Company Quick10K Filing
Hawthorn Bancshares
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 6 $165
10-Q 2019-11-07 Quarter: 2019-09-30
10-Q 2019-08-08 Quarter: 2019-06-30
10-Q 2019-05-10 Quarter: 2019-03-31
10-K 2019-03-14 Annual: 2018-12-31
10-Q 2018-11-08 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-Q 2018-05-10 Quarter: 2018-03-31
10-K 2018-03-16 Annual: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
10-Q 2017-08-14 Quarter: 2017-06-30
10-Q 2017-05-15 Quarter: 2017-03-31
10-K 2017-03-31 Annual: 2016-12-31
10-Q 2016-11-14 Quarter: 2016-09-30
10-Q 2016-08-15 Quarter: 2016-06-30
10-Q 2016-05-16 Quarter: 2016-03-31
10-K 2016-03-30 Annual: 2015-12-31
10-Q 2015-11-16 Quarter: 2015-09-30
10-Q 2015-08-14 Quarter: 2015-06-30
10-Q 2015-05-15 Quarter: 2015-03-31
10-K 2015-03-31 Annual: 2014-12-31
10-Q 2014-11-14 Quarter: 2014-09-30
10-Q 2014-08-14 Quarter: 2014-06-30
10-Q 2014-05-15 Quarter: 2014-03-31
10-K 2014-03-31 Annual: 2013-12-31
10-Q 2013-11-14 Quarter: 2013-09-30
10-Q 2013-08-14 Quarter: 2013-06-30
10-Q 2013-05-15 Quarter: 2013-03-31
10-K 2013-04-01 Annual: 2012-12-31
10-Q 2012-11-14 Quarter: 2012-09-30
10-Q 2012-08-14 Quarter: 2012-06-30
10-Q 2012-05-15 Quarter: 2012-03-31
10-K 2012-03-30 Annual: 2011-12-31
10-Q 2011-11-14 Quarter: 2011-09-30
10-Q 2011-08-15 Quarter: 2011-06-30
10-Q 2011-05-16 Quarter: 2011-03-31
10-K 2011-03-30 Annual: 2010-12-31
10-Q 2010-11-09 Quarter: 2010-09-30
10-Q 2010-08-13 Quarter: 2010-06-30
10-Q 2010-05-17 Quarter: 2010-03-31
10-K 2010-03-15 Annual: 2009-12-31
8-K 2020-01-30 Other Events, Exhibits
8-K 2020-01-30 Earnings, Exhibits
8-K 2019-11-06 Other Events, Exhibits
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-09-18 Other Events, Exhibits
8-K 2019-08-07 Other Events, Exhibits
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-07-02 Other Events, Exhibits
8-K 2019-06-04 Shareholder Vote, Exhibits
8-K 2019-05-09 Earnings, Exhibits
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-02-08 Other Events, Exhibits
8-K 2019-01-30 Other Events, Exhibits
8-K 2019-01-30 Earnings, Exhibits
8-K 2018-11-07 Officers, Exhibits
8-K 2018-11-07 Other Events
8-K 2018-10-30 Earnings, Exhibits
8-K 2018-10-17 Enter Agreement, Exhibits
8-K 2018-08-08 Other Events
8-K 2018-07-30 Earnings, Exhibits
8-K 2018-06-05 Shareholder Vote, Exhibits
8-K 2018-05-10 Other Events, Exhibits
8-K 2018-04-26 Earnings, Exhibits
8-K 2018-02-01 Earnings, Exhibits
8-K 2018-01-23 Other Events
HWBK 2019-09-30
Part I – Financial Information
Item 1. Financial Statements
Item 2 - Management’S Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
EX-31.1 hwbk-20190930ex311786b66.htm
EX-31.2 hwbk-20190930ex312c42976.htm
EX-32.1 hwbk-20190930ex321e504b9.htm
EX-32.2 hwbk-20190930ex3229f0285.htm

