XML 69 R8.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statement of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES    
Net income $ 12,711,000 $ 12,431,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 890,000 840,000
Investment securities gains on sale, net [1] (194,000)
(Gain) loss on equity securities [1] (94,000) 9,000
Depreciation and amortization of premises and equipment, net 1,039,000 951,000
Software amortization expense 638,000 605,000
Financing lease amortization expense 360,000
Amortization of premium and discount on investment securities, net 259,000 419,000
Accretion of deferred loan fees, net (753,000) (868,000)
Amortization of core deposit intangibles 341,000 352,000
Stock-based compensation expense 644,000 467,000
Origination of loans held for sale (19,845,000) (13,196,000)
Proceeds from sale of loans 19,655,000 13,293,000
Gain on sale of loans (433,000) (231,000)
Earnings on bank-owned life insurance [1] (431,000) (428,000)
Deferred income tax 327,000 (241,000)
Net gain on other real estate owned (123,000) (55,000)
Decrease (increase) in accrued interest receivable 162,000 (345,000)
Increase in accrued interest payable 173,000 166,000
Other, net (1,867,000) 112,000
Net cash provided by operating activities 13,459,000 14,281,000
INVESTING ACTIVITIES    
Proceeds from repayments and maturities 17,687,000 7,280,000
Proceeds from sale of securities 12,324,000 0
Purchases (34,961,000) (12,999,000)
Decrease (increase) in loans, net 6,932,000 (68,796,000)
Proceeds from the sale of other real estate owned 360,000 163,000
Purchase of premises and equipment (1,897,000) (2,101,000)
Purchase of restricted stock (169,000) (90,000)
Net cash provided by (used in) investing activities 276,000 (76,543,000)
FINANCING ACTIVITIES    
Net increase in deposits 4,776,000 137,873,000
(Decrease) increase in short-term borrowings, net (85,323,000) 15,691,000
Net repayment of other borrowings (426,000) (20,262,000)
Restricted stock cash portion (44,000)
Stock options exercised 4,000 168,000
Proceeds from dividend reinvestment and purchase plan 372,000 618,000
Repurchase of treasury shares (2,229,000)
Cash dividends (3,685,000) (3,779,000)
Net cash (used in) provided by financing activities (86,555,000) 130,309,000
(Decrease) increase in cash and cash equivalents (72,820,000) 68,047,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 107,933,000 39,886,000
CASH AND CASH EQUIVALENTS AT END OF YEAR 35,113,000 107,933,000
Cash paid during the year for:    
Interest on deposits and borrowings 12,967,000 9,743,000
Income taxes 2,705,000 2,125,000
Noncash operating transactions:    
Operating lease assets added to other, net (1,071,000)
Operating lease liabilities added to other, net 1,071,000
Noncash investing transactions:    
Transfers from loans to other real estate owned 122,000 166,000
Transfer of equity securities from investment securities available for sale, at fair value (625,000)
Finance lease assets added to premises and equipment (4,373,000)
Noncash financing transactions:    
Finance lease liabilities added to borrowed funds $ 4,373,000
[1] Not within scope of ASC 606