XML 79 R8.htm IDEA: XBRL DOCUMENT v3.19.3
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Operating Activities:    
Net income $ 16,111 $ 15,156
Adjustments to Reconcile Net Income to Net Cash Used by Operating Activities:    
Gain on sale of securities, net (23) 0
Loss on disposal of premises and equipment 0 3
Depreciation and amortization of premises and equipment 2,231 1,504
Amortization of software 753 670
Intangible asset amortization 45 53
Amortization of investment security premium, net of discount accretion 26 156
(Gain) loss on marketable equity securities (782) 143
Deferred tax expense (benefit) 758 (207)
Stock-based compensation 544 571
Amortization of deferred loan fees, net of costs 137 199
(Benefit) provision for loan losses (1,025) (300)
(Benefit) reserve for purchased receivables (103) (4)
Additions to home mortgage servicing rights carried at fair value (2,672) (2,662)
Change in fair value of home mortgage servicing rights carried at fair value 2,287 272
Change in fair value of commercial servicing rights carried at fair value 118 0
Gain on sale of loans (14,598) (11,666)
Proceeds from the sale of loans held for sale 470,561 412,562
Origination of loans held for sale (503,195) (413,553)
Gain on sale of other real estate owned (380) (133)
Impairment of equity method investment 0 804
Net changes in assets and liabilities:    
Decrease (increase) in accrued interest receivable 19 (402)
Decrease in other assets 3,257 683
Increase (decrease) in other liabilities 3,590 (6,061)
Net Cash Used by Operating Activities (22,341) (2,212)
Investment in securities:    
Purchases of investment securities available for sale (63,904) (48,570)
Purchases of marketable equity securities 0 (998)
Purchases of FHLB stock (879) 0
Proceeds from sales/calls/maturities of securities available for sale 81,059 89,903
Proceeds from calls/sales of marketable equity securities 0 500
Proceeds from redemption of FHLB stock 840 12
Decrease in purchased receivables, net 836 9,529
Increase in loans, net (51,545) (28,789)
Proceeds from sale of other real estate owned 1,149 612
Purchases of software (374) (423)
Proceeds from sale of premises and equipment 0 3
Purchases of premises and equipment (1,697) (1,857)
Net Cash (Used) Provided by Investing Activities (34,515) 19,922
Financing Activities:    
Increase (decrease) in deposits 122,941 (25,015)
(Decrease) increase in securities sold under repurchase agreements (34,278) 4,683
Increase (decrease) in borrowings 1,692 (80)
Repurchase of common stock (12,569) 0
Proceeds from the issuance of common stock 0 194
Cash dividends paid (6,280) (5,154)
Net Cash Provided (Used) by Financing Activities 71,506 (25,372)
Net Change in Cash and Cash Equivalents 14,650 (7,662)
Cash and Cash Equivalents at Beginning of Period 77,538 77,841
Cash and Cash Equivalents at End of Period 92,188 70,179
Supplemental Information:    
Income taxes paid 275 324
Interest paid 3,889 1,798
Noncash commitments to invest in Low Income Housing Tax Credit Partnerships 7,282 0
Transfer of loans to other real estate owned 0 535
Non-cash lease liability arising from obtaining right of use assets 528 0
Cash dividends declared but not paid $ 66 $ 51