Hawthorn Bancshares Earnings 2019-09-30

HWBK 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
EVBN 173 1,471 1,330 11 0 0 12 113 0% 9.6 0%
ESXB 172 1,431 1,284 2 0 14 32 172 0% 5.4 1%
MFNC 170 1,331 1,173 1 0 13 29 109 0% 3.7 1%
BSVN 168 798 699 0 0 23 35 44 1.2 3%
CBNK 167 1,234 1,111 0 0 11 27 87 3.3 1%
PEBK 165 1,111 985 0 0 14 19 114 6.0 1%
HWBK 165 1,471 1,362 0 0 15 35 136 3.9 1%
OVLY 159 1,069 962 0 0 12 18 68 3.7 1%
FNCB 158 1,199 1,069 1 0 14 31 226 0% 7.4 1%
OPBK 158 1,128 992 2 0 16 36 75 0% 2.1 1%

10-Q 1 hwbk-20190930x10q.htm 10-Q hwbk_Current_Folio_10Q

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

   Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2019

OR

   Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ______________ to ______________

Commission file number: 0‑23636

HAWTHORN BANCSHARES, INC.

(Exact name of registrant as specified in its charter)

 

Missouri

43‑1626350

(State or other jurisdiction of

(I.R.S. Employer Identification No.)

incorporation or organization)

 

 

132 East High Street, Box 688, Jefferson City, Missouri 65102

(Address of principal executive offices) (Zip Code)

(573) 761‑6100

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report.)

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $1.00 par value

HWBK

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ◻ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ◻ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a  smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

 

 

 

 

Large accelerated filer ◻

Accelerated filer ☒

Non-accelerated filer ◻

 

 

 

Smaller reporting company ☒

Emerging growth company ◻

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). ◻ Yes ☒ No

As of November 7, 2019, the registrant had 6,276,236 shares of common stock, par value $1.00 per share, outstanding.

 

 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

HAWTHORN BANCSHARES, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

 

 

 

 

 

 

 

 

(In thousands, except per share data)

 

September 30, 

 

December 31, 

 

    

2019

    

2018

 

    

(Unaudited)

    

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

$

22,856

 

$

23,687

Federal funds sold and other interest-bearing deposits

 

 

21,559

 

 

18,396

Cash and cash equivalents

 

 

44,415

 

 

42,083

Certificates of deposit in other banks

 

 

11,601

 

 

12,247

Available-for-sale debt securities, at fair value

 

 

181,270

 

 

218,205

Other investments

 

 

6,210

 

 

5,675

Total investment securities

 

 

187,480

 

 

223,880

Loans

 

 

1,151,518

 

 

1,146,627

Allowances for loan losses

 

 

(12,178)

 

 

(11,652)

Net loans

 

 

1,139,340

 

 

1,134,975

Premises and equipment - net

 

 

35,754

 

 

34,894

Mortgage servicing rights

 

 

2,575

 

 

2,931

Other real estate owned - net

 

 

12,878

 

 

13,691

Accrued interest receivable

 

 

6,215

 

 

6,162

Cash surrender value - life insurance

 

 

2,385

 

 

2,542

Other assets

 

 

6,695

 

 

8,277

Total assets

 

$

1,449,338

 

$

1,481,682

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Non-interest bearing demand

 

$

284,452

 

$

262,857

Savings, interest checking and money market

 

 

550,350

 

 

614,040

Time deposits $250,000 and over

 

 

94,970

 

 

104,900

Other time deposits

 

 

207,635

 

 

216,671

Total deposits

 

 

1,137,407

 

 

1,198,468

Federal funds purchased and securities sold under agreements to repurchase

 

 

27,191

 

 

24,647

Federal Home Loan Bank advances and other borrowings

 

 

106,980

 

 

95,153

Subordinated notes

 

 

49,486

 

 

49,486

Operating lease liabilities

 

 

2,285

 

 

 —

Accrued interest payable

 

 

1,020

 

 

1,035

Other liabilities

 

