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, 2020
Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 13,158 $ 9,823
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Origination of loans for sale (171,151) (54,555)
Sale of loans originated for sale 177,556 54,123
Depreciation and amortization, net of accretion 3,178 2,382
Amortization of mortgage servicing rights 63 48
Stock based compensation expense 309 233
Net surrender value of restricted stock awards (85) (63)
Gain on sale of securities, net (1,374) (754)
Gain on sale of loans held-for-sale, net (6,037) (1,323)
Gain on interest rate lock derivative (308) 0
Gain on sale of foreclosed real estate, net (127) (83)
Gain on sale of premises and equipment, net 0 (126)
Benefit from bank owned life insurance 0 (205)
Provision for loan losses 1,871 1,322
Net change in:    
Interest receivable (685) (363)
Other assets (1,593) (1,546)
Accrued expenses and other liabilities 5,526 1,957
Total adjustments 7,143 1,047
Net cash - operating activities 20,301 10,870
CASH FLOWS FROM INVESTING ACTIVITIES:    
Net proceeds from maturities and (purchases) of certificates of deposits in other financial institutions.. 269 (146)
Proceeds from maturities and pay downs of securities available-for-sale 49,311 20,627
Proceeds from sales of securities available-for-sale 39,242 35,859
Purchase of securities available-for-sale (129,503) (63,377)
Loan participations purchased (8,267) 0
Net change in loans receivable (60,982) (52,399)
(Purchase)/redemption of Federal Home Loan Bank Stock (6) 59
Purchase of premises and equipment, net (2,088) (2,116)
Proceeds from sale of foreclosed real estate, net 731 960
Proceeds on sale of premises and equipment, net 0 228
Cash and cash equivalents from acquisition activity, net 0 52,560
Change in cash value of bank owned life insurance (534) (66)
Net cash - investing activities (111,827) (7,811)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 126,286 78,455
Repayment of FHLB advances (2,000) (27,000)
Change in other borrowed funds 7,646 3,303
Dividends paid (3,217) (3,014)
Net cash - financing activities 128,715 51,744
Net change in cash and cash equivalents 37,189 54,803
Cash and cash equivalents at beginning of period 47,258 17,139
Cash and cash equivalents at end of period 84,447 71,942
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 4,953 6,608
Income taxes 500 1,485
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 $ 262