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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Operating Activities:    
Net income $ 4,312 $ 4,062
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:    
Gain on sale of securities, net (23) 0
Loss on disposal of premises and equipment 0 (28)
Depreciation and amortization of premises and equipment 733 716
Amortization of software 246 303
Intangible asset amortization 15 18
Amortization of investment security premium, net of discount accretion 25 55
Change in fair value of marketable equity securities (534) 0
Deferred tax expense (benefit) 365 (260)
Stock-based compensation 196 253
Deferral of loan fees and (costs), net (187) (48)
Provision for loan losses 750 0
(Benefit) reserve for purchased receivables (49) 9
Additions to mortgage servicing rights carried at fair value (1,107) (760)
Change in fair value of home mortgage servicing rights carried at fair value 674 26
Change in fair value of commercial servicing rights carried at fair value 23 0
Gain on sale of loans (2,927) (3,346)
Proceeds from the sale of loans held for sale 99,873 115,178
Origination of loans held for sale (92,447) (109,069)
Gain on sale of other real estate owned (316) 0
Net changes in assets and liabilities:    
Increase in accrued interest receivable (193) (383)
Decrease (increase) in other assets 1,030 (220)
Decrease in other liabilities (1,441) (1,797)
Net Cash Provided by Operating Activities 9,018 4,709
Investment in securities:    
Purchases of investment securities available for sale (10,376) (10,000)
Purchases of FHLB stock (210) 0
Proceeds from sales/calls/maturities of securities available for sale 8,977 18,388
Proceeds from redemption of FHLB stock 240 9
(Increase) decrease in purchased receivables, net (6,831) 2,810
Decrease (increase) in loans, net 2,282 (13,821)
Proceeds from sale of other real estate owned 1,085 71
Purchases of software (132) 0
Purchases of premises and equipment (621) (152)
Net Cash Used by Investing Activities (5,586) (2,695)
Financing Activities:    
(Decrease) increase in deposits (70) 2,507
Increase in securities sold under repurchase agreements 343 3,272
Decrease in borrowings (41) (24)
Repurchase of common stock (205) 0
Cash dividends paid (2,064) (1,648)
Net Cash (Used) Provided by Financing Activities (2,037) 4,107
Net Change in Cash and Cash Equivalents 1,395 6,121
Cash and Cash Equivalents at Beginning of Period 77,538 77,841
Cash and Cash Equivalents at End of Period 78,933 83,962
Supplemental Information:    
Interest paid 1,074 498
Transfer of loans to other real estate owned 0 235
Non-cash lease liability arising from obtaining right of use assets 528  
Cash dividends declared but not paid $ 23 $ 16