 

12,155

 

 

13,479

Total liabilities

 

 

1,336,524

 

 

1,382,268

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $1 par value, authorized 15,000,000 shares; issued 6,519,874 and 6,278,481 shares, respectively

 

 

6,520

 

 

6,279

Surplus

 

 

55,727

 

 

50,173

Retained earnings

 

 

58,275

 

 

54,105

Accumulated other comprehensive loss, net of tax

 

 

(2,664)

 

 

(6,099)

Treasury stock; 243,638 shares, at cost

 

 

(5,044)

 

 

(5,044)

Total stockholders’ equity

 

 

112,814

 

 

99,414

Total liabilities and stockholders’ equity

 

$

1,449,338

 

$

1,481,682

 

See accompanying notes to the consolidated financial statements (unaudited).

2

HAWTHORN BANCSHARES, INC. AND SUBSIDIARIES

Consolidated Statements of Income (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

(In thousands, except per share amounts)

    

2019

    

2018

    

2019

    

2018

 

INTEREST INCOME

 

 

  

 

 

  

 

 

  

 

 

  

 

Interest and fees on loans

 

$

14,806

 

$

13,252

 

$

43,662

 

$

38,329

 

Interest on investment securities:

 

 

  

 

 

  

 

 

  

 

 

  

 

Taxable

 

 

831

 

 

1,089

 

 

2,857

 

 

3,141

 

Nontaxable

 

 

119

 

 

146

 

 

408

 

 

451

 

Federal funds sold, other interest-bearing deposits, and certificates of deposit in other banks

 

 

103

 

 

205

 

 

897

 

 

500

 

Dividends on other investments

 

 

66

 

 

59

 

 

199

 

 

162

 

Total interest income

 

 

15,925

 

 

14,751

 

 

48,023

 

 

42,583

 

INTEREST EXPENSE

 

 

  

 

 

  

 

 

  

 

 

  

 

Interest on deposits:

 

 

  

 

 

  

 

 

  

 

 

  

 

Savings, interest checking and money market

 

 

1,047

 

 

1,468

 

 

4,217

 

 

3,899

 

Time deposit accounts $250,000 and over

 

 

475

 

 

391

 

 

1,761

 

 

825

 

Time deposits

 

 

801

 

 

520

 

 

2,268

 

 

1,566

 

Total interest expense on deposits

 

 

2,323

 

 

2,379

 

 

8,246

 

 

6,290

 

Interest on federal funds purchased and securities sold under agreements to repurchase

 

 

34

 

 

166

 

 

110

 

 

526

 

Interest on Federal Home Loan Bank advances

 

 

619

 

 

314

 

 

1,699

 

 

1,042

 

Interest on subordinated notes

 

 

588

 

 

584

 

 

1,821

 

 

1,635

 

Total interest expense on borrowings

 

 

1,241

 

 

1,064

 

 

3,630

 

 

3,203

 

Total interest expense

 

 

3,564

 

 

3,443

 

 

11,876

 

 

9,493

 

Net interest income

 

 

12,361

 

 

11,308

 

 

36,147

 

 

33,090

 

Provision for loan losses

 

 

450

 

 

250

 

 

850

 

 

1,000

 

Net interest income after provision for loan losses

 

 

11,911

 

 

11,058

 

 

35,297

 

 

32,090

 

NON-INTEREST INCOME

 

 

  

 

 

  

 

 

  

 

 

  

 

Service charges and other fees

 

 

953

 

 

942

 

 

2,701

 

 

2,760

 

Bank card income and fees

 

 

794

 

 

699

 

 

2,282

 

 

2,064

 

Trust department income

 

 

371

 

 

276

 

 

960

 

 

867

 

Real estate servicing fees, net

 

 

36

 

 

192

 

 

38

 

 

574

 

Gain on sale of mortgage loans, net

 

 

215

 

 

205

 

 

499

 

 

592

 

Other

 

 

55

 

 

50

 

