XML 20 R9.htm IDEA: XBRL DOCUMENT v3.20.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 4,574 $ 12,330
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sales of loans originated for sale (852) (173)
Loss (gain) on sales of foreclosed assets held for resale, including writedowns 13 (87)
Earnings on investment in bank-owned life insurance (725) (573)
Loss (gain) on equity securities 401 (162)
Restricted stock compensation expense 428 322
Depreciation and amortization 1,926 1,369
Provision for loan losses 6,550 275
Net amortization of investment securities premiums 356 175
Increase in accrued interest receivable (2,083) (295)
(Decrease) increase in accrued interest payable (239) 701
Mortgage loans originated for sale (45,592) (11,619)
Proceeds from sales of loans originated for sale 47,052 9,191
Decrease in other assets 2,339 1,800
Increase in deferred tax expense (1,711) (1,790)
Increase in other liabilities 4,094 1,400
Net Cash Provided by Operating Activities 16,531 12,864
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from maturities of investment securities held to maturity 4,305 2,544
Proceeds from maturities of investment securities available for sale 16,178 7,062
Purchase of investment securities available for sale (56,292) (17,865)
Purchase of equity securities 0 (500)
Redemption of restricted investment in bank stocks 1,203 134
Net (increase) decrease in loans (133,800) 22,971
Purchase of bank-owned life insurance (400) (1,500)
Bank acquisition, net of cash acquired 35,262 0
Insurance book- acquisition (542) (640)
Capital expenditures (586) (275)
Proceeds from sales of foreclosed real estate 144 290
Net Cash (Used in) Provided by Investing Activities (134,528) 12,221
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in demand deposits 146,050 2,959
Net increase in time certificates of deposits and interest bearing deposits 100,433 26,226
Net increase (decrease) in short-term borrowings 528 (10,511)
Proceeds from long-term borrowings 0 7,000
Repayments on long-term borrowings (7,298) (12,228)
Dividends paid (4,335) (3,383)
Common stock issued 494 553
Net Cash Provided by Financing Activities 235,872 10,616
Net Increase in Cash and Cash Equivalents 117,875 35,701
CASH AND CASH EQUIVALENTS — BEGINNING 114,356 40,905
CASH AND CASH EQUIVALENTS — ENDING 232,231 76,606
Supplemental disclosures of cash flow information    
Interest paid 6,933 4,004
Income taxes paid 0 1,520
Loans transferred to foreclosed assets held for resale and other foreclosed transactions 118 48
Increase in assets and liabilities:    
Securities (22,167) 0
Loans (333,362) 0
Premises and equipment (10,959) 0
Investment in bank-owned life insurance (10,896) 0
Restricted investments in bank stocks (1,141) 0
Foreclosed assets held for resale (464) 0
Goodwill (22,528) 0
Core deposit intangible assets (3,560) 0
Other assets (3,086) 0
Noninterest bearing deposits 103,492 0
Interest bearing deposits 270,566 0
Trust preferred debentures 6,000 0
Long term borrowings 3,450 0
Other liabilities 2,637 0
Common shares issued $ 57,280 $ 0