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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OPERATING ACTIVITIES:      
Net income $ 16,048 $ 15,224 $ 15,686
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 3,711 3,076 2,951
Write down of assets held for sale 0 0 475
Loss on sale of premises and equipment 18 (14) 474
Amortization of intangible assets 191 227 264
Provision for loan losses 640 2,625 2,735
Stock based compensation 960 854 680
Amortization of investment security discounts and premiums, net 1,142 793 671
Securities gains, available for sale (699) (1,592) (640)
Originations of loans held for sale (85,938) (131,775) (61,723)
Proceeds of loans held for sale 89,926 134,916 62,174
Gain on sale of loans (2,474) (4,148) (1,754)
Net equity securities losses (gains) 37 (27) (89)
Net securities losses (gains), trading 3 11 (19)
Proceeds from sales of trading securities 0 0 78
Purchases of trading securities 0 0 (74)
Security trades receivable 0 0 (6,626)
Security trades payable (1,455) (1,566) 0
Earnings on bank-owned life insurance (916) (653) (574)
Decrease in deferred tax asset (359) 309 814
Other, net (2,912) 3,740 (1,453)
Net cash provided by operating activities 17,923 22,000 14,050
Investment debt securities available for sale:      
Proceeds from sales 17,947 20,767 23,799
Proceeds from calls, maturities and repayments 20,997 23,292 6,845
Purchases (46,499) (54,043) (40,180)
Proceeds from sales of equity securities 0 0 604
Net (increase) decrease in loans (48,170) 10,269 24,010
Acquisition of premises and equipment (1,137) (2,668) (2,706)
Proceeds from sale of premises and equipment 2 336 297
Proceeds from the sale of foreclosed assets 335 226 502
Purchase of bank-owned life insurance (30) (3,970) (30)
Distribution of non-controlling interest (25) 0 0
Proceeds from bank-owned life insurance death benefit 825 248 0
Investment in limited partnership (1,070) (3,347) 0
Proceeds from redemption of regulatory stock 3,143 3,561 13,934
Purchases of regulatory stock (2,297) (5,410) (8,600)
Net cash (used for) provided by investing activities (55,979) (10,739) 18,475
FINANCING ACTIVITIES:      
Net increase in interest-bearing deposits 81,869 55,827 90,170
Net increase in noninterest-bearing deposits 45,003 114,611 13,932
Proceeds from long-term borrowings 0 35,000 50,000
Repayment of long-term borrowings (30,000) (43,333) (32,608)
Net increase (decrease) in short-term borrowings 503 324 (162,945)
Finance lease principal payments (165) (112) (440)
Dividends paid (9,041) (9,020) (8,876)
Distributions to non-controlling interest (17) (36) 0
Issuance of common stock 408 247 89
Net cash provided by (used for) financing activities 88,560 153,508 (50,678)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 50,504 164,769 (18,153)
CASH AND CASH EQUIVALENTS, BEGINNING 213,358 48,589 66,742
CASH AND CASH EQUIVALENTS, ENDING 263,862 213,358 48,589
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:      
Interest paid 9,157 14,974 15,438
Income taxes paid 4,236 2,945 3,567
Transfer of loans to foreclosed real estate 83 232 525
Transfer due to adoption of ASU 2016-01, equity securities fair value adjust, reclassification from AOCI to Retained Earnings, net of tax 0 0 537
Right of use lease assets obtained in exchange for lessee finance lease liabilities 2,653 0 6,026
Right of use lease assets obtained in exchange for lessee operations lease liabilities $ 0 $ 0 $ 4,298