XML 23 R8.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statement of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Apr. 17, 2020
Cash Flows from Operating Activities:        
Net income $ 25,103,000 $ 19,490,000 $ 18,034,000  
Adjustments to reconcile net income to net cash provided by operating activities:        
Provision for loan losses 2,400,000 1,675,000 1,925,000  
Depreciation and amortization (2,822,000) 498,000 387,000  
Amortization and accretion of investment securities 1,155,000 308,000 999,000  
Deferred income taxes 367,000 317,000 (435,000)  
Equity security (gains) losses, net 41,000 (120,000) 0  
Available for sale security (gains) losses, net (305,000) (24,000) 19,000  
Earnings on bank owned life insurance (695,000) (623,000) (622,000)  
Stock awards 473,000 369,000 308,000  
Originations of loans held for sale (88,024,000) (21,157,000) (19,153,000)  
Proceeds from sales of loans held for sale 75,809,000 21,780,000 19,696,000  
Realized gains on loans sold (2,168,000) (473,000) (382,000)  
Increase in accrued interest receivable (857,000) (103,000) (256,000)  
Increase (decrease) in accrued interest payable (235,000) 12,000 179,000  
Other, net 1,580,000 (182,000) 787,000  
Net cash (used in) provided by operating activities 11,822,000 21,767,000 21,486,000  
Available-for-sale securities:        
Proceeds from sales of available-for-sale securities 23,415,000 10,489,000 27,149,000  
Proceeds from maturity and principal repayments of securities 70,008,000 62,625,000 54,041,000  
Purchase of securities (143,987,000) (68,963,000) (67,899,000)  
Purchase of equity securities (1,339,000) (65,000) (425,000)  
Proceeds from sale of equity securities 168,000 0 0  
Proceeds from redemption of Regulatory Stock 9,454,000 10,787,000 10,209,000  
Purchase of Regulatory Stock (7,396,000) (11,526,000) (9,537,000)  
Net increase in loans (63,440,000) (37,492,000) (81,113,000)  
Purchase of interest bearing time deposits (350,000) (248,000) (6,457,000)  
Proceeds from matured interest bearing time deposits with other banks 848,000 1,490,000 0  
Proceeds from sale of interest bearing time deposits with other banks 0 0 1,239,000  
Purchase of premises, equipment and software (942,000) (483,000) (500,000)  
Proceeds from sale of premises and equipment 0 7,000 0  
Proceeds from sale of foreclosed assets held for sale 1,805,000 1,056,000 942,000  
Acquisition, net of cash paid 1,022,000 0 0  
Net cash provided by (used in) investing activities (110,734,000) (32,323,000) (72,351,000)  
Cash Flows from Financing Activities:        
Net increase in deposits 168,914,000 25,962,000 80,213,000  
Proceeds from long-term borrowings 20,000,000 10,000,000 10,000  
Repayments of long-term borrowings (15,000,000) (3,123,000) (1,000,000)  
Net decrease in short-term borrowed funds (16,280,000) (12,954,000) (22,480,000)  
Purchase of treasury stock (2,122,000) (1,291,000) (1,175,000)  
Purchase of restricted stock 0 0 (307,000)  
Sale of treasury stock to employee stock purchase plan 126,000 0 0  
Dividends paid (6,539,000) (6,315,000) (6,116,000)  
Net cash provided by financing activities 149,099,000 12,279,000 49,145,000  
Net increase (decrease) in cash and cash equivalents 50,187,000 1,723,000 (1,720,000)  
Cash and Cash Equivalents at Beginning of Year 18,520,000 16,797,000 18,517,000  
Cash and Cash Equivalents at End of Year 68,707,000 18,520,000 16,797,000  
Supplemental Disclosures of Cash Flow Information:        
Interest paid 8,175,000 12,028,000 9,395,000  
Income taxes paid 4,750,000 3,300,000 3,050,000  
Non-cash activities        
Stock dividend 1,916,000 2,102,000 2,142,000  
Real estate acquired in settlement of loans 281,000 3,836,000 393,000  
Investments purchased and not settled included in other liabilities 0 0 1,564,000  
Right of use asset and liability 636,000 1,454,000 $ 0  
Non-cash assets acquired        
Goodwill $ 31,376,000 $ 23,296,000    
MidCoast Community Bancorp, Inc [Member]        
Non-cash assets acquired        
Loans       $ 223,235,000
Premises and equipment       1,787,000
Accrued interest receivable       586,000
Bank owned life insurance       3,766,000
Intangibles       157,000
Deferred tax asset       3,402,000
Other assets       2,878,000
Goodwill       8,080,000
Total Non-cash assets acquired       243,891,000
Liabilities assumed        
Noninterest-bearing deposits       38,694,000
Interest-bearing deposits       170,132,000
Accrued interest payable       164,000
Borrowed funds       15,497,000
Other liabilities       1,198,000
Total liabilities assumed       225,685,000
Net non-cash liabilities acquired       18,206,000
Cash and cash equivalents acquired       $ 8,637,000