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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows from Operating Activities    
Net income $ 9,997 $ 11,197
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for loan losses 10,100 1,325
Depreciation and amortization 1,185 1,215
Net losses (gains) on the sale of OREO 7 (188)
Gains on sales of investment securities (670) 0
Unrealized gains on equity securities (115) (156)
Gain on sale of assets (6) 0
Net amortization of premium/discount on investment securities 70 (87)
Net accretion of merger accounting adjustments (509) (624)
Amortization of core deposit intangible 452 525
Amortization of right of use asset 377 0
Net change in right of use assets and lease liabilities (302) 86
Increase in OREO valuation allowance 2,177 766
Increase in cash surrender value of bank owned life insurance (661) (662)
Increase in deferred income tax benefit (2,253) (639)
Increase in accrued interest receivable (3,956) (256)
Stock based compensation 262 232
Net change due to deficit of fair market value over cost of leveraged ESOP shares released (37) (4)
Decrease (increase) in net deferred loan costs 3,542 (508)
Increase (decrease) in accrued expenses and other liabilities 1,236 (311)
(Increase) decrease in other assets (917) 180
Net Cash Provided by Operating Activities 19,979 12,091
Cash Flows from Investing Activities    
Purchase of AFS investment securities (107,351) (18,133)
Proceeds from redemption or principal payments of AFS investment securities 26,731 11,862
Purchase of HTM investment securities 0 (9,982)
Proceeds from maturities or principal payments of HTM investment securities 0 17,479
Proceeds from sale of AFS investment securities 64,109 0
Net decrease (increase) of FHLB stock 32 (689)
Loans originated or acquired (497,153) (346,818)
Principal collected on loans 320,765 274,912
Purchase of premises and equipment (209) (613)
Proceeds from sale of OREO 2,831 324
Proceeds from disposal of asset 21 0
Net Cash Used in Investing Activities (190,224) (71,658)
Net Cash Used in Investing Activities    
Net increase in deposits 267,769 130,331
Proceeds from long-term debt 164,036 35,000
Payments of long-term debt (76,194) (49)
Net decrease in short term borrowings (5,000) (20,000)
Payments of subordinated notes (23,000) 0
Dividends paid (2,115) (2,004)
Net change in unearned ESOP shares 0 (39)
Repurchase of common stock (27) (17)
Net Cash Provided by Financing Activities 325,469 143,222
Increase in Cash and Cash Equivalents 155,224 83,655
Cash and Cash Equivalents - January 1 32,469 33,036
Cash and Cash Equivalents - September 30 187,693 116,691
Cash paid during the period for    
Interest 9,072 14,579
Income taxes 7,133 4,913
Supplemental Schedule of Non-Cash Operating Activities    
Issuance of common stock for payment of compensation 303 107
Transfer from loans to OREO 1,240 3,266
Financed amount of sale of OREO 0 280
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Right-of use assets and lease liability recorded upon adoption of ASC 842 $ 0 $ 8,933