for loan losses 350 300
Deferred income tax credit (26) (57)
Net amortization of investment securities 305 294
Equity in losses of limited partnerships 534 428
Stock based compensation expense 144 123
Net increase in unamortized loan costs (50) (96)
Proceeds from sales of loans held for sale 103,207 84,541
Origination of loans held for sale (111,988) (82,729)
Net gains on sales of loans held for sale (1,881) (1,322)
Net gain on disposals of premises and equipment 0 (191)
Net gain on sales of investment securities available-for-sale (8) 0
Net gain on sales of other real estate owned 0 (11)
Decrease (increase) in accrued interest receivable 110 (70)
Amortization of core deposit intangible 129 129
Increase in other assets (851) (258)
Contribution to defined benefit pension plan 0 (850)
Increase in other liabilities 2,478 1,228
Net cash provided by operating activities 1,464 9,853
Interest bearing deposits in banks    
Proceeds from maturities and redemptions 2,487 1,843
Purchases (249) (2,238)
Investment securities held-to-maturity    
Proceeds from maturities, calls and paydowns 0 1,000
Investment securities available-for-sale    
Proceeds from sales 8,785 0
Proceeds from maturities, calls and paydowns 6,567 4,222
Purchases (24,752) (13,053)
Other Investments    
Proceeds from sales 47 44
Purchases (103) (120)
Net increase in nonmarketable stock (231) (468)
Net increase in loans (15,746) (49,739)
Recoveries of loans charged off 10 17
Purchases of premises and equipment (6,070) (2,391)
Purchase of Company-owned life insurance (3,000) 0
Proceeds from Company-owned life insurance death benefit 0 307
Investments in limited partnerships (1,803) (695)
Proceeds from sales of premises and equipment 0 204
Proceeds from sales of other real estate owned 0 47
Net cash used in investing activities (34,058) (61,020)
Cash Flows From Financing Activities    
Advances on long-term borrowings 150,000 164,175
Repayment of long-term debt (130,287) (156,940)
Net (decrease) increase in short-term borrowings outstanding (370) 3,174
Net increase (decrease) in noninterest bearing deposits 4,268 (1,228)
Net decrease in interest bearing deposits (25,076) (10,656)
Net increase in time deposits 30,767 32,033
Issuance of common stock 44 0
Purchase of treasury stock (13) (3)
Dividends paid (4,128) (3,996)
Net cash provided by financing activities 25,205 26,559
Net decrease in cash and cash equivalents (7,389) (24,608)
Cash and cash equivalents    
Beginning of period 37,289 38,508
End of period 29,900 13,900
Supplemental Disclosures of Cash Flow Information    
Interest Paid 3,787 2,440
Income taxes paid 575 1,350
Supplemental Schedule of Noncash Investing Activities    
Investment in limited partnerships acquired by capital contributions payable 619 1,321
Right-of-use operating lease assets obtained in exchange for operating lease liabilities 516 0
Right-of-use finance lease assets obtained in exchange for finance lease liabilities 1,486 0
Dividends paid on Common Stock:    
Dividends declared 4,155 4,019
Dividends reinvested (27) (23)
Dividends paid on Common Stock $ 4,128 $ 3,996