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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 1,785 $ 6,755
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for loan losses 4,206 (95)
Depreciation and amortization of premises and equipment 869 862
Amortization and accretion of investment securities 307 324
Amortization of right of use asset 623 503
Amortization of deferred loan fees and costs (458) (400)
Amortization of core deposit intangible 374 424
Amortization of acquisition premium on time deposits (109) 0
Stock-based compensation 204 119
Accretion on acquired loans (620) (468)
Increase in cash surrender value of bank-owned life insurance (321) (334)
Proceeds from loans held for sale 26,583 15,707
Originations of loans held for sale (28,462) (15,566)
Gain on sales of loans held for sale (648) (387)
Net loss on sale and write-downs of foreclosed real estate 176 12
Write-down on assets held for sale 0 8
Change in assets and liabilities:    
Net change in accrued interest receivable 127 (139)
Net change in other assets 95 (2,063)
Net change in accrued expenses and other liabilities (1,397) (753)
NET CASH PROVIDED BY OPERATING ACTIVITIES 3,334 4,509
CASH FLOWS FROM INVESTING ACTIVITIES    
Redemption (purchase) of FHLB stock (14) 238
Redemption of non-marketable security 1 44
Purchase of investment securities available for sale (4,563) (37,948)
Maturities of investment securities available for sale 4,775 1,805
Mortgage-backed securities pay-downs 9,873 5,432
Net change in loans outstanding (116,367) (10,894)
Proceeds from sale of foreclosed real estate 0 77
Net purchases of premises and equipment (1,075) (808)
Cash received from branch acquisition 60,234 24,093
Proceeds from sale of premises and equipment 0 660
NET CASH USED IN INVESTING ACTIVITIES (47,136) (17,301)
CASH FLOWS FROM FINANCING ACTIVITIES    
Net change in deposits 160,541 24,784
Repayments of short-term debt 0 (7,000)
Repayments of lease liability (550) (300)
Repurchase of common stock (3,989) (726)
Proceeds from stock options exercised 7 114
NET CASH PROVIDED BY FINANCING ACTIVITIES 156,009 16,872
NET CHANGE IN CASH AND CASH EQUIVALENTS 112,207 4,080
CASH AND CASH EQUIVALENTS, BEGINNING 79,077 139,362
CASH AND CASH EQUIVALENTS, ENDING 191,284 143,442
Cash paid during the period for:    
Interest paid 5,484 5,498
Cash paid during the period for:    
Taxes paid 1,361 1,580
Non-cash transactions:    
Unrealized gains (losses) on investment securities available for sale, net of tax 756 972
Transfers from loans to foreclosed real estate 204 469
Acquisition:    
Assets acquired (excluding goodwill) 170,914 0
Liabilities assumed 186,416 0
Goodwill recorded $ 17,335 $ 0