Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 11,652 $ 12,651
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Origination of loans for sale (120,101) (171,151)
Sale of loans originated for sale 131,477 177,556
Depreciation and amortization, net of accretion 3,109 3,178
Amortization of mortgage servicing rights 180 63
Stock based compensation expense 428 309
Gain on sale of securities, net (1,276) (1,374)
Gain on sale of loans held-for-sale, net (4,546) (6,037)
Loss/(gain) on derivatives 152 (308)
Gain on cash value of bank owned life insurance (537) (534)
Gain on sale of foreclosed real estate, net (27) (127)
Provision for loan losses 1,293 1,871
Net change in:    
Interest receivable (546) (685)
Other assets 1,591 (1,682)
Accrued expenses and other liabilities (6,290) 5,526
Net cash - operating activities 16,559 19,256
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposits in other financial institutions 920 269
Proceeds from maturities and pay downs of securities available-for-sale 43,488 49,311
Proceeds from sales of securities available-for-sale 28,565 39,242
Purchase of securities available-for-sale (191,130) (129,503)
Loan participations purchased 0 (8,267)
Net change in loans receivable 20,148 (60,386)
Proceeds (purchase) of Federal Home Loan Bank Stock 671 (6)
Purchase of loans receivable (11,331) 0
Purchase of premises and equipment, net (1,019) (2,088)
Proceeds from sale of foreclosed real estate, net 484 731
Net cash - investing activities (109,204) (110,697)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 103,861 126,286
Repayment of FHLB advances (6,000) (2,000)
Change in other borrowed funds 9,984 7,646
Net surrender value of restricted stock awards (131) (85)
Dividends paid (3,226) (3,217)
Net cash - financing activities 104,488 128,630
Net change in cash and cash equivalents 11,843 37,189
Cash and cash equivalents at beginning of period 19,922 47,258
Cash and cash equivalents at end of period 31,765 84,447
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 1,744 4,953
Income taxes 2,185 5,000
Noncash activities:    
Transfers from loans to foreclosed real estate 0 23
Dividends declared not paid 1,080 1,074
Securities purchased not settled $ 11,187 $ 0