Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
shares in Thousands, $ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 6,245 $ 5,072
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Origination of loans for sale (29,585) (24,266)
Sale of loans originated for sale 29,252 22,099
Depreciation and amortization, net of accretion 1,516 1,312
Amortization of mortgage servicing rights 33 32
Stock based compensation expense 154 104
Net surrender value of restricted stock awards (63) (45)
Gain on sale of securities, net (652) (1,004)
Gain on sale of loans held-for-sale, net (642) (570)
Gain on sale of foreclosed real estate, net (40) (100)
Provision for loan losses 828 638
Net change in:    
Interest receivable (499) 9
Other assets (3,567) (17)
Accrued expenses and other liabilities 3,026 2,468
Total adjustments (239) 660
Net cash - operating activities 6,006 5,732
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposits in other financial institutions 54 150
Proceeds from maturities and pay downs of securities available-for-sale 11,747 10,314
Proceeds from sales of securities available-for-sale 30,281 22,545
Purchase of securities available-for-sale (48,347) (32,339)
Net change in loans receivable (42,336) (27,002)
Purchase of Federal Home Loan Bank Stock 59 (17)
Purchase of premises and equipment, net (962) (398)
Proceeds from sale of foreclosed real estate, net 514 965
Cash and cash equivalents from acquisition activity 52,195  
Change in cash value of bank owned life insurance (343) (228)
Net cash - investing activities 2,862 (26,010)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 53,109 12,973
Proceeds from FHLB advances   44,000
Repayment of FHLB advances (25,000) (29,000)
Change in other borrowed funds 9,000 2,734
Dividends paid (1,944) (1,662)
Net cash - financing activities 35,165 29,045
Net change in cash and cash equivalents 44,033 8,767
Cash and cash equivalents at beginning of period 17,139 11,025
Cash and cash equivalents at end of period 61,172 19,792
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 4,112 1,949
Income taxes 650 955
Acquisition activity:    
Fair value of assets acquired, including cash and cash equivalents 172,560  
Value of goodwill and other intangible assets 5,856  
Fair value of liabilities assumed 145,546  
Cash paid for acquisition $ 15,743  
Issuance of common stock for acquisition 17,492  
Noncash activities:    
Transfers from loans to foreclosed real estate $ 193 $ 253