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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Apr. 17, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income $ 22,174 $ 17,876  
Adjustments to reconcile net income to net cash provided by operating activities:      
Provision for loan losses 1,550 1,500  
Depreciation and amortization 840 839  
Amortization and accretion of loans and other assets (3,376) (2,487)  
Amortization and accretion of investment securities 1,637 648  
Deferred income taxes 964 359  
Investment securities losses (gains), net (500) (26)  
Earnings on bank owned life insurance (1,643) (514)  
Vesting of restricted stock 403 281  
Originations of loans held for sale (35,458) (62,677)  
Proceeds from sales of loans held for sale 47,648 45,113  
Realized gains on loans sold (1,109) (1,282)  
Increase (decrease) in accrued interest receivable 767 (1,023)  
Decrease in accrued interest payable (194) (246)  
Other, net (1,325) (729)  
Net cash provided (used) by operating activities 32,378 (2,368)  
Available-for-sale securities:      
Proceeds from sales 29,198 18,621  
Proceeds from maturity and principal repayments 40,734 55,455  
Purchase of securities (177,000) (117,166)  
Purchase of equity securities 0 (1,439)  
Proceeds from sale of equity securities 0 168  
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 2,484 848  
Proceeds from redemption of regulatory stock 3,957 7,923  
Purchase of regulatory stock (2,896) (6,424)  
Net increase in loans (34,401) (24,741)  
Purchase of premises and equipment (1,043) (760)  
Proceeds from sale of foreclosed assets held for sale 1,095 669  
Acquisition, net of cash paid 0 1,023  
Net cash used in investing activities (134,158) (66,173)  
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net increase in deposits 152,111 132,807  
Proceeds from long-term borrowings 9,869 20,000  
Repayments of long-term borrowings (21,800) (3,000)  
Net increase (decrease) in short-term borrowed funds 1,287 (17,876)  
Purchase of treasury and restricted stock (894) (2,120)  
Reissuance of treasury stock 0 255  
Dividends paid (5,529) (4,736)  
Net cash provided by financing activities 135,044 125,330  
Net increase in cash and cash equivalents 33,264 56,789  
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 68,707 18,520  
CASH AND CASH EQUIVALENTS AT END OF PERIOD 101,971 75,309  
Supplemental Disclosures of Cash Flow Information:      
Interest paid 5,663 6,321  
Income taxes paid 4,000 3,500  
Loans transferred to foreclosed property 552 32  
Right of use asset and liability 487 636  
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