Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 16,604 $ 12,097
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (224,945) (78,175)
Sale of loans originated for sale 226,447 77,018
Depreciation and amortization, net of accretion 3,094 1,888
Deferred tax expense 690 1,172
Amortization of mortgage servicing rights 107 60
Stock based compensation expense 415 301
Net surrender value of restricted stock awards (85) (63)
Gain on sale of securities, net (2,348) (621)
Gain on sale of loans held-for-sale, net (7,400) (1,885)
Gain on sale of premises and equipment, net 0 (133)
Gain on sale of foreclosed real estate (78) (78)
Gain on derivatives (188) (186)
Benefit from bank owned life insurance 0 (205)
Provision for loan losses 3,687 2,584
Net change in:    
Interest receivable (684) (397)
Other assets (1,817) (5,407)
Accrued expenses and other liabilities 7,650 2,987
Total adjustments 4,545 (1,140)
Net cash - operating activities 21,149 10,957
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposit in other financial institutions 795 739
Purchase of certificates of deposit in other financial institutions (522) (885)
Proceeds from maturities and pay downs of securities available-for-sale 67,014 31,595
Proceeds from sales of securities available-for-sale 51,350 37,939
Purchase of securities available-for-sale (243,351) (93,205)
Loan participations purchased (9,054) 0
Net change in loans receivable (49,196) (54,838)
Purchase of Federal Home Loan Bank Stock (6) 60
Purchase of premises and equipment, net (3,735) (3,041)
Proceeds from sale of premises and equipment 0 243
Proceeds from sale of foreclosed real estate 809 1,227
Write down of foreclosed real estate 46 120
Cash and cash equivalents from acquisition activity, net 0 52,560
Change in cash value of bank owned life insurance (708) (688)
Net cash - investing activities (186,558) (28,174)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits 148,003 80,550
Proceeds from FHLB advances 0 0
Repayment of FHLB advances (8,000) (29,000)
Repayment of trust preferred security related to First Personal Merger 0 0
Change in other borrowed funds 2,361 (129)
Dividends paid (4,291) (4,085)
Net cash - financing activities 138,073 47,336
Net change in cash and cash equivalents (27,336) 30,119
Cash and cash equivalents at beginning of period 47,258 17,139
Cash and cash equivalents at end of period 19,922 47,258
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 5,865 9,099
Income taxes 1,025 1,605
Acquisition activity:    
Fair value of assets acquired, including cash and cash equivalents 0 172,925
Value of goodwill and other intangible assets 0 5,856
Fair value of liabilities assumed 0 145,546
Cash paid for acquisition 0 15,743
Issuance of common stock for acquisition 0 17,492
Noncash activities:    
Transfers from loans to foreclosed real estate $ 233 $ 639