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Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating Activities    
Net Income $ 9,586 $ 8,615
Items not requiring (providing) cash    
Depreciation and amortization 1,440 1,386
Provision for loan losses 3,700 500
Expense of share-based compensation plan 319 346
Amortization of premiums and discounts on securities 415 213
Amortization of intangible assets 28 6
Amortization of originated mortgage servicing rights 3,479 1,415
Impairment of mortgage servicing rights 2,974 1,398
Proceeds from sale of loans held for sale 455,305 244,716
Originations of loans held for sale (447,575) (249,061)
Gain from sale of loans (18,483) (6,370)
Loss (gain) on sales of assets 177 5
Net change in foreclosed assets 6
Net gains on sales of securities (206)
Changes in    
Interest receivable (1,053) (354)
Other assets (5,570) (5,598)
Interest payable & other liabilities 627 6,636
Net cash provided by operating activities 5,369 3,653
Investing Activities    
Purchases of available-for-sale securities (98,020) (8,840)
Proceeds from maturities of interest bearing time deposits 2,586
Proceeds from maturities of available-for-sale securities 71,578 17,237
Proceeds from sales of available-for-sale securities 7,375
Net change in loans (44,814) (51,171)
Purchase of premises, equipment (1,586) (2,047)
Proceeds from sales of premises, equipment 8
Purchase of bank owned life insurance (50)
Purchase of Federal Reserve and Federal Home Loan Bank Stock (538) (525)
Proceeds from sale of foreclosed assets 445 146
Net cash and cash equivalents (paid) received in acquisition 16,263 (2,600)
Net cash used in investing activities (54,086) (40,467)
Financing Activities    
Net increase in demand deposits, money market, interest checking & savings accounts 139,626 18,725
Net increase (decrease) in certificates of deposit (16,883) 26,677
Net increase (decrease) in short term borrowings 7,765 (525)
Proceeds from Federal Home Loan Bank advances 8,000
Repayment of Federal Home Loan Bank advances (8,000) (8,000)
Net proceeds from share-based compensation plans 188 46
Stock repurchase plan (4,124) (4,344)
Issuance of common shares 139
Dividends on common shares (2,278) (1,723)
Dividends on preferred shares (720)
Net cash provided by financing activities 116,294 38,275
Increase in cash and cash equivalents 67,577 1,461
Cash and cash equivalents, beginning of period 27,064 48,363
Cash and cash equivalents, end of period 94,641 49,824
Supplemental cash flow information    
Interest paid 5,612 6,483
Income taxes paid 2,715 4,230
Fair value of assets acquired - premises and equipment (Peak Title) 1,161
Supplemental non-cash disclosure    
Initial recognition of right-of-use lease assets 293
Transfer of loans to foreclosed assets 207 517
In conjunction with the Edon acquisition, liabilities assumed were:    
Fair value of assets acquired 66,795
Cash paid in acquisition (15,519)  
Liabilities assumed $ 51,276