XML 40 R9.htm IDEA: XBRL DOCUMENT v3.19.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net income $ 7,166,000 $ 5,968,000
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 1,061,000 966,000
Amortization of deferred loan fees (1,403,000) (1,317,000)
Net amortization of premiums and discounts 120,000 174,000
Reversal of provision for loan losses (500,000) (300,000)
Write-downs and losses on real estate acquired through foreclosure, net of gains 244,000 54,000
Gain on sale of mortgage loans (2,915,000) (1,970,000)
Proceeds from sale of mortgage loans held for sale 130,129,000 64,815,000
Originations of loans held for sale (135,766,000) (67,338,000)
Stock-based compensation 109,000 169,000
Increase in cash surrender value of bank-owned life insurance (116,000) (122,000)
Deferred income taxes 435,000 2,083,000
Decrease (increase) in accrued interest receivable 334,000 (49,000)
Increase in other assets (2,567,000) (1,408,000)
Increase in accrued expenses and other liabilities 2,874,000 2,808,000
Net cash (used in) provided by operating activities (795,000) 4,533,000
Cash flows from investing activities:    
Redemption of certificates of deposit held for investment 1,240,000  
Loan principal repayments, net of (disbursements) 22,722,000 (19,943,000)
Redemption of restricted stock investments 1,335,000 623,000
Purchases of premises and equipment, net (700,000) (758,000)
Activity in securities held to maturity:    
Maturities/calls/repayments 8,535,000 11,093,000
Activity in available-for-sale securities:    
Purchases   (2,000,000)
Maturities/calls/repayments 3,000,000  
Proceeds from sales of real estate acquired through foreclosure 107,000 64,000
Net cash provided by (used in) investing activities 36,239,000 (10,921,000)
Cash flows from financing activities:    
Net (decrease) increase in deposits (122,352,000) 91,949,000
Additional long-term borrowings   46,500,000
Repayments of long-term borrowings (35,000,000) (61,500,000)
Common stock dividends (1,276,000) (1,128,000)
Preferred stock dividends   (70,000)
Exercise of stock options 97,000 100,000
Net cash (used in) provided by financing activities (158,531,000) 75,851,000
(Decrease) increase in cash and cash equivalents (123,087,000) 69,463,000
Cash and cash equivalents at beginning of period 188,340,000 21,853,000
Cash and cash equivalents at end of period 65,253,000 91,316,000
Supplemental Noncash Disclosures:    
Interest paid on deposits and borrowed funds 7,148,000 6,144,000
Income taxes paid 1,919,000 $ 96,000
Real estate acquired in satisfaction of loans 687,000  
Initial recognition of operating lease right-of-use asset 2,684,000  
Initial recognition of operating lease liability 2,684,000  
Transfers of loans held for sale to loan portfolio $ 648,000