Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 9,823 $ 6,697
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Origination of loans for sale (54,555) (41,823)
Sale of loans originated for sale 54,123 39,953
Depreciation and amortization, net of accretion 2,382 1,902
Amortization of mortgage servicing rights 48 48
Stock based compensation expense 233 154
Net surrender value of restricted stock awards (63) (72)
Gain on sale of securities, net (754) (1,155)
Gain on sale of loans held-for-sale, net (1,323) (1,021)
Gain on sale of premises and equipment, net (126)
Gain on sale of foreclosed real estate, net (83) (154)
Benefit from bank owned life insurance (205)
Provision for loan losses 1,322 950
Net change in:    
Interest receivable (363) (298)
Other assets (1,546) (345)
Accrued expenses and other liabilities 2,322 (2,544)
Total adjustments 1,412 (4,405)
Net cash - operating activities 11,235 2,292
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposits in other financial institutions (146) 1,150
Proceeds from maturities and pay downs of securities available-for-sale 20,627 17,747
Proceeds from sales of securities available-for-sale 35,859 29,049
Purchase of securities available-for-sale (63,377) (48,464)
Net change in loans receivable (52,399) (28,385)
Purchase of Federal Home Loan Bank Stock 59 (17)
Purchase of premises and equipment, net (2,116) (624)
Proceeds on sale of premises and equipment, net 228
Proceeds from sale of foreclosed real estate, net 960 1,273
Cash and cash equivalents from acquisition activity, net 52,195 18,261
Change in cash value of bank owned life insurance (66) (358)
Net cash - investing activities (8,176) (10,368)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 78,455 (15,180)
Proceeds from FHLB advances 62,000
Repayment of FHLB advances (27,000) (44,000)
Change in other borrowed funds 3,303 10,718
Dividends paid (3,014) (2,523)
Net cash - financing activities 51,744 11,015
Net change in cash and cash equivalents 54,803 2,939
Cash and cash equivalents at beginning of period 17,139 11,025
Cash and cash equivalents at end of period 71,942 13,964
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 6,608 3,258
Income taxes 1,485 1,080
Acquisition activity:    
Fair value of assets acquired, including cash and cash equivalents 172,560 137,449
Value of goodwill and other intangible assets 5,856 8,481
Fair value of liabilities assumed 145,546 130,313
Cash paid for acquisition 15,743 8,689
Issuance of common stock for acquisition 17,492 6,928
Noncash activities:    
Transfers from loans to foreclosed real estate $ 262 $ 253