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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 6,599 $ 7,471
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sales of loans originated for sale (281) (1,283)
Gain on sales of foreclosed assets held for resale, including writedowns 0 0
Earnings on investment in bank-owned life insurance (327) (338)
Gain (Loss) on equity securities 109 (365)
Restricted stock compensation expense 673 362
Depreciation and amortization 879 866
Provision for loan losses 0 50
Net amortization of investment securities premiums 1,231 410
(Increase) Decrease in accrued interest receivable (750) 183
Decrease in accrued interest payable (34) (612)
Mortgage loans originated for sale (13,550) (46,670)
Proceeds from sales of loans originated for sale 14,901 46,987
Increase in other assets (3,208) (184)
Decrease (Increase) in deferred tax expense 37 (398)
Increase in other liabilities 882 2,559
Net Cash Provided by Operating Activities 7,161 9,038
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds from maturities of investment securities held to maturity 0 1,139
Proceeds from maturities of investment securities available for sale 9,628 26,693
Purchase of investment securities available for sale (177,048) (52,210)
Purchase of investment securities held to maturity (22,204) 0
Redemption of restricted investment in bank stocks 448 144
Net (increase) decrease in loans (15,969) 27,027
Insurance book- acquisition (7,800) 0
Capital expenditures (331) (76)
Proceeds from sales of premises and equipment 1,093 28
Net Cash (Used in) Provided by Investing Activities (212,183) 2,745
CASH FLOWS FROM FINANCING ACTIVITIES    
Net increase in demand deposits 9,759 32,379
Net (decrease) increase in time certificates of deposits and interest bearing deposits (25,387) 60,718
Net decrease in short-term borrowings (5,174) (7,182)
Proceeds from long-term borrowings 1,500 15,000
Repayments on long-term borrowings (6,000) (3,129)
Dividends paid (2,257) (2,177)
Common stock issued 70 14
Net Cash (Used in) Provided by Financing Activities (27,489) 95,623
Net (Decrease) Increase in Cash and Cash Equivalents (232,511) 107,406
CASH AND CASH EQUIVALENTS — BEGINNING 710,131 399,352
CASH AND CASH EQUIVALENTS — ENDING 477,620 506,758
Supplemental disclosures of cash flow information    
Interest paid 1,058 2,657
Income taxes paid 0 0
Loans transferred to foreclosed assets held for resale and other foreclosed transactions $ 0 $ 0