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
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,192 $ 2,222
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Origination of loans for sale (24,870) (9,760)
Sale of loans originated for sale 26,197 9,883
Depreciation and amortization, net of accretion 1,039 731
Amortization of mortgage servicing rights 12 17
Stock based compensation expense 94 71
Net surrender value of restricted stock awards (85)
Gain on sale of securities, net (510) (352)
Gain on sale of loans held-for-sale, net (635) (242)
Gain on sale of foreclosed real estate, net (60) (27)
Provision for loan losses 514 317
Net change in:    
Interest receivable (85) (430)
Other assets (1,155) (50)
Accrued expenses and other liabilities 5,885 (964)
Total adjustments 6,341 (806)
Net cash - operating activities 9,533 1,416
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net proceeds from maturities and (purchases) of certificates of deposits in other financial institutions.. 429 (191)
Proceeds from maturities and pay downs of securities available-for-sale 16,671 5,704
Proceeds from sales of securities available-for-sale 17,886 13,518
Purchase of securities available-for-sale (44,972) (21,424)
Net change in loans receivable (12,118) (12,985)
Purchase of premises and equipment, net (200) (44)
Proceeds from sale of foreclosed real estate, net 134 439
Cash and cash equivalents from acquisition activity, net 52,560
Change in cash value of bank owned life insurance (169) (163)
Net cash - investing activities (22,339) 37,414
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 7,272 27,641
Proceeds from FHLB advances
Repayment of FHLB advances (23,000)
Change in other borrowed funds 1,492 1,063
Dividends paid (1,070) (909)
Net cash - financing activities 7,694 4,795
Net change in cash and cash equivalents (5,112) 43,625
Cash and cash equivalents at beginning of period 47,258 17,139
Cash and cash equivalents at end of period 42,146 60,764
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 2,283 1,907
Income taxes
Acquisition activity:    
Fair value of assets acquired, including cash and cash equivalents 172,925
Value of goodwill and other intangible assets 5,491
Fair value of liabilities assumed 145,546
Cash paid for acquisition 15,378
Issuance of common stock for acquisition 17,492
Noncash activities:    
Transfers from loans to foreclosed real estate $ 23 $ 193