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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net income $ 9,358,000 $ 6,127,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 891,000 940,000
Amortization of intangibles 53,000 42,000
Amortization of securities 739,000 120,000
Proceeds from loans held for sale originated 170,129,000 145,553,000
Loans held for sale originated (155,044,000) (157,618,000)
Gain on sale of loans held for sale originated (4,388,000) (3,861,000)
(Recovery of) Provision for loan losses (2,210,000) 3,300,000
Decrease (increase) in interest receivable 148,000 (727,000)
(Increase) in deferred taxes (138,000) (330,000)
(Decrease) increase in taxes payable (469,000) 0
Decrease in other assets 2,040,000 554,000
(Decrease) increase in accrued expenses (1,609,000) 4,039,000
Amortization of limited partnership investments 658,000 670,000
Income from life insurance investment (502,000) (458,000)
(Gain) on the sale of fixed assets 0 (14,000)
Loss on sale and valuation adjustments for other real estate owned and bank premises held for sale 0 326,000
Impairment of long-lived assets 171,000 19,000
Net cash provided by (used in) operating activities 19,827,000 (1,423,000)
Cash flows from investing activities    
Purchase of investments available for sale and other investments (179,735,000) (123,804,000)
Proceeds from maturity of investments available for sale 13,321,000 21,185,000
Proceeds from the redemption of restricted stock, net 790,000 1,167,000
Purchase of investments held to maturity 0 (125,000)
Proceeds from maturity of investments held to maturity 0 125,000
Net decrease (increase) in loans held for investment 5,664,000 (69,964,000)
Net decrease (increase) in loans held for sale participations 44,372,000 (5,315,000)
Proceeds from the sale of fixed assets 150,000 34,000
Proceeds from the sale of other real estate owned 0 997,000
Cash paid for noncontrolling interest 0 (806,000)
Net purchase of property and equipment (496,000) (648,000)
Proceeds from life insurance benefits 421,000 0
Cash received in branch acquisition (net of cash paid) 13,946,000 0
Net cash (used) in investing activities (101,567,000) (177,154,000)
Cash flows from financing activities    
Net change in deposits 197,764,000 151,827,000
Net change in short-term debt 0 (10,000,000)
Dividends paid in cash (2,705,000) (2,693,000)
Proceeds from issuance of common stock 288,000 197,000
Repurchase of common stock 0 (473,000)
Issuance of long-term debt 0 71,903,000
Repayments of long-term debt (11,438,000) (18,838,000)
Net cash provided by financing activities 183,909,000 191,923,000
Net increase in Cash and Cash Equivalents 102,169,000 13,346,000
Cash and cash equivalents, beginning of period 78,408,000 75,804,000
Cash and cash equivalents, end of period 180,577,000 89,150,000
Supplemental Cash Flow information:    
Cash paid for: Interest 3,578,000 4,559,000
Taxes 2,012,000 445,000
Supplemental non-cash disclosures:    
Change in unrealized (loss) on securities available for sale (1,129,000) 211,000
Bank premises and equipment transferred to held for sale 0 520,000
Liability to former noncontrolling interest for remainder of purchase price 0 244,000
Branch purchase:    
Tangible assets acquired (net of cash received) 61,000 0
Identifiable intangible assets acquired 73,000 0
Liabilities assumed $ 14,044,000 $ 0