sheet as well as reduce interest margins ; changes in consumer spending , borrowing and saving habits , whether due to changes in retail distribution strategies , consumer preferences and behavior , changes in business and economic conditions ( including as a result of the covid-19 pandemic and reactions thereto ) , legislative and regulatory initiatives ( including those undertaken in response to the covid-19 pandemic ) , or other factors may be different than anticipated ; changes in unemployment levels in the states in which park and our subsidiaries do business may be different than anticipated due to the continuing impact of the covid-19 pandemic ; changes in customers ' , suppliers ' , and other counterparties ' performance and creditworthiness may be different than anticipated due to the continuing impact of the covid-19 pandemic ; the adequacy of our internal controls and risk management program in the event of changes in the market , economic , operational ( including those which may result from more of our associates working remotely ) , asset/liability repricing , legal , compliance , strategic , cybersecurity , liquidity , credit and interest rate risks associated with park 's business ; competitive pressures among financial services organizations could increase significantly , including product and pricing pressures ( which could in turn impact our credit spreads ) , changes to third-party relationships and revenues , changes in the manner of providing services , customer acquisition and retention pressures , and our ability to attract , develop and retain qualified banking professionals ; uncertainty regarding the nature , timing , cost and effect of changes in banking regulations or other regulatory or legislative requirements affecting the respective businesses of park and our subsidiaries , including major reform of the regulatory oversight structure of the financial services industry and changes in laws and regulations concerning taxes , fdic insurance premium levels , pensions , bankruptcy , consumer protection , rent regulation and housing , financial accounting and reporting , environmental protection , insurance , bank products and services , bank and bank holding company capital and liquidity standards , fiduciary standards , securities and other aspects of the financial services industry , specifically the reforms provided for in the coronavirus aid , relief and economic security ( cares ) act and the follow-up legislation in the consolidated appropriations act , 2021 , the dodd-frank wall street reform and consumer protection act of 2010 ( the “ dodd-frank act ” ) and the basel iii regulatory capital reforms , as well as regulations already adopted and which may be adopted in the future by the relevant regulatory agencies , including the consumer financial protection bureau , the office of the comptroller of the currency , the federal deposit insurance corporation , and the federal reserve board , to implement the provisions of the cares act and the follow-up legislation in the consolidated appropriations act , 2021 , the provisions of the dodd-frank act , and the basel iii regulatory capital reforms ; the effect of changes in accounting policies and practices , as may be adopted by the financial accounting standards board ( the `` fasb `` ) , the sec , the public company accounting oversight board and other regulatory agencies , including the extent to which the new current expected credit loss ( `` cecl `` ) accounting standard issued by the fasb in june 2016 and in accordance with the cares act and the follow-up legislation in the consolidated appropriations act , 2021 , the adoption of which can be deferred by park until the earlier of : ( 1 ) the first day of the fiscal year that begins after the date on which the national emergency concerning the covid-19 outbreak terminates ; or ( 2 ) january 1 , 2022 , may adversely affect park 's reported financial condition or results of operations ; park 's assumptions and estimates used in applying critical accounting policies and modeling , including under the cecl model , when adopted by park , which may prove unreliable , inaccurate or not predictive of actual results ; significant changes in the tax laws , which may adversely affect the fair values of net deferred tax assets and obligations of state and political subdivisions held in park 's investment securities portfolio ; the impact of park 's ability to anticipate and respond to technological changes on park 's ability to respond to customer needs and meet competitive demands ; operational issues stemming from and or capital spending necessitated by the potential need to adapt to industry changes in information technology systems on which park and our subsidiaries are highly dependent ; the ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks ; -41- a failure in or breach of park 's operational or security systems or infrastructure , or those of our third-party vendors and other service providers , resulting in failures or disruptions in customer