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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows From Operating Activities    
Net income $ 9,011 $ 7,889
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation 1,408 1,122
Provision for loan losses 1,600 350
Deferred income tax provision (benefit) 20 (26)
Net amortization of premiums on investment securities 389 305
Equity in losses of limited partnerships 679 534
Stock based compensation expense 209 144
Net decrease (increase) in unamortized loan costs 1,579 (50)
Proceeds from sales of loans held for sale 193,016 103,207
Origination of loans held for sale (213,023) (111,988)
Net gains on sales of loans held for sale (5,354) (1,881)
Net gains on sales of investment securities available-for-sale (11) (8)
Net gain on other investments (114) (72)
(Increase) decrease in accrued interest receivable (1,167) 110
Amortization of core deposit intangible 129 129
Increase in other assets (5) (851)
(Decrease) increase in other liabilities (48) 2,478
Net cash (used in) provided by operating activities (11,682) 1,392
Interest bearing deposits in banks    
Proceeds from maturities and redemptions 1,336 2,487
Purchases (3,735) (249)
Investment securities available-for-sale    
Proceeds from sales 3,076 8,785
Proceeds from maturities, calls and paydowns 14,528 6,567
Purchases (16,675) (24,752)
Net (purchases) sales of other investments (70) 16
Net decrease (increase) in nonmarketable stock 1,457 (231)
Net increase in loans (95,866) (15,746)
Recoveries of loans charged off 29 10
Purchases of premises and equipment (937) (6,070)
Purchase of Company-owned life insurance 0 (3,000)
Investments in limited partnerships (2,257) (1,803)
Net cash used in investing activities (99,114) (33,986)
Cash Flows From Financing Activities    
Repayment of long-term debt 0 (20,070)
Net (decrease) increase in short-term borrowings outstanding (37,667) 39,413
Net increase in noninterest bearing deposits 68,121 4,268
Net increase (decrease) in interest bearing deposits 104,030 (25,076)
Net (decrease) increase in time deposits (6,099) 30,767
Issuance of common stock 22 44
Purchase of treasury stock 0 (13)
Dividends paid (4,268) (4,128)
Net cash provided by financing activities 124,139 25,205
Net increase (decrease) in cash and cash equivalents 13,343 (7,389)
Cash and cash equivalents    
Beginning of period 51,134 37,289
End of period 64,477 29,900
Supplemental Disclosures of Cash Flow Information    
Interest paid 4,498 3,787
Income taxes paid 400 575
Supplemental Schedule of Noncash Investing Activities    
Investment in limited partnerships acquired by capital contributions payable 2,722 619
Right-of-use operating lease assets obtained in exchange for operating lease liabilities 0 2,002
Dividends paid on Common Stock:    
Dividends declared 4,295 4,155
Dividends reinvested (27) (27)
Dividends paid $ 4,268 $ 4,128