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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Cash flows from operating activities      
Net income $ 36,269 $ 27,129 $ 25,525
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 2,039 2,221 1,938
Change in deferred taxes 999 (262) 336
Provision (credit) for loan losses (375) 6,050 1,250
Loans originated for resale (106,393) (128,375) (37,721)
Proceeds from sales and transfers of loans 114,491 125,982 38,218
Net gain on sales of loans (3,078) (3,308) (651)
Net gain on sale or call of securities (23) (1,155) (224)
Net amortization of investment premiums 2,351 1,944 1,082
Net gain on sale of other real estate owned (91) (170) (113)
Provision for losses on other real estate owned 0 45 0
Equity compensation expense 856 652 565
Net (increase) decrease in other assets and accrued interest 18,604 (17,737) (7,690)
Net increase (decrease) in other liabilities (9,332) 9,347 2,802
Net (gain) loss on disposal of premises and equipment (2) (19) 386
Amortization of investments in limited partnerships 309 311 307
Net acquisition amortization 69 43 43
Net cash provided by operating activities 56,693 22,698 26,053
Cash flows from investing activities      
(Increase) decrease in interest-bearing deposits in other banks (10,527) (44,841) 769
Proceeds from sales of securities available for sale 19,240 103,579 8,339
Proceeds from maturities, payments, calls of securities available for sale 104,424 141,598 78,825
Proceeds from maturities, payments, calls and sales of securities held to maturity 80,217 81,809 24,087
Proceeds from sales of other real estate owned 999 542 418
Purchases of securities available for sale (141,222) (197,207) (98,257)
Cash paid for limited partnerships 0 (717) 0
Purchases of securities to be held to maturity (85,061) (165,658) (71,857)
Purchase of restricted equity securities 0 (1,563) 0
Redemption of restricted equity securities 5,180 0 2,604
Net increase in loans (171,245) (159,080) (59,635)
Capital expenditures (3,757) (2,540) (1,573)
Proceeds from sale of premises and equipment 3 67 0
Cash paid, net of cash acquired, in branch acquisition 0 (6,060) 0
Net cash used in investing activities (201,749) (250,071) (116,280)
Cash flows from financing activities      
Net increase in demand, savings, and money market accounts 318,066 262,035 24,811
Net increase (decrease) in certificates of deposit (39,380) (87,151) 98,570
Advances on long-term borrowings 0 55,000 0
Repayment on long-term borrowings (7) (10,007) (25,362)
Net increase (decrease) in short-term borrowings (125,689) 32,090 0
Payment to repurchase common stock (253) (156) (183)
Proceeds from sale of common stock 689 670 653
Dividends paid (13,948) (13,329) (12,963)
Net cash provided by financing activities 139,478 239,152 85,526
Net increase (decrease) in cash and cash equivalents (5,578) 11,779 (4,701)
Cash and cash equivalents at beginning of year 26,212 14,433 19,134
Cash and cash equivalents at end of year 20,634 26,212 14,433
Interest paid 11,141 17,560 26,088
Income taxes paid 6,548 5,049 3,994
Non-cash transactions:      
Net transfer from loans to other real estate owned 0 1,046 0
Fair value of assets acquired 0 (25,328) 0
Less liabilities assumed 0 19,268 $ 0
Right of use lease asset 822 511  
Operating lease liability $ (822) $ (511)