XML 18 R8.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Apr. 17, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 17,876 $ 14,447  
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Provision for loan losses 1,500 1,150  
Depreciation and amortization (1,648) 357  
Amortization and accretion of investment securities 648 129  
Deferred income taxes 359 420  
Investment securities losses (gains), net (26) (78)  
Earnings on bank owned life insurance (514) (463)  
Vesting of restricted stock 281 221  
Originations of loans held for sale (62,677) (15,261)  
Proceeds from sales of loans held for sale 45,113 15,183  
Realized gains on loans sold (1,282) (339)  
Increase in accrued interest receivable (1,023) (24)  
Increase (decrease) in accrued interest payable (246) (24)  
Other, net (729) 103  
Net cash (used in) provided by operating activities (2,368) 15,821  
Available-for-sale securities:      
Proceeds from sales 18,621 5,508  
Proceeds from maturity and principal repayments 55,455 51,028  
Purchase of securities (117,166) (59,788)  
Purchase of equity securities (1,439) (64)  
Proceeds from sale of equity securities 168 0  
Purchase of interest bearing time deposits with other banks (350) (248)  
Proceeds from matured interest bearing time deposits with other banks 848 1,490  
Proceeds from redemption of regulatory stock 7,923 7,784  
Purchase of regulatory stock (6,424) (9,127)  
Net increase in loans (24,741) (36,653)  
Purchase of premises and equipment (760) (225)  
Proceeds from sale of premises and equipment 0 7  
Proceeds from sale of foreclosed assets held for sale 669 813  
Acquisition, net of cash paid 1,023 0  
Net cash used in investing activities (66,173) (39,475)  
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase in deposits 132,807 14,148  
Proceeds from long-term borrowings 20,000 10,000  
Repayments of long-term borrowings (3,000) (3,123)  
Net (decrease) increase in short-term borrowed funds (17,876) 11,769  
Purchase of treasury stock (2,120) (1,236)  
Reissuance of treasury stock 255 115  
Dividends paid (4,736) (4,730)  
Net cash provided by financing activities 125,330 26,943  
Net increase in cash and cash equivalents 56,789 3,289  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 18,520 16,797  
CASH AND CASH EQUIVALENTS AT END OF PERIOD 75,309 20,086  
Supplemental Disclosures of Cash Flow Information:      
Interest paid 6,321 9,267  
Income taxes paid 3,500 2,450  
Loans transferred to foreclosed property 32 3,728  
Right of use asset and liability 636 $ 1,454  
Non-cash assets acquired      
Goodwill [1] $ 31,376    
MidCoast Community Bancorp, Inc [Member]      
Non-cash assets acquired      
Available-for-sale securities     $ 0
Loans     223,235
Premises and equipment     1,787
Accrued interest receivable     586
Bank owned life insurance     3,766
Intangibles     157
Deferred tax asset     3,402
Other assets     2,878
Goodwill     8,080
Total Non-cash assets acquired     243,891
Liabilities assumed      
Noninterest-bearing deposits     38,694
Interest-bearing deposits     170,132
Accrued interest payable     164
Borrowed funds     15,497
Other liabilities     1,198
Total liabilities assumed     225,685
Net non-cash liabilities acquired     18,206
Cash and cash equivalents acquired     $ 8,637
[1] Excludes fully amortized intangible assets