XML 24 R8.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Apr. 17, 2020
Cash Flows from Operating Activities:        
Net income $ 29,060 $ 29,118 $ 25,103  
Adjustments to reconcile net income to net cash provided by operating activities:        
Provision for loan losses 1,683 1,550 2,400  
Depreciation and amortization 1,033 1,113 1,138  
Amortization and accretion of loans and other assets (1,950) (4,535) (3,960)  
Amortization and accretion on investment securities 1,889 2,215 1,155  
Deferred income taxes (36) 689 367  
Equity security (gains) losses, net 247 (339) 41  
Available for sale security (gains) losses, net 14 (212) (305)  
Earnings on bank owned life insurance (852) (1,828) (695)  
Stock awards 336 614 473  
Originations of loans held for sale (10,024) (44,668) (88,024)  
Proceeds from sales of loans held for sale 14,004 55,621 75,809  
Realized gains on loans sold (258) (1,283) (2,168)  
(Increase) decrease in accrued interest receivable (2,097) 764 (857)  
Increase (decrease) in accrued interest payable 521 (306) (235)  
Other, net (330) 180 1,580  
Net cash provided by operating activities 33,240 38,693 11,822  
Available-for-sale securities:        
Proceeds from sales of available-for-sale securities 7,480 29,198 23,415  
Proceeds from maturity and principal repayments of securities 33,554 55,520 70,008  
Purchase of securities (117,913) (211,218) (143,987)  
Purchase of equity securities (218) 0 (1,339)  
Proceeds from sale of equity securities 33 0 168  
Proceeds from redemption of Regulatory Stock 7,770 4,989 9,454  
Purchase of Regulatory Stock (15,105) (3,688) (7,396)  
Net increase in loans (281,389) (32,111) (63,440)  
Purchase of interest bearing time deposits (3,720) 0 (350)  
Proceeds from matured interest bearing time deposits with other banks 5,954 2,732 848  
Proceeds from sale of interest bearing time deposits with other banks 2,733 0 0  
Purchase of bank owned life insurance 0 (7,800) 0  
Purchase of premises, equipment and software (1,634) (1,105) (942)  
Proceeds from life insurance 0 3,714 0  
Investments in low income housing partnerships (1,123) 0 0  
Proceeds from sale of foreclosed assets held for sale 1,126 1,537 1,805  
Acquisition, net of cash paid 0 0 1,022  
Net cash used in investing activities (362,452) (158,232) (110,734)  
Cash Flows from Financing Activities:        
Net increase in deposits 8,057 247,293 168,914  
Proceeds from long-term borrowings 0 9,869 20,000  
Repayments of long-term borrowings (4,725) (26,800) (15,000)  
Net increase (decrease) in short-term borrowed funds 188,013 2,060 (16,280)  
Purchase of treasury stock (1,279) (1,374) (2,122)  
Sale of treasury stock to employee stock purchase plan 112 0 126  
Dividends paid (7,588) (7,383) (6,539)  
Net cash provided by financing activities 182,590 223,665 149,099  
Net (decrease) increase in cash and cash equivalents (146,622) 104,126 50,187  
Cash and Cash Equivalents at Beginning of Year 172,833 68,707 18,520  
Cash and Cash Equivalents at End of Year 26,211 172,833 68,707  
Supplemental Disclosures of Cash Flow Information:        
Interest paid 10,703 7,411 8,175  
Income taxes paid 6,600 5,500 4,750  
Non-cash activities:        
Stock Dividend 2,560 2,352 1,916  
Real estate acquired in settlement of loans 61 906 281  
Right of use asset and liability 2,403 1,636 $ 636  
Non-cash assets acquired        
Goodwill 31,376 31,376    
MidCoast Community Bancorp, Inc [Member]        
Non-cash assets acquired        
Available-for-sale securities 0 0   $ 0
Interest bearing time deposits with other banks 0 0   0
Loans 0 0   223,235
Premises and equipment 0 0   1,787
Accrued interest receivable 0 0   586
Bank owned life insurance 0 0   3,766
Intangibles 0 0   157
Deferred tax asset 0 0   3,402
Other assets 0 0   2,878
Goodwill 0 0   8,080
Total Non-cash assets acquired 0 0   243,891
Liabilities assumed        
Noninterest-bearing deposits 0 0   38,694
Interest-bearing deposits 0 0   170,132
Accrued interest payable 0 0   164
Borrowed funds 0 0   15,497
Other liabilities 0 0   1,198
Total liabilities assumed 0 0   225,685
Net non-cash liabilities acquired 0 0   18,206
Cash and cash equivalents acquired $ 0 $ 0   $ 8,637