XML 78 R9.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities:    
Net earnings [1] $ 7,394 $ 7,964
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Provision for loan losses 1,000 900
Valuation allowance on real estate owned 31 12
Amortization of investment security premiums, net 1,285 1,454
Amortization of purchase accounting adjustment on loans (27) (184)
Amortization of purchase accounting adjustment on subordinated debentures 150
Amortization of intangibles 887 838
Depreciation 761 751
Increase in cash surrender value of bank owned life insurance [2] (478) (481)
Stock-based compensation 200 155
Deferred income taxes (430) (643)
Net losses (gains) on sales of investment securities 146 (20)
Net (gain) loss on sales of premises, equipment and real estate owned (2) 41
Net gains on sales of loans [2] (4,943) (4,105)
Proceeds from sales of loans 147,620 126,745
Origination of loans held for sale (152,983) (123,833)
Changes in assets and liabilities:    
Accrued interest and other assets (292) 188
Accrued expenses, taxes, and other liabilities (1,208) 1,122
Net cash (used in) provided by operating activities (1,039) 11,054
Cash flows from investing activities:    
Net increase in loans (32,377) (42,630)
Maturities and prepayments of investment securities 54,998 40,019
Purchases of investment securities (34,751) (58,176)
Proceeds from sales of investment securities 9,491 21,125
Proceeds from sales of common stock investments 7
Redemption of bank stocks 7,498 8,226
Purchase of bank stocks (5,953) (7,828)
Proceeds from sales of premises and equipment and foreclosed assets 26 304
Purchases of premises and equipment, net (986) (1,152)
Net cash used in investing activities (2,054) (40,105)
Cash flows from financing activities:    
Net increase in deposits 10,106 1,718
Federal Home Loan Bank advance borrowings 325,497 534,152
Federal Home Loan Bank advance repayments (328,297) (505,452)
Proceeds from other borrowings 1,033 284
Proceeds from exercise of stock options 534
Payment of dividends (2,624) (2,483)
Net cash provided by financing activities 5,715 28,753
Net increase (decrease) in cash and cash equivalents 2,622 (298)
Cash and cash equivalents at beginning of period 19,114 16,584
Cash and cash equivalents at end of period 21,736 16,286
Supplemental disclosure of cash flow information:    
Cash payments (refund) for income taxes 511 (1,000)
Cash paid for interest 5,156 3,442
Cash paid for operating leases 116 107
Supplemental schedule of noncash investing and financing activities:    
Transfer of loans to real estate owned 482 63
Investment securities purchases not yet settled (1,714)
Operating lease asset and related lease liability recorded $ 353
[1] Share and per share values for the periods ended September 30, 2018 have been adjusted to give effect to the 5% stock dividend paid during December 2018.
[2] Not within the scope of ASC 606.