 

157

 

 

113

 

Total non-interest income

 

 

2,424

 

 

2,364

 

 

6,637

 

 

6,970

 

Investment securities (loss) gain, net

 

 

(40)

 

 

50

 

 

(40)

 

 

256

 

Gain on branch sale, net

 

 

109

 

 

 —

 

 

2,183

 

 

 —

 

NON-INTEREST EXPENSE

 

 

  

 

 

  

 

 

  

 

 

  

 

Salaries and employee benefits

 

 

5,366

 

 

5,543

 

 

16,220

 

 

17,413

 

Occupancy expense, net

 

 

909

 

 

749

 

 

2,348

 

 

2,162

 

Furniture and equipment expense

 

 

671

 

 

785

 

 

2,166

 

 

2,104

 

Processing, network, and bank card expense

 

 

893

 

 

841

 

 

2,867

 

 

2,589

 

Legal, examination, and professional fees

 

 

316

 

 

289

 

 

948

 

 

913

 

Advertising and promotion

 

 

343

 

 

297

 

 

884

 

 

840

 

Postage, printing, and supplies

 

 

181

 

 

256

 

 

650

 

 

749

 

Other

 

 

911

 

 

1,168

 

 

3,066

 

 

3,368

 

Total non-interest expense

 

 

9,590

 

 

9,928

 

 

29,149

 

 

30,138

 

Income before income taxes

 

 

4,814

 

 

3,544

 

 

14,928

 

 

9,178

 

Income tax expense

 

 

954

 

 

446

 

 

2,882

 

 

1,083

 

Net income

 

 

3,860

 

 

3,098

 

$

12,046

 

$

8,095

 

Basic earnings per share

 

$

0.62

 

$

0.49

 

$

1.92

 

$

1.29

 

Diluted earnings per share

 

$

0.62

 

$

0.49

 

$

1.92

 

$

1.29

 

 

See accompanying notes to the consolidated financial statements (unaudited).

3

HAWTHORN BANCSHARES, INC. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30, 

 

September 30, 

 

(In thousands)

    

2019

    

2018

    

2019

    

2018

 

Net income

 

$

3,860

 

$

3,098

 

$

12,046

 

$

8,095

 

Other comprehensive income (loss), net of tax

 

 

  

 

 

  

 

 

  

 

 

  

 

Investment securities available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on investment securities available-for-sale, net of tax

 

 

280

 

 

(936)

 

 

3,357

 

 

(3,093)

 

Adjustment for gain on sale of investment securities, net of tax

 

 

32

 

 

 —

 

 

32

 

 

 —

 

Defined benefit pension plans:

 

 

  

 

 

  

 

 

  

 

 

  

 

Amortization of prior service cost included in net periodic pension cost, net of tax

 

 

15

 

 

44

 

 

46

 

 

129

 

Total other comprehensive income (loss)

 

 

327

 

 

(892)

 

 

3,435

 

 

(2,964)

 

Total comprehensive income

 

$

4,187

 

$

2,206

 

$

15,481

 

$

5,131

 

 

See accompanying notes to the consolidated financial statements (unaudited).

4

HAWTHORN BANCSHARES, INC. AND SUBSIDIARIES

Consolidated Statements of Stockholders’ Equity (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

 

 

    

Accumulated

    

 

 

    

Total

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

Stock -

 

 

Common

 

 

 

 

Retained

 

Comprehensive

 

Treasury

 

holders'

(In thousands)

 

Stock

 

Surplus

 

Earnings

 

Loss

 

Stock

 

Equity

Balance, June 30, 2018

 

$

6,047

 

$

50,456

 

$

49,594

 

$

(7,734)

 

$

(5,230)

 

$

93,133

Net income

 

 

 —

 

 

 —

 

 

3,098

 

 

 —

 

 

 —

 

 

3,098

Other comprehensive loss

 

 

 —

 

 

 —

 

 

 —

 

 

(892)

 

 

 —

 