account management , general ledger , deposit , loan , or other systems , including as a result of cyber attacks ; the existence or exacerbation of general geopolitical instability and uncertainty as well as the effect of trade policies ( including the impact of potential or imposed tariffs , a u.s. withdrawal from or significant renegotiation of trade agreements , trade wars and other changes in trade regulations and changes in the relationship of the u.s. and its global trading partners ) ; uncertainty regarding the impact of changes to the u.s. presidential administration and congress on the regulatory landscape , capital markets , and the response to and management of the covid-19 pandemic ; the impact on financial markets and the economy of any changes in the credit ratings of the u.s. treasury obligations and other u.s. government - backed debt , as well as issues surrounding the levels of u.s. , european and asian government debt and concerns regarding story_separator_special_tag 2020. the increase in average loans was impacted by the addition of average ppp loans of approximately $ 352.6 million which also resulted in interest and fee income of $ 16.7 million for the year ended december 31 , 2020. the increase in average loans was partially offset by the decrease in the average yield on loans , which decreased 46 basis points to 4.66 % for the year ended december 31 , 2020 , compared to 5.12 % for the year ended december 31 , 2019. excluding the impact of ppp loan interest and fee income , the average yield on loans was 4.66 % , a decrease of 46 basis points , for the year ended december 31 , 2020 , compared to 5.12 % for the year ended december 31 , 2019. interest income was impacted by the acquisition of cab financial corporation , the parent of carolina alliance bank ( `` carolina alliance `` ) on april 1 , 2019. the carolina alliance division contributed an aggregate of $ 30.6 million to interest income at pnb during the year ended december 31 , 2020 , compared to $ 25.0 million for the year ended december 31 , 2019. the $ 35.0 million decrease in interest expense was primarily due to a $ 29.5 million decrease in interest expense on deposits as well as a $ 5.5 million decrease in interest expense on borrowings . the decrease in interest expense on deposits was the result of a decrease in the average cost of deposits of 60 basis points from 1.01 % for the year ended december 31 , 2019 to 0.41 % for the year ended december 31 , 2020. this was partially offset by a $ 209.1 million increase in average interest-bearing deposits from $ 5.03 billion for the year ended december 31 , 2019 , to $ 5.24 billion for the year ended december 31 , 2020. the decrease in interest expense on borrowings was partially the result of a $ 129.2 million decrease in average borrowings from $ 533.1 million for the year ended december 31 , 2019 , to $ 403.9 million for the year ended december 31 , 2020. the average cost of borrowings also decreased by 69 basis points , from 2.10 % for the year ended december 31 , 2019 to 1.41 % for the year ended december 31 , 2020. interest expense was impacted by the acquisition of carolina alliance . the carolina alliance division contributed an aggregate of $ 2.8 million to interest expense at pnb during the year ended december 31 , 2020 and $ 4.1 million during the year ended december 31 , 2019. the provision for loan losses of $ 30.8 million for the year ended december 31 , 2020 represented an increase of $ 22.5 million , compared to $ 8.4 million for the year ended december 31 , 2019. refer to the “ credit experience - provision for loan losses `` section for additional details regarding the level of the provision for loan losses recognized in each period presented above . other income of $ 124.2 million for the year ended december 31 , 2020 represented an increase of $ 31.8 million , or 34.5 % , compared to $ 92.4 million for the year ended december 31 , 2019. the $ 31.8 million increase was primarily related to a $ 21.6 million increase in other service income , which was primarily due to an increase in fee income from mortgage loan originations and investor rate locks ; a $ 3.7 million increase in gain on sale of debt securities ; a $ 3.2 million increase in other components of net periodic benefit income ; a $ 1.9 million increase in debit card fee income ; a $ 1.6 million increase in income -47- from partnership investments ; a $ 1.1 million increase in income from fiduciary activities ; and a $ 946,000 increase in gain ( loss ) on sale of oreo , net . these increases were partially offset by a $ 2.4 million decrease in service charges on deposits . other income was impacted by the acquisition of carolina alliance . the carolina alliance division contributed an aggregate of $ 8.8 million to other income at pnb during the year ended december 31 , 2020 and $ 3.8 million during the year ended december 31 , 2019. a summary of mortgage loan originations for the years ended december 31 , 2020 and 2019 follows . of total mortgage loan originations