Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities    
Net income $ 30,165 $ 31,979
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation, amortization and accretion 2,621 2,212
Stock compensation expense 505 427
Provision for loan losses 3,000 (450)
Origination of loans for sale (156,410) (82,281)
Proceeds from sales of loans originated for sale 160,759 81,749
Net gains on mortgage loans (6,477) (2,347)
Write-down of other real estate 32 14
Net gain on sales of other real estate and repossessed assets (13) (38)
Net gain on sales of premises and equipment held for sale 0 (19)
Deferred income tax (benefit) expense (603) 290
Deferred tax asset valuation allowance change (92) 0
Change in accrued interest receivable and other assets (7,780) (2,037)
Earnings in bank-owned life insurance (874) (972)
Change in accrued expenses and other liabilities 5,742 1,193
Net cash from operating activities 30,575 29,720
Cash flows from investing activities    
Loan originations and payments, net (46,496) 20,805
Purchases of securities available for sale (138,492) (58,403)
Purchases of securities held to maturity (29,745) (20,478)
Proceeds from:    
Maturities and calls of securities 111,261 72,188
Principal paydowns on securities 41,938 11,053
Sales of other real estate and repossessed assets 192 656
Sales of premises and equipment held for sale 0 342
Additions to premises and equipment (2,274) (1,041)
Net cash from investing activities (63,616) 25,122
Cash flows from financing activities    
Change in deposits 545,293 76,555
Repayments and maturities of other borrowed funds 0 (30,619)
Proceeds from other borrowed funds 10,000 10,000
Cash dividends paid (10,880) (9,511)
Repurchase of shares for taxes withheld on vested restricted stock (86) (101)
Net cash from financing activities 544,327 46,324
Net change in cash and cash equivalents 511,286 101,166
Cash and cash equivalents at beginning of period 272,450 171,284
Cash and cash equivalents at end of period 783,736 272,450
Supplemental cash flow information    
Interest paid 5,963 12,440
Income taxes paid 5,315 7,200
Supplemental noncash disclosures:    
Transfers from loans to other real estate 0 0
Security settlement $ 10,153 $ 9,901