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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 (loss) $ 7,471 $ (1,223)
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sales of loans originated for sale (1,283) (318)
Loss on sales of foreclosed assets held for resale, including writedowns 0 13
Earnings on investment in bank-owned life insurance (338) (347)
(Gain) Loss on equity securities (365) 475
Restricted stock compensation expense 362 262
Depreciation and amortization 866 959
Provision for loan losses 50 4,000
Net amortization of investment securities premiums 410 125
Decrease (Increase) in accrued interest receivable 183 (91)
Decrease in accrued interest payable (612) (153)
Mortgage loans originated for sale (46,670) (14,302)
Proceeds from sales of loans originated for sale 46,987 16,290
(Increase) Decrease in other assets (184) 943
Increase in deferred tax expense (398) (221)
Increase in other liabilities 2,559 2,004
Net Cash Provided by Operating Activities 9,038 8,416
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from maturities of investment securities held to maturity 1,139 1,144
Proceeds from maturities of investment securities available for sale 26,693 6,087
Purchase of investment securities available for sale (52,210) (42,404)
Redemption of restricted investment in bank stocks 144 1,084
Net decrease (increase) in loans 27,027 (5,622)
Purchase of bank-owned life insurance 0 (400)
Bank acquisition, net of cash acquired 0 35,262
Capital expenditures (76) (406)
Proceeds from sales of premises and equipment 28 0
Proceeds from sales of foreclosed real estate 0 135
Net Cash Provided by (Used in) Investing Activities 2,745 (5,120)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in demand deposits 32,379 16,054
Net increase in time certificates of deposits and interest bearing deposits 60,718 8,985
Net decrease in short-term borrowings (7,182) (7,331)
Proceeds from long-term borrowings 15,000 0
Repayments on long-term borrowings (3,129) (4,023)
Dividends paid (2,177) (2,167)
Common stock issued 14 0
Net Cash Provided by Financing Activities 95,623 11,518
Net Increase in Cash and Cash Equivalents 107,406 14,814
CASH AND CASH EQUIVALENTS — BEGINNING 399,352 114,356
CASH AND CASH EQUIVALENTS — ENDING 506,758 129,170
Supplemental disclosures of cash flow information    
Interest paid 2,657 3,607
Income taxes paid 0 0
Loans transferred to foreclosed assets held for resale and other foreclosed transactions 0 118
Increase in assets and liabilities:    
Securities 0 22,167
Loans 0 333,967
Premises and equipment 0 11,682
Investment in bank-owned life insurance 0 10,896
Restricted investments in bank stocks 0 1,141
Foreclosed assets held for resale 0 464
Goodwill 0 22,120
Core deposit intangible assets 0 3,572
Other assets 0 2,970
Noninterest bearing deposits 0 103,492
Interest bearing deposits 0 270,566
Trust preferred debentures 0 6,000
Long term borrowings 0 3,450
Other liabilities 0 2,824
Common shares issued $ 0 $ 57,909