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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Apr. 17, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 15,110 $ 9,869  
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 1,150 950  
Depreciation and amortization 566 532  
Amortization and accretion of loans and other assets (2,333) (1,796)  
Amortization and accretion of investment securities 1,091 277  
Deferred income taxes 1,029 173  
Investment securities (gains) losses, net (266) 126  
Earnings on bank owned life insurance (1,478) (334)  
Originations of loans held for sale (25,914) (31,889)  
Proceeds from sales of loans held for sale 35,812 15,542  
Realized gains on loans sold (814) (427)  
Decrease (increase) in accrued interest receivable 434 (809)  
Decrease in accrued interest payable (228) (364)  
Other, net (2,436) 2,444  
Net cash provided by (used in) operating activities 21,723 (5,706)  
Available-for-sale securities:      
Proceeds from sales 5,045 5,476  
Proceeds from maturity and principal repayments 28,433 44,204  
Purchase of securities (111,036) (76,877)  
Purchase of equity securities 0 (245)  
Purchase of interest bearing time deposits with other banks 0 (350)  
Proceeds from life insurance 3,714 0  
Proceeds from matured interest bearing time deposits with other banks 1,492 350  
Proceeds from redemption of regulatory stock 2,235 6,383  
Purchase of regulatory stock (2,025) (3,923)  
Net increase in loans (7,758) (22,949)  
Purchase of premises and equipment (858) (561)  
Proceeds from sale of foreclosed assets held for sale 524 466  
Acquisition, net of cash paid 0 1,023  
Net cash used in investing activities (80,234) (47,003)  
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase in deposits 93,529 93,339  
Proceeds from long-term borrowings 9,869 5,000  
Repayments of long-term borrowings (2,000) (3,000)  
Net (decrease) increase in short-term borrowed funds 1,120 (17,423)  
Purchase of treasury and restricted stock (849) (1,502)  
Dividends paid (3,671) (3,195)  
Net cash provided by financing activities 97,998 73,219  
Net increase in cash and cash equivalents 39,487 20,510  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 68,707 18,520  
CASH AND CASH EQUIVALENTS AT END OF PERIOD 108,194 39,030  
Supplemental Disclosures of Cash Flow Information:      
Interest paid 3,945 4,523  
Income taxes paid 3,500 0  
Loans transferred to foreclosed property 517 0  
Right of use asset and liability 211 0  
Stock dividend 2,352 $ 1,916  
Non-cash assets acquired      
Goodwill [1] $ 31,376    
MidCoast Community Bancorp, Inc [Member]      
Non-cash assets acquired      
Available-for-sale securities     $ 0
Interest bearing time deposits with other banks     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 assets acquired     18,206
Cash and cash equivalents acquired     $ 8,637
[1] Excludes fully amortized intangible assets