shown below for 2020 , refinances comprised 48.1 % in the first quarter of 2020 , 67.8 % in the second quarter of 2020 , 68.5 % in the third quarter of 2020 , 71.4 % in the fourth quarter of 2020 and 66.7 % for the year ended december 31 , 2020. of total mortgage loan originations shown below for 2019 , refinances comprised 32.5 % in the first quarter of 2019 , 29.7 % in the second quarter of 2019 , 41.3 % in the third quarter of 2019 , 47.6 % in the fourth quarter of 2019 and 39.8 % for the year ended december 31 , 2019. replace_table_token_8_th -48- the table below reflects pnb 's other expense for the years ended december 31 , 2020 and 2019. replace_table_token_9_th other expense of $ 268.9 million for the year ended december 31 , 2020 represented an increase of $ 31.5 million , or 13.3 % , compared to $ 237.4 million for the year ended december 31 , 2019. the increase in salaries expense was primarily related to increases in base salary expense , severance related expenses , additional compensation incentives , including covid-19 special one-time bonuses , vacation accruals and officer incentive compensation expense . the increase in employee benefits expense was primarily related to increased pension plan expense and defined contribution plan expense , partially offset by a decrease in group insurance costs . the increase

liquidity and interest rate sensitivity management : park 's objective in managing its liquidity is to maintain the ability to continuously meet the cash flow needs of customers , such as borrowings or deposit withdrawals , while at the same time seeking higher yields from longer-term lending and investing activities . -80- cash and cash equivalents increased by $ 210.5 million during 2020 to $ 370.5 million at year end . cash provided by operating activities was $ 111.6 million in 2020 , $ 111.6 million in 2019 and $ 132.0 million in 2018. net income was the primary source of cash provided by operating activities during each year . cash used in investing activities was $ 455.9 million in 2020 , while cash provided by investing activities was $ 60.1 million in 2019 and $ 45.4 million in 2018. investment securities transactions and loan originations/repayments are the major uses or sources of cash in investing activities . proceeds from the sale , repayment or maturity of investment securities provide cash and purchases of investment securities use cash . net investment securities transactions provided cash of $ 188.1 million in 2020 , $ 302.2 million in 2019 and $ 77.8 million in 2018. cash used by the net increase in the loan portfolio was $ 620.2 million in 2020 , $ 216.4 million in 2019 and $ 57.3 million in 2018. cash provided by financing activities was $ 554.8 million in 2020 , while cash used in financing activities was $ 179.0 million in 2019 and $ 179.3 million in 2018. a major source of cash provided by or used in financing activities is the net change in deposits . deposits increased and provided $ 520.0 million of cash in 2020 , $ 159.7 million of cash in 2019 and $ 159.6 million of cash in 2018. other major sources of cash from financing activities are short-term borrowings and long-term debt .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and interest rate sensitivity management : park 's objective in managing its liquidity is to maintain the ability to continuously meet the cash flow needs of customers , such as borrowings or deposit withdrawals , while at the same time seeking higher yields from longer-term lending and investing activities . -80- cash and cash equivalents increased by $ 210.5 million during 2020 to $ 370.5 million at year end . cash provided by operating activities was $ 111.6 million in 2020 , $ 111.6 million in 2019 and $ 132.0 million in 2018. net income was the primary source of cash provided by operating activities during each year . cash used in investing activities was $ 455.9 million in 2020 , while cash provided by investing activities was $ 60.1 million in 2019 and $ 45.4 million in 2018. investment securities transactions and loan originations/repayments are the major uses or sources of cash in investing activities . proceeds from the sale , repayment or maturity of investment securities provide cash and purchases of investment securities use cash . net investment securities transactions provided cash of $ 188.1 million in 2020 , $ 302.2 million in 2019 and $ 77.8 million in 2018. cash used by the net increase in the loan portfolio was $ 620.2 million in 2020 , $ 216.4 million in 2019 and $ 57.3 million in 2018. cash provided by financing activities was $ 554.8 million in 2020 , while cash used in financing activities was $ 179.0 million in 2019 and $ 179.3 million in 2018. a major source of cash provided by or used in financing activities is the net change in deposits . deposits increased and provided $ 520.0 million of cash in 2020 , $ 159.7 million of cash in 2019 and $ 159.6 million of cash in 2018. other major sources of cash from financing activities are short-term borrowings and long-term debt .