 

(892)

Issuance of stock under equity compensation plan

 

 

 —

 

 

(51)

 

 

 —

 

 

 —

 

 

186

 

 

135

Stock dividend

 

 

232

 

 

(232)

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Cash dividends declared, common stock

 

 

 —

 

 

 —

 

 

(602)

 

 

 —

 

 

 —

 

 

(602)

Balance, September 30, 2018

 

$

6,279

 

$

50,173

 

$

52,090

 

$

(8,626)

 

$

(5,044)

 

$

94,872

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2017

 

$

6,047

 

$

45,442

 

$

50,595

 

$

(5,662)

 

$

(5,051)

 

$

91,371

Net income

 

 

 —

 

 

 —

 

 

8,095

 

 

 —

 

 

 —

 

 

8,095

Other comprehensive loss

 

 

 —

 

 

 —

 

 

 —

 

 

(2,964)

 

 

 —

 

 

(2,964)

Issuance of stock under equity compensation plan

 

 

 —

 

 

(51)

 

 

 —

 

 

 —

 

 

186

 

 

135

Purchase of treasury stock

 

 

 —

 

 

 —

 

 

 —

 

 

 —

 

 

(179)

 

 

(179)

Stock dividend

 

 

232

 

 

4,782

 

 

(5,014)

 

 

 —

 

 

 —

 

 

 —

Cash dividends declared, common stock

 

 

 —

 

 

 —

 

 

(1,586)

 

 

 —

 

 

 —

 

 

(1,586)

Balance, September 30, 2018

 

$

6,279

 

$

50,173

 

$

52,090

 

$

(8,626)

 

$

(5,044)

 

$

94,872

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

 

 

    

Accumulated

    

 

 

    

Total

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

Stock -

 

 

Common

 

 

 

 

Retained

 

Comprehensive

 

Treasury

 

holders'

(In thousands)

 

Stock

 

Surplus

 

Earnings

 

Loss

 

Stock

 

Equity

Balance, June 30, 2019

 

$

6,279

 

$

55,968

 

$

55,168

 

$

(2,991)

 

$

(5,044)

 

$

109,380

Net income

 

 

 —

 

 

 —

 

 

3,860

 

 

 —

 

 

 —

 

 

3,860

Other comprehensive income

 

 

 —

 

 

 —

 

 

 —

 

 

327

 

 

 —

 

 

327

Stock dividend

 

 

241

 

 

(241)

 

 

 —

 

 

 —

 

 

 —

 

 

 —

Cash dividends declared, common stock

 

 

 —

 

 

 —

 

 

(753)

 

 

 —

 

 

 —

 

 

(753)

Balance, September 30, 2019

 

$

6,520

 

$

55,727

 

$

58,275

 

$

(2,664)

 

$

(5,044)

 

$

112,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2018

 

$

6,279

 

$

50,173

 

$

54,105

 

$

(6,099)

 

$

(5,044)

 

$

99,414

Net income

 

 

 —

 

 

 —

 

 

12,046

 

 

 —

 

 

 —

 

 

12,046

Other comprehensive income

 

 

 —

 

 

 —

 

 

 —

 

 

3,435

 

 

 —

 

 

3,435

Stock dividend

 

 

241

 

 

5,554

 

 

(5,795)

 

 

 —

 

 

 —

 

 

 —

Cash dividends declared, common stock

 

 

 —

 

 

 —

 

 

(2,081)

 

 

 —

 

 

 —

 

 

(2,081)

Balance, September 30, 2019

 

$

6,520

 

$

55,727

 

$

58,275

 

$

(2,664)

 

$

(5,044)

 

$

112,814

 

See accompanying notes to the consolidated financial statements (unaudited).

