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Consolidated Statement of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
OPERATING ACTIVITIES    
Net income $ 5,860,000 $ 9,570,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 7,740,000 430,000
Investment securities gains on sale, net [1] 0 (194,000)
Loss (gain) on equity securities [1] 157,000 (12,000)
Depreciation and amortization of premises and equipment, net 990,000 778,000
Software amortization expense 285,000 206,000
Financing lease amortization expense 209,000 264,000
Gain on sale of premises and equipment (27,000) 0
Amortization of premium and discount on investment securities, net 270,000 240,000
Accretion of deferred loan fees, net (2,134,000) (557,000)
Amortization of core deposit intangibles 249,000 256,000
Stock-based compensation (income) expense, net (156,000) 366,000
Origination of loans held for sale (44,080,000) (12,845,000)
Proceeds from sale of loans 35,998,000 12,936,000
Gain on sale of loans (1,155,000) (285,000)
Earnings on bank-owned life insurance [1] (321,000) (323,000)
Deferred income tax 615,000 117,000
Net gain on other real estate owned (257,000) (130,000)
(Increase) decrease in accrued interest receivable (2,527,000) (51,000)
(Decrease) increase in accrued interest payable (129,000) 276,000
Other, net 4,048,000 (1,329,000)
Net cash provided by operating activities 5,635,000 9,713,000
INVESTING ACTIVITIES    
Proceeds from repayments and maturities 12,676,000 8,571,000
Proceeds from sale of securities 0 12,325,000
Purchases (17,352,000) (24,844,000)
Increase in loans, net (148,807,000) (7,529,000)
Proceeds from the sale of other real estate owned 675,000 360,000
Net purchase of premises and equipment (948,000) (1,420,000)
Proceeds from the disposal of premises and equipment 27,000 0
Purchase of restricted stock (1,600,000) (169,000)
Redemption of restricted stock 241,000 0
Net cash used in investing activities (155,088,000) (12,706,000)
FINANCING ACTIVITIES    
Net increase in deposits 173,120,000 18,346,000
(Decrease) increase in short-term borrowings, net (5,075,000) 1,602,000
Borrowings (repayment) of other borrowings 3,340,000 (245,000)
Restricted stock cash portion 0 (44,000)
Stock options exercised 4,000 4,000
Proceeds from dividend reinvestment and purchase plan 0 372,000
Repurchase of treasury shares (1,191,000) (2,229,000)
Cash dividends (2,877,000) (2,721,000)
Net cash provided by financing activities 167,321,000 15,085,000
Increase in cash and cash equivalents 17,868,000 12,092,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 35,113,000 107,933,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD 52,981,000 120,025,000
SUPPLEMENTAL INFORMATION    
Interest on deposits and borrowings 7,683,000 9,736,000
Income taxes 2,002,000 2,180,000
Operating lease assets added to other, net 0 (1,071,000)
Operating lease liabilities added to other, net 0 1,071,000
Transfers from loans to other real estate owned 7,654,000 56,000
Finance lease assets added to premises and equipment (1,010,000) (3,801,000)
Finance lease liabilities added to other borrowings funds $ 1,010,000 $ 3,801,000
[1] Not within scope of ASC 606