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 Suspicious Activity Report : sheet as well as reduce interest margins ; changes in consumer spending , borrowing and saving habits , whether due to changes in retail distribution strategies , consumer preferences and behavior , changes in business and economic conditions ( including as a result of the covid-19 pandemic and reactions thereto ) , legislative and regulatory initiatives ( including those undertaken in response to the covid-19 pandemic ) , or other factors may be different than anticipated ; changes in unemployment levels in the states in which park and our subsidiaries do business may be different than anticipated due to the continuing impact of the covid-19 pandemic ; changes in customers ' , suppliers ' , and other counterparties ' performance and creditworthiness may be different than anticipated due to the continuing impact of the covid-19 pandemic ; the adequacy of our internal controls and risk management program in the event of changes in the market , economic , operational ( including those which may result from more of our associates working remotely ) , asset/liability repricing , legal , compliance , strategic , cybersecurity , liquidity , credit and interest rate risks associated with park 's business ; competitive pressures among financial services organizations could increase significantly , including product and pricing pressures ( which could in turn impact our credit spreads ) , changes to third-party relationships and revenues , changes in the manner of providing services , customer acquisition and retention pressures , and our ability to attract , develop and retain qualified banking professionals ; uncertainty regarding the nature , timing , cost and effect of changes in banking regulations or other regulatory or legislative requirements affecting the respective businesses of park and our subsidiaries , including major reform of the regulatory oversight structure of the financial services industry and changes in laws and regulations concerning taxes , fdic insurance premium levels , pensions , bankruptcy , consumer protection , rent regulation and housing , financial accounting and reporting , environmental protection , insurance , bank products and services , bank and bank holding company capital and liquidity standards , fiduciary standards , securities and other aspects of the financial services industry , specifically the reforms provided for in the coronavirus aid , relief and economic security ( cares ) act and the follow-up legislation in the consolidated appropriations act , 2021 , the dodd-frank wall street reform and consumer protection act of 2010 ( the “ dodd-frank act ” ) and the basel iii regulatory capital reforms , as well as regulations already adopted and which may be adopted in the future by the relevant regulatory agencies , including the consumer financial protection bureau , the office of the comptroller of the currency , the federal deposit insurance corporation , and the federal reserve board , to implement the provisions of the cares act and the follow-up legislation in the consolidated appropriations act , 2021 , the provisions of the dodd-frank act , and the basel iii regulatory capital reforms ; the effect of changes in accounting policies and practices , as may be adopted by the financial accounting standards board ( the `` fasb `` ) , the sec , the public company accounting oversight board and other regulatory agencies , including the extent to which the new current expected credit loss ( `` cecl `` ) accounting standard issued by the fasb in june 2016 and in accordance with the cares act and the follow-up legislation in the consolidated appropriations act , 2021 , the adoption of which can be deferred by park until the earlier of : ( 1 ) the first day of the fiscal year that begins after the date on which the national emergency concerning the covid-19 outbreak terminates ; or ( 2 ) january 1 , 2022 , may adversely affect park 's reported financial condition or results of operations ; park 's assumptions and estimates used in applying critical accounting policies and modeling , including under the cecl model , when adopted by park , which may prove unreliable , inaccurate or not predictive of actual results ; significant changes in the tax laws , which may adversely affect the fair values of net deferred tax assets and obligations of state and political subdivisions held in park 's investment securities portfolio ; the impact of park 's ability to anticipate and respond to technological changes on park 's ability to respond to customer needs and meet competitive demands ; operational issues stemming from and or capital spending necessitated by the potential need to adapt to industry changes in information technology systems on which park and our subsidiaries are highly dependent ; the ability to secure confidential information and deliver products and services through the use of computer systems and telecommunications networks ; -41- a failure in or breach of park 's operational or security systems or infrastructure , or those of our third-party vendors and other service providers , resulting in failures or disruptions in customer account management , general ledger , deposit , loan , or other systems , including as a result of cyber attacks ; the existence or exacerbation of general geopolitical instability and uncertainty as well as the effect of trade policies ( including the impact of potential or imposed tariffs , a u.s. withdrawal from or significant renegotiation of trade agreements , trade wars and other changes in trade regulations and changes in the relationship of the u.s. and its global trading partners ) ; uncertainty regarding the impact of changes to the u.s. presidential administration and