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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
OPERATING ACTIVITIES    
Consolidated net income $ 11,144 $ 9,031
Adjustments to reconcile consolidated net income to net cash provided (used) by operating activities    
Provision for loan losses 827 1,469
Deferred income taxes provision (benefit) 24 (46)
Depreciation and amortization of premises and equipment 1,055 998
Net amortization of securities 1,285 771
Net realized gains on sales of securities 0 (158)
Gains on mortgage loans sold, net (3,606) (911)
Stock-based compensation expense 418 178
Loss on sale of repossessed assets 1 0
Increase in value of life insurance and annuity contracts (330) (97)
Mortgage loans originated for resale (78,769) (34,451)
Proceeds from sale of mortgage loans 73,214 31,358
Gain on lease modification 0 (30)
Right of use asset amortization 96 88
Accrued interest receivable (417) (1,082)
Other assets (1,655) (23)
Accrued interest payable (815) (600)
Other liabilities 4,161 4,131
TOTAL ADJUSTMENTS (4,511) 1,595
NET CASH PROVIDED BY OPERATING ACTIVITIES 6,633 10,626
INVESTING ACTIVITIES    
Purchases (91,686) (53,458)
Sales 0 19,998
Maturities, prepayments and calls 45,180 52,323
Net increase in loans (14,773) (76,025)
Purchase of buildings, leasehold improvements, and equipment (533) (465)
Proceeds from sale of other assets 69 0
NET CASH USED IN INVESTING ACTIVITIES (61,743) (57,627)
FINANCING ACTIVITIES    
Net change in deposits - non-maturing 182,391 79,718
Net change in deposits - time (2,160) (11,786)
Net change in Federal Home Loan Bank Advances (3,638) (2,805)
Change in escrow balances (2,392) 550
Issuance of common stock related to exercise of stock options 276 239
Issuance of common stock pursuant to dividend reinvestment plan 4,902 5,008
Cash dividends paid on common stock (6,596) (6,476)
NET CASH PROVIDED BY FINANCING ACTIVITIES 172,783 64,448
NET CHANGE IN CASH AND CASH EQUIVALENTS 117,673 17,447
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 338,856 159,770
CASH AND CASH EQUIVALENTS - END OF PERIOD 456,529 177,217
Supplemental disclosure of cash flow information:    
Interest 3,848 5,594
Taxes 991 906
Change in fair value of securities available-for-sale, net of taxes of $3,093 and $1,452 for the three months ended March 31, 2021 and 2020, respectively (8,739) 4,103
Non-cash transfers from loans to other real estate 183 0
Non-cash transfers from loans to other assets $ 68 $ 0