| Dec'19 | Dec'18 | Dec'17 | Dec'16 | |||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net income | ||||||
26,694 | 25,456 | 15,313 | 14,913 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision for loan losses | ||||||
5,250 | 2,935 | 1,055 | 320 | |||
Depreciation and amortization of premises and equipment | ||||||
1,273 | 1,116 | 1,126 | 900 | |||
Amortization of intangibles | ||||||
1,069 | 756 | 132 | 18 | |||
Net amortization of securities | ||||||
388 | 406 | 678 | 975 | |||
Amortization of stock-based compensation | ||||||
685 | 556 | 465 | 419 | |||
Accretion of purchase accounting valuations | ||||||
-7,077 | -6,056 | -1,626 | 0 | |||
Net change in deferred loan fees and costs | ||||||
216 | -231 | -651 | 167 | |||
Expense for deferred income taxes | ||||||
856 | 1,148 | 624 | -66 | |||
Change in fair value of mortgage servicing rights ("MSR") and other investments | ||||||
775 | -119 | 224 | 558 | |||
Loss from sale and disposal of premises and equipment | ||||||
-23 | -455 | 0 | -9 | |||
Loss on sale of OREO and valuation allowance | ||||||
73 | -252 | 49 | -31 | |||
Proceeds from sales of mortgage loans | ||||||
86,057 | 37,891 | 51,365 | 84,526 | |||
Originations of mortgage loans held for sale | ||||||
85,983 | 37,630 | 50,898 | 83,776 | |||
Gain on sales of mortgage loans | ||||||
1,401 | 617 | 895 | 1,042 | |||
Realized gain on sale of other investments | ||||||
868 | -31 | -32 | - | |||
Realized (gain) loss on sale of securities available for sale and other investments | ||||||
- | - | - | -225 | |||
Undistributed income of UFS joint venture | ||||||
2,935 | 2,563 | 2,390 | 2,133 | |||
Undistributed income of Ansay joint venture | ||||||
1,792 | 2,114 | 1,663 | 1,583 | |||
Net earnings on life insurance | ||||||
625 | 608 | 549 | 534 | |||
Increase in other assets | ||||||
720 | -306 | -278 | -29 | |||
Decrease in other liabilities | ||||||
1,268 | 1,220 | 4,450 | 793 | |||
Net cash used in operating activities | ||||||
22,648 | 23,052 | 18,323 | 14,415 | |||
Cash flows from investing activities, net of effects of business combination: | ||||||
Activity in securities available for sale and held to maturity: | ||||||
Sales | ||||||
45,506 | 4,467 | 48,906 | 9,237 | |||
Maturities, prepayments, and calls | ||||||
13,364 | 15,559 | 12,970 | 21,493 | |||
Purchases | ||||||
103,848 | 22,909 | 49,594 | 44,671 | |||
Net increase in loans | ||||||
36,496 | 29,229 | 46,708 | 69,489 | |||
Dividends received from UFS | ||||||
2,108 | 1,505 | 915 | 814 | |||
Dividends received from Ansay | ||||||
1,329 | 1,432 | 964 | 933 | |||
Proceeds from sale of loans acquired in business combination | ||||||
0 | 0 | 13,000 | 0 | |||
Proceeds from sale of OREO | ||||||
1,704 | 3,736 | 329 | 724 | |||
Proceeds from sales of other investments | ||||||
984 | 2,671 | 500 | - | |||
Net purchases of Federal Home Loan Bank ("FHLB") stock | ||||||
65 | 0 | 0 | - | |||
Capital expenditures on OREO | ||||||
- | - | - | 50 | |||
Sales (Purchases) of other investments | ||||||
- | - | - | 750 | |||
Proceeds from life insurance | ||||||
0 | 152 | 0 | 0 | |||
Proceeds from sale of premises and equipment | ||||||
0 | 445 | 0 | 0 | |||
Purchases of premises and equipment | ||||||
7,268 | 7,927 | 2,825 | 1,272 | |||
Investment in Ansay | ||||||
13,700 | 0 | 0 | - | |||
Net cash used in business combination | ||||||
9,771 | 0 | 19,882 | 0 | |||
Net cash used in investing activities | ||||||
-106,153 | -30,098 | -41,425 | -83,031 | |||
Cash flows from financing activities, net of effects of business combination: | ||||||
Net increase in deposits | ||||||
17,506 | 51,023 | 34,241 | 64,445 | |||
Net decrease in securities sold under repurchase agreements | ||||||
14,376 | -16,079 | -2,538 | 4,489 | |||
Proceeds from revolving line of credit | ||||||
10,000 | 0 | 5,000 | 1,300 | |||
Repayment of revolving line of credit | ||||||
0 | 5,000 | 0 | 1,300 | |||
Proceeds from advances of borrowed funds | ||||||
0 | 0 | 3,500 | 0 | |||
Proceeds from advances of borrowed funds | ||||||
34,000 | 1,214,200 | 476,500 | 325,400 | |||
Repayment of borrowed funds | ||||||
4,000 | 1,214,200 | 476,500 | 325,400 | |||
Repayment of notes payable | ||||||
0 | 3,500 | 0 | 0 | |||
Proceeds from subordinated debt | ||||||
0 | 0 | 11,500 | 0 | |||
Dividends paid | ||||||
5,463 | 4,530 | 4,046 | 3,666 | |||
Proceeds from sales of treasury stock | ||||||
- | - | - | 448 | |||
Proceeds from sales of common stock | ||||||
0 | 1,347 | 896 | - | |||
Repurchase of common stock | ||||||
4,205 | 10,449 | 3,631 | 2,587 | |||
Net cash provided by (used in) financing activities | ||||||
62,214 | 12,812 | 44,922 | 63,129 | |||
Net increase (decrease) in cash and cash equivalents | ||||||
-21,291 | 5,766 | 21,820 | - | |||
Net increase (decrease) in cash and cash equivalents | ||||||
- | - | - | -5,487 | |||
Supplemental disclosures of cash flow information: | ||||||
Cash paid during the period for: | ||||||
Interest | ||||||
18,938 | 14,440 | 6,751 | 5,793 | |||
Income taxes | ||||||
6,677 | 5,775 | 7,981 | 8,202 | |||
Supplemental schedule of noncash activities: | ||||||
Loans transferred to OREO | ||||||
4,927 | 1,310 | 2,259 | 433 | |||
MSR resulting from sale of loans | ||||||
740 | 356 | 428 | 660 | |||
Amortization of unrealized holding gains on securities transferred from available for sale to held to maturity recognized in other comprehensive income, net of tax | ||||||
-35 | -60 | -80 | -109 | |||
Change in unrealized gain/loss on investment securities available for sale, net of tax | ||||||
2,895 | -1,367 | 604 | -823 | |||
Payment of deferred compensation through issuance of treasury stock | ||||||
114 | 0 | 0 | - | |||
Initial recognition of right-of-use lease asset and liability | ||||||
1,699 | 0 | 0 | - | |||
Acquisition: | ||||||
Fair value of assets acquired | ||||||
307,768 | 0 | 418,235 | 0 | |||
Fair value of liabilities assumed | ||||||
286,612 | 0 | 347,276 | 0 | |||
Net assets acquired | ||||||
21,156 | 0 | 70,959 | 0 | |||