congress on the regulatory landscape , capital markets , and the response to and management of the covid-19 pandemic ; the impact on financial markets and the economy of any changes in the credit ratings of the u.s. treasury obligations and other u.s. government - backed debt , as well as issues surrounding the levels of u.s. , european and asian government debt and concerns regarding story_separator_special_tag 2020. the increase in average loans was impacted by the addition of average ppp loans of approximately $ 352.6 million which also resulted in interest and fee income of $ 16.7 million for the year ended december 31 , 2020. the increase in average loans was partially offset by the decrease in the average yield on loans , which decreased 46 basis points to 4.66 % for the year ended december 31 , 2020 , compared to 5.12 % for the year ended december 31 , 2019. excluding the impact of ppp loan interest and fee income , the average yield on loans was 4.66 % , a decrease of 46 basis points , for the year ended december 31 , 2020 , compared to 5.12 % for the year ended december 31 , 2019. interest income was impacted by the acquisition of cab financial corporation , the parent of carolina alliance bank ( `` carolina alliance `` ) on april 1 , 2019. the carolina alliance division contributed an aggregate of $ 30.6 million to interest income at pnb during the year ended december 31 , 2020 , compared to $ 25.0 million for the year ended december 31 , 2019. the $ 35.0 million decrease in interest expense was primarily due to a $ 29.5 million decrease in interest expense on deposits as well as a $ 5.5 million decrease in interest expense on borrowings . the decrease in interest expense on deposits was the result of a decrease in the average cost of deposits of 60 basis points from 1.01 % for the year ended december 31 , 2019 to 0.41 % for the year ended december 31 , 2020. this was partially offset by a $ 209.1 million increase in average interest-bearing deposits from $ 5.03 billion for the year ended december 31 , 2019 , to $ 5.24 billion for the year ended december 31 , 2020. the decrease in interest expense on borrowings was partially the result of a $ 129.2 million decrease in average borrowings from $ 533.1 million for the year ended december 31 , 2019 , to $ 403.9 million for the year ended december 31 , 2020. the average cost of borrowings also decreased by 69 basis points , from 2.10 % for the year ended december 31 , 2019 to 1.41 % for the year ended december 31 , 2020. interest expense was impacted by the acquisition of carolina alliance . the carolina alliance division contributed an aggregate of $ 2.8 million to interest expense at pnb during the year ended december 31 , 2020 and $ 4.1 million during the year ended december 31 , 2019. the provision for loan losses of $ 30.8 million for the year ended december 31 , 2020 represented an increase of $ 22.5 million , compared to $ 8.4 million for the year ended december 31 , 2019. refer to the “ credit experience - provision for loan losses `` section for additional details regarding the level of the provision for loan losses recognized in each period presented above . other income of $ 124.2 million for the year ended december 31 , 2020 represented an increase of $ 31.8 million , or 34.5 % , compared to $ 92.4 million for the year ended december 31 , 2019. the $ 31.8 million increase was primarily related to a $ 21.6 million increase in other service income , which was primarily due to an increase in fee income from mortgage loan originations and investor rate locks ; a $ 3.7 million increase in gain on sale of debt securities ; a $ 3.2 million increase in other components of net periodic benefit income ; a $ 1.9 million increase in debit card fee income ; a $ 1.6 million increase in income -47- from partnership investments ; a $ 1.1 million increase in income from fiduciary activities ; and a $ 946,000 increase in gain ( loss ) on sale of oreo , net . these increases were partially offset by a $ 2.4 million decrease in service charges on deposits . other income was impacted by the acquisition of carolina alliance . the carolina alliance division contributed an aggregate of $ 8.8 million to other income at pnb during the year ended december 31 , 2020 and $ 3.8 million during the year ended december 31 , 2019. a summary of mortgage loan originations for the years ended december 31 , 2020 and 2019 follows . of total mortgage loan originations shown below for 2020 , refinances comprised 48.1 % in the first quarter of 2020 , 67.8 % in the second quarter of 2020 , 68.5 % in the third quarter of 2020 , 71.4 % in the fourth quarter of 2020 and 66.7 % for the year ended december 31 , 2020. of total mortgage loan originations shown below for 2019 , refinances comprised 32.5 % in the first quarter of 2019 , 29.7 % in the second quarter of 2019 , 41.3 % in the third quarter of 2019 , 47.6 % in the fourth quarter of 2019 and 39.8 % for the year ended december 31 , 2019. replace_table_token_8_th -48- the table below reflects pnb 's other expense for the years ended december 31 , 2020 and 2019. replace_table_token_9_th other expense of $ 268.9 million for the year ended december 31 , 2020 represented an increase of $ 31.5 million , or 13.3 % , compared to $ 237.4 million for the year ended december 31 , 2019. the increase in salaries expense was primarily related to increases in base salary expense , severance related expenses , additional compensation incentives , including covid-19 special one-time bonuses , vacation accruals and officer incentive compensation expense . the increase in employee benefits expense was primarily related to increased pension plan expense and defined contribution plan expense , partially offset by a decrease in group insurance costs . the increase

