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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows from Operating Activities    
Net income $ 19,135 $ 9,997
Adjustments to reconcile net income to net cash provided by operating activities    
Provision for loan losses 586 10,100
Depreciation and amortization 1,150 1,185
Provision for loss on premises held for sale 20 0
Loans originated for resale (1,479) 0
Proceeds from sale of loans originated for sale 1,514 0
Net gains on sale of loans held for sale (30) 0
Loss on sale of loans 191 0
Net (gain) loss on the sale of OREO (16) 7
Gains on sales of investment securities (586) (670)
Unrealized loss (gain) on equity securities 94 (115)
Gain on sale or disposition of assets (68) (6)
Net amortization of premium/discount on investment securities 636 70
Net accretion of merger accounting adjustments (256) (509)
Net amortization of debt issuance costs (30) 0
Amortization of core deposit intangible 380 452
Amortization of right of use asset 304 377
Net change in right of use assets and lease liabilities (302) (302)
Increase in OREO valuation allowance 641 2,177
Increase in cash surrender value of bank owned life insurance (652) (661)
Decrease (increase) in deferred income tax benefit 710 (2,253)
Decrease (increase) in accrued interest receivable 2,672 (3,956)
Stock based compensation 561 262
Net change due to deficit of fair market value over cost of leveraged ESOP shares released (2) (37)
Decrease (increase) in net deferred loan costs 2,324 3,542
Increase (decrease) in accrued expenses and other liabilities 3,886 1,236
(Increase) decrease in other assets (917) (917)
Net Cash Provided by Operating Activities 30,466 19,979
Cash Flows from Investing Activities    
Purchase of AFS investment securities (265,704) (107,351)
Proceeds from redemption or principal payments of AFS investment securities 36,408 26,731
Proceeds from sale of AFS investment securities 12,540 64,109
Net decrease (increase) of FHLB stock 1,305 32
Net change in loans (9,617) 176,388
Purchase of premises and equipment (2,264) (209)
Proceeds from sale of OREO 947 2,831
Proceeds from sale of loans 11,965 0
Proceeds from disposal of asset 12 21
Net Cash Used in Investing Activities (195,174) (190,224)
Cash Flows from Financing Activities    
Net increase in deposits 259,005 267,769
Proceeds from long-term debt 0 164,036
Payments of long-term debt (15,053) (76,194)
Net increase in short term borrowings 0 (5,000)
Payments of subordinated notes - 6.25% 0 (23,000)
Dividends paid (2,355) (2,115)
Repurchase of common stock (6,711) (27)
Net Cash Provided by Financing Activities 234,886 325,469
Increase in Cash and Cash Equivalents 70,178 155,224
Cash and Cash Equivalents - January 1 77,065 32,469
Cash and Cash Equivalents - September 30 147,243 187,693
Cash paid during the period for    
Interest 3,205 9,072
Income taxes 6,278 7,133
Supplemental Schedule of Non-Cash Operating Activities    
Issuance of common stock for payment of compensation 164 303
Transfer from loans to OREO $ 0 $ 1,240