Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities    
Net income $ 31,979 $ 26,379
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation, amortization and accretion 2,212 2,562
Stock compensation expense 427 452
Provision for loan losses (450) 450
Origination of loans for sale (82,281) (33,907)
Proceeds from sales of loans originated for sale 81,749 35,624
Net gains on mortgage loans (2,347) (924)
Gain on sales of securities 0 0
Write-down of other real estate 14 323
Write-down of other assets held for sale 0 234
Net gain on sales of other real estate and repossessed assets (38) (530)
Net gain on sales of premises and equipment held for sale (19) 0
Deferred income tax expense 290 502
Deferred tax asset valuation allowance change 0 92
Change in accrued interest receivable and other assets (2,037) (1,841)
Earnings in bank-owned life insurance (972) (942)
Change in accrued expenses and other liabilities 1,193 1,161
Net cash from operating activities 29,720 29,635
Cash flows from investing activities    
Loan originations and payments, net 20,805 (85,816)
Purchases of securities available for sale (58,403) (34,391)
Purchases of securities held to maturity (20,478) (7,623)
Proceeds from:    
Maturities and calls of securities 72,188 31,706
Sales of securities available for sale 0 0
Principal paydowns on securities 11,053 17,322
Sales of other real estate and repossessed assets 656 2,887
Sales of premises and equipment held for sale 342 0
Additions to premises and equipment (1,041) (1,283)
Net cash from investing activities 25,122 (77,198)
Cash flows from financing activities    
Change in deposits 76,555 97,729
Repayments and maturities of other borrowed funds (30,619) (52,118)
Proceeds from other borrowed funds 10,000 20,000
Proceeds from exercise of stock options 0 386
Cash dividends paid (9,511) (8,481)
Repurchase of shares for taxes withheld on vested restricted stock (101) (136)
Net cash from financing activities 46,324 57,380
Net change in cash and cash equivalents 101,166 9,817
Cash and cash equivalents at beginning of period 171,284 161,467
Cash and cash equivalents at end of period 272,450 171,284
Supplemental cash flow information    
Interest paid 12,440 9,513
Income taxes paid 7,200 5,300
Supplemental noncash disclosures:    
Transfers from loans to other real estate 0 293
Security settlement 9,901 0
Transfer from premises and equipment to other assets held for sale $ 0 $ 557