5

HAWTHORN BANCSHARES, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows (unaudited)

 

 

 

 

 

 

 

 

 

Nine Months Ended September 30, 

(In thousands)

    

2019

    

2018

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

12,046

 

$

8,095

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Provision for loan losses

 

 

850

 

 

1,000

Depreciation expense

 

 

1,505

 

 

1,321

Net amortization of investment securities, premiums, and discounts

 

 

1,023

 

 

1,121

Change in fair value of mortgage servicing rights

 

 

543

 

 

40

Investment securities (loss) gain, net

 

 

40

 

 

(256)

Loss on sales and dispositions of premises and equipment

 

 

53

 

 

 3

Gain on sales and dispositions of other real estate

 

 

(102)

 

 

 —

Gain on branch sale, net

 

 

(2,183)

 

 

 —

Provision for other real estate owned

 

 

49

 

 

26

Operating lease expense

 

 

(140)

 

 

 —

Increase in accrued interest receivable

 

 

(53)

 

 

(357)

Increase in cash surrender value - life insurance

 

 

(65)

 

 

(51)

Decrease in other assets

 

 

878

 

 

849

(Decrease) increase in accrued interest payable

 

 

(15)

 

 

436

Decrease in other liabilities

 

 

(1,466)

 

 

(1,038)

Origination of mortgage loans for sale

 

 

(29,443)

 

 

(29,197)

Proceeds from the sale of mortgage loans

 

 

28,275

 

 

30,049

Gain on sale of mortgage loans, net

 

 

(499)

 

 

(592)

Other, net

 

 

(187)

 

 

(199)

Net cash provided by operating activities

 

 

11,109

 

 

11,250

Cash flows from investing activities:

 

 

 

 

 

 

Purchase of certificates of deposit in other banks

 

 

(988)

 

 

(8,783)

Proceeds from maturities of certificates of deposit in other banks

 

 

1,634

 

 

 —

Net increase in loans

 

 

(3,959)

 

 

(48,675)

Purchase of available-for-sale debt securities

 

 

(20,423)

 

 

(102,953)

Proceeds from maturities of available-for-sale debt securities

 

 

29,460

 

 

25,782

Proceeds from calls of available-for-sale debt securities

 

 

9,620

 

 

1,685

Proceeds from sales of available-for-sale debt securities

 

 

21,503

 

 

77,168

Purchases of FHLB stock

 

 

(6,522)

 

 

(2,367)

Proceeds from sales of FHLB stock

 

 

5,988

 

 

3,903

Purchases of premises and equipment

 

 

(1,903)

 

 

(1,374)

Proceeds from sales of premises and equipment

 

 

 6

 

 

13

Proceeds from Bank owned life insurance policy

 

 

222

 

 

 —

Payment for branch sale, net

 

 

(6,700)

 

 

 —

Proceeds from sales of other real estate and repossessed assets

 

 

1,277

 

 

372

Net cash provided by (used in) investing activities

 

 

29,215

 

 

(55,229)

Cash flows from financing activities:

 

 

 

 

 

 

Net increase in demand deposits

 

 

27,285

 

 

11,996

Net (decrease) increase in interest-bearing transaction accounts

 

 

(60,433)

 

 

24,748

Net (decrease) increase in time deposits

 

 

(17,284)

 

 

20,178

Net increase in federal funds purchased and securities sold under agreements to repurchase

 

 

2,544

 

 

5,100

Repayment of FHLB advances and other borrowings

 

 

(166,647)

 

 

(173,619)

FHLB advances

 

 

178,474

 

 

130,950

Issuance of stock under equity compensation plan

 

 

 —

 

 

135

Purchase of treasury stock

 

 

 —

 

 

(179)

Cash dividends paid - common stock

 

 

(1,931)

 

 

(1,390)

Net cash (used in) provided by financing activities

 

 

(37,992)

 

 

17,919

Net increase (decrease) in cash and cash equivalents

 

 

2,332

 

 

(26,060)

Cash and cash equivalents, beginning of year

 

 

42,083

 

 

62,878

Cash and cash equivalents, end of year

 

$

44,415

 

$

36,818

Supplemental disclosures of cash flow information: