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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net earnings $ 5,398 $ 7,057
Adjustments to reconcile net earnings to net cash provided by operating activties:    
Provision for loan losses 1,100 0
Depreciation and amortization 1,336 705
Premium amortization and discount accretion, net 1,950 1,365
Net gain on securities available for sale (103) (57)
Net gain on sale of loans held for sale (1,569) (382)
Net gain on other real estate owned (52) (59)
Loans originated for sale (60,173) (22,051)
Proceeds from sale of loans 58,707 21,585
Increase in cash surrender value of bank owned life insurance (334) (326)
Income recognized on death benefit of life insurance (282) 0
Net (increase) decrease in other assets (1,241) (1,009)
Net (decrease) increase in accrued expenses and other liabilities (585) 1,671
Net cash provided by operating activities 4,152 8,499
Cash flows from investing activities:    
Proceeds from sales of securities available-for-sale 21,029 12,159
Proceeds from prepayments and maturities of securities available-for-sale 39,909 38,413
Purchase of securities available-for-sale (140,714) (55,212)
Decrease in loans, net (11,562) 11,735
Net purchases of premises and equipment (1,527) (1,604)
Proceeds from bank-owned life insurance death benefit (694) 0
(Increase) decrease in FHLB stock (9) 32
Proceeds from sale of other real estate owned 151 394
Net cash (used in) provided by investing activities (92,029) 5,917
Cash flows from financing activities:    
Net increase in noninterest-bearing deposits 42,264 1,630
Net increase in interest-bearing deposits 57,564 (2,752)
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase 1,001 (1,328)
Stock repurchases 0 (2,721)
Proceeds from sale of treasury stock 6 6
Dividends paid (2,728) (2,683)
Net cash provided by financing activities 98,107 (7,848)
Net change in cash and cash equivalents 10,230 6,568
Cash and cash equivalents at beginning of period 92,443 65,076
Cash and cash equivalents at end of period 102,673 71,644
Cash paid during the period for:    
Interest 3,011 3,037
Income taxes 678 1,499
Supplemental disclosure of non-cash transactions:    
Initial recognition of operating lease right of use assets 0 891
Initial recognition of operating lease liabilities 0 889
Real estate acquired through foreclosure $ 99 $ 82