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
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 8,255 $ 6,245
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Origination of loans for sale (114,170) (29,585)
Sale of loans originated for sale 113,362 29,252
Depreciation and amortization, net of accretion 2,186 1,516
Amortization of mortgage servicing rights 32 33
Stock based compensation expense 202 154
Net surrender value of restricted stock awards (85) (63)
Gain on sale of securities, net (1,177) (652)
Gain on sale of loans held-for-sale, net (3,617) (642)
Gain on interest rate lock derivative 298 0
Gain on sale of foreclosed real estate, net (103) (40)
Provision for loan losses 1,022 828
Net change in:    
Interest receivable (255) (499)
Other assets (1,657) (3,567)
Accrued expenses and other liabilities 7,303 2,661
Total adjustments 3,341 (604)
Net cash - operating activities 11,596 5,641
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net proceeds from maturities and (purchases) of certificates of deposits in other financial institutions 531 54
Proceeds from maturities and pay downs of securities available-for-sale 31,409 11,747
Proceeds from sales of securities available-for-sale 35,098 30,281
Purchase of securities available-for-sale (77,506) (48,347)
Net change in loans receivable (75,211) (42,336)
Purchase of Federal Home Loan Bank Stock (6) 59
Purchase of premises and equipment, net (866) (962)
Proceeds from sale of foreclosed real estate, net 575 514
Cash and cash equivalents from acquisition activity, net 0 52,560
Change in cash value of bank owned life insurance (357) (343)
Net cash - investing activities (86,333) 3,227
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 123,264 53,109
Repayment of FHLB advances (2,000) (25,000)
Change in other borrowed funds 5,660 9,000
Dividends paid (2,140) (1,944)
Net cash - financing activities 124,784 35,165
Net change in cash and cash equivalents 50,047 44,033
Cash and cash equivalents at beginning of period 47,258 17,139
Cash and cash equivalents at end of period 97,305 61,172
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 3,802 4,112
Income taxes 0 650
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 $ 23 $ 193