Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities    
Net income $ 26,379 $ 16,292
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation, amortization and accretion 2,562 2,285
Stock compensation expense 452 465
Provision for loan losses 450 (1,350)
Origination of loans for sale (33,907) (56,985)
Proceeds from sales of loans originated for sale 35,624 59,532
Net gains on mortgage loans (924) (1,574)
Gain on sales of securities 0 (3)
Write-down of other real estate 323 129
Write-down of other assets held for sale 234 0
Net (gain) loss on sales of other real estate and repossessed assets (530) (557)
Net loss on sales of premises and equipment 0 240
Deferred income tax expense 502 4,974
Deferred tax asset valuation allowance change 92 0
Change in accrued interest receivable and other assets (1,841) 59
Earnings in bank-owned life insurance (942) (969)
Change in accrued expenses and other liabilities 1,161 241
Net cash from operating activities 29,635 22,779
Cash flows from investing activities    
Loan originations and payments, net (85,816) (38,629)
Purchases of securities available for sale (34,391) (62,093)
Purchases of securities held to maturity (7,623) (42,547)
Proceeds from:    
Maturities and calls of securities 31,706 40,726
Sales of securities available for sale 0 5,807
Principal paydowns on securities 17,322 5,992
Sales of other real estate and repossessed assets 2,887 7,034
Sales of premises and equipment 0 1,742
Additions to premises and equipment (1,283) (1,191)
Net cash from investing activities (77,198) (83,159)
Cash flows from financing activities    
Change in deposits 97,729 130,286
Repayments and maturities of other borrowed funds (52,118) (32,055)
Proceeds from other borrowed funds 20,000 40,000
Proceeds from exercise of stock options 386 68
Cash dividends paid (8,481) (6,088)
Repurchase of shares for taxes withheld on vested restricted stock (136) (183)
Net cash from financing activities 57,380 132,028
Net change in cash and cash equivalents 9,817 71,648
Cash and cash equivalents at beginning of period 161,467 89,819
Cash and cash equivalents at end of period 171,284 161,467
Supplemental cash flow information    
Interest paid 9,513 5,410
Income taxes paid 5,300 4,725
Supplemental noncash disclosures:    
Transfers from loans to other real estate 293 120
Transfer from premises and equipment to other assets held for sale $ 557 $ 0