XML 19 R9.htm IDEA: XBRL DOCUMENT v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows from Operating Activities    
Net income $ 6,299 $ 2,748
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for loan losses 295 4,100
Depreciation and amortization 399 403
Loss on sale of loans 191 0
Net (gain) loss on the sale of OREO (22) 3
Gains on sales of investment securities (586) (329)
Unrealized loss (gain) on equity securities 85 (75)
Net amortization of premium/discount on investment securities 108 (29)
Net accretion of merger accounting adjustments (90) (222)
Net amortization of debt issuance costs (58) 0
Amortization of core deposit intangible 133 157
Amortization of right of use asset 128 0
Net change in right of use assets and lease liabilities (161) 27
Increase in OREO valuation allowance 180 732
Increase in cash surrender value of bank owned life insurance (214) (219)
Increase in deferred income tax benefit 232 (796)
Decrease (increase) in accrued interest receivable 1,380 (58)
Stock based compensation 186 76
Net change due to deficit of fair market value over cost of leveraged ESOP shares released (5) (4)
Decrease (increase) in net deferred loan costs 1,240 (181)
Decrease in accrued expenses and other liabilities (399) (1,325)
(Increase) decrease in other assets (158) 2,977
Net Cash Provided by Operating Activities 9,163 7,985
Cash Flows from Investing Activities    
Purchase of AFS investment securities (35,557) (53,919)
Proceeds from redemption or principal payments of AFS investment securities 12,420 8,572
Proceeds from sale of AFS investment securities 12,540 41,902
Net decrease (increase) of FHLB stock 742 (2,179)
Net change in loans (18,710) (35,675)
Purchase of premises and equipment (668) (46)
Proceeds from sale of OREO 622 700
Proceeds from sale of loans 8,858 0
Net Cash Used in Investing Activities (19,753) (40,645)
Net Cash Used in Investing Activities    
Net increase in deposits 122,294 752
Proceeds from long-term debt 0 27,000
Payments of long-term debt (17) (17)
Net increase in short term borrowings 0 22,000
Payments of subordinated notes - 6.25% 0 (23,000)
Dividends paid (704) (702)
Repurchase of common stock (210) 0
Net Cash Provided by Financing Activities 121,363 26,033
Increase (decrease) in Cash and Cash Equivalents 110,773 (6,627)
Cash and Cash Equivalents - January 1 77,065 32,469
Cash and Cash Equivalents - March 31 187,838 25,842
Cash paid during the period for    
Interest 1,105 4,331
Income taxes 0 0
Supplemental Schedule of Non-Cash Operating Activities    
Issuance of common stock for payment of compensation $ 0 $ 303