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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income $ 3,630 $ 731
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 2,045 2,229
Recovery from the allowance for loan losses (450) (347)
Recovery of losses on real estate owned   (552)
Gain on sale of loans, net [2] (7,114) [1] (12,761) [3]
(Gain) loss on sale of real estate owned, net (9) 564
Stock-based compensation 767 816
Provision (benefit) for deferred income taxes 553 (28)
(Decrease) increase in accounts payable, accrued interest and other liabilities (320) 3,294
Decrease (increase) in prepaid expenses and other assets 446 (482)
Loans originated for sale (453,444) (944,349)
Proceeds from sale of loans 526,090 983,504
Net cash provided by operating activities 72,194 32,619
Cash flows from investing activities:    
Decrease in loans held for investment, net 19,230 8,956
Maturity of investment securities held to maturity 800 200
Principal payments from investment securities held to maturity 24,093 17,882
Principal payments from investment securities available for sale 1,140 1,252
Purchase of investment securities held to maturity (40,282) (54,147)
Proceeds from sale of real estate owned 915 2,223
Purchase of premises and equipment (151) (2,713)
Net cash provided by (used for) investing activities 5,745 (26,347)
Cash flows from financing activities:    
Decrease in deposits, net (30,714) (4,022)
Repayments of short-term borrowings, net (15,000) (15,000)
Repayments of long-term borrowings (10,042) (10,050)
Proceeds from long-term borrowings   10,000
Exercise of stock options 390 677
Withholding taxes on stock based compensation (428) (318)
Cash dividends (3,143) (3,184)
Treasury stock purchases (845) (6,627)
Net cash used for financing activities (59,782) (28,524)
Net increase (decrease) in cash and cash equivalents 18,157 (22,252)
Cash and cash equivalents at beginning of period 43,301 72,826
Cash and cash equivalents at end of period 61,458 50,574
Supplemental information:    
Cash paid for interest 4,796 4,816
Cash paid for income taxes 1,555 2,400
Transfer of loans held for sale to held for investment $ 1,360 1,122
Real estate acquired in the settlement of loans   $ 1,659
[1] Includes an inter-company charge of $37 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.
[2] Not in scope of ASC 606.
[3] Includes an inter-company charge of $182 credited to PBM by the Bank during the period to compensate PBM for servicing fees on loans sold on a servicing retained basis.