Consolidated Statement of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2020 |
Sep. 30, 2019 |
| Operating activities |
|
|
| Net income |
$ 9,285
|
$ 10,247
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Provision for loan losses |
4,981
|
669
|
| Depreciation |
2,463
|
2,318
|
| Stock compensation |
221
|
200
|
| Gains on sales of other real estate owned |
(93)
|
(62)
|
| Write-downs of other real estate owned |
102
|
1,140
|
| Origination of loans held for sale |
(54,039)
|
(11,006)
|
| Proceeds from sales of loans held for sale |
52,057
|
11,073
|
| Gains from sales of loans held for sale |
(1,480)
|
(87)
|
| Loss on disposal of fixed assets |
151
|
4
|
| Net amortization/(accretion) of investment securities discounts and premiums- AFS |
212
|
(5)
|
| Net amortization of investment securities discounts and premiums- HTM |
225
|
53
|
| Gains on sales/calls of investment securities – AFS |
(622)
|
(1)
|
| Gain on calls of investment securities – HTM |
(60)
|
|
| Bank owned life insurance |
(961)
|
(1,970)
|
| Amortization of deferred loan fees |
(1,908)
|
(611)
|
| Amortization of operating lease asset |
216
|
206
|
| Increase in accrued interest receivable and other assets |
(2,624)
|
(6,652)
|
| Deferred tax expense |
|
1,481
|
| Operating lease liability |
(228)
|
(213)
|
| Decrease in accrued interest payable and other liabilities |
(96)
|
(691)
|
| Net cash provided by operating activities |
7,802
|
6,093
|
| Investing activities |
|
|
| Proceeds from maturities/calls of investment securities - AFS |
40,572
|
7,677
|
| Proceeds from maturities/calls of investment securities - HTM |
43,226
|
5,560
|
| Proceeds from sales of investment securities - AFS |
30,831
|
12,046
|
| Purchases of investment securities - AFS |
(92,440)
|
(14,744)
|
| Purchases of investment securities - HTM |
(18,633)
|
(8,207)
|
| Proceeds from sales of other real estate owned |
514
|
1,415
|
| Proceeds from BOLI death benefit |
728
|
2,125
|
| Net (increase)/decrease in restricted stock |
(53)
|
979
|
| Net (increase)/decrease in loans |
(139,367)
|
10,700
|
| Purchases of premises and equipment |
(1,322)
|
(2,830)
|
| Net cash (used in)/provided by investing activities |
(135,944)
|
14,721
|
| Financing activities |
|
|
| Net increase in deposits |
235,253
|
69,260
|
| Issuance of common stock |
148
|
116
|
| Cash dividends on common stock |
(2,739)
|
(2,199)
|
| Net increase/(decrease) in short-term borrowings |
3,861
|
(27,362)
|
| Stock repurchase |
(2,754)
|
|
| Net cash provided by financing activities |
233,769
|
39,815
|
| Increase in cash and cash equivalents |
105,627
|
60,629
|
| Cash and cash equivalents at beginning of the year |
49,979
|
23,541
|
| Cash and cash equivalents at end of period |
155,606
|
84,170
|
| Supplemental information |
|
|
| Interest paid |
7,610
|
8,550
|
| Taxes paid |
625
|
891
|
| Non-cash investing activities: |
|
|
| Transfers from loans to other real estate owned |
$ 183
|
616
|
| Recognition of operating lease right-of-use assets |
|
2,730
|
| Recognition of operating lease liabilities |
|
$ 3,317
|