Company Quick10K Filing
Quick10K
Mutualfirst Financial
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$30.08 9 $259
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-23 Earnings, Exhibits
8-K 2019-07-01 Enter Agreement, Officers, Exhibits
8-K 2019-05-02 Shareholder Vote, Regulation FD, Other Events, Exhibits
8-K 2019-05-02 Other Events, Exhibits
8-K 2019-04-23 Earnings, Exhibits
8-K 2019-02-21 Other Events, Exhibits
8-K 2019-01-30 Earnings, Exhibits
8-K 2019-01-18 Other Events, Exhibits
8-K 2019-01-18 Other Events, Exhibits
8-K 2019-01-17 Other Events, Exhibits
8-K 2018-11-15 Other Events, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-08-16 Other Events, Exhibits
8-K 2018-08-01 Regulation FD, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-07-24 Regulation FD, Exhibits
8-K 2018-05-04 Shareholder Vote, Regulation FD, Other Events, Exhibits
8-K 2018-04-27 Earnings, Exhibits
8-K 2018-03-16 Enter Agreement, Exhibits
8-K 2018-02-28 M&A, Officers, Other Events, Exhibits
8-K 2018-02-22 Other Events, Exhibits
8-K 2018-02-02 Earnings, Exhibits
8-K 2018-01-19 Other Events, Exhibits
8-K 2018-01-03 Other Events
LUV Southwest Airlines 28,490
MMYT MakeMyTrip 1,420
HMY Harmony Gold Mining 905
ACV Alberto-Culver 251
BCDA Biocardia 0
MADL Man AHL Diversified I 0
SDEV Security Devices International 0
GLYE Glyeco 0
MZOR Mazor Robotics 0
TFLG Trafalgar Resources 0
MFSF 2019-06-30
Note 1: Basis of Presentation
Note 2: Acquisitions
Note 3: Earnings per Share
Note 4: Impact of Accounting Pronouncements
Note 5: Investment Securities
Note 6: Loans and Allowance
Note 7: Goodwill
Note 8: Accounting for Certain Loans Acquired in A Transfer
Note 9: Lease Commitments
Note 10: Derivative Financial Instruments
Note 11: Other Borrowings
Note 12: Accumulated Other Comprehensive Income (Loss)
Note 13: Fair Values of Financial Instruments
Item 2. Management’S Discussion and Analysis of Financial Condition and Results of Operation
Item 3 Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II.Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 mfsf-20190630ex31144246b.htm
EX-31.2 mfsf-20190630ex31270988f.htm
EX-32 mfsf-20190630xex32.htm

Mutualfirst Financial Earnings 2019-06-30

MFSF 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 mfsf-20190630x10q.htm 10-Q mfsf_Current_Folio_10Q

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended  
June 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 000‑27905

 

MutualFirst Financial, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

Maryland

    

35‑2085640

(State or other jurisdiction of incorporation or organization)

 

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

 

 

 

110 E. Charles Street, Muncie, Indiana

 

47305‑2419

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (765) 747‑2800

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

 

 

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, par value $.01 per share

MFSF

The NASDAQ Stock Market, LLC

(Global Select Market)

 

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 definition 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 

Indicate the number of shares outstanding of each of the registrant’s classes of common stock as of the latest practicable date. As of August 8, 2019, there were 8,526,246 shares of the registrant’s common stock outstanding.

 

 

 

 

MutualFirst Financial, Inc.

Form 10‑Q Quarterly Report for the Period Ended June 30, 2019

Table of Contents

 

 

 

 

Page

 

Number

PART I – FINANCIAL INFORMATION

 

 

 

 

Item 1.

Financial Statements

 

 

Consolidated Condensed Balance Sheets

3

 

Consolidated Condensed Statements of Income

4

 

Consolidated Condensed Statements of Comprehensive Income

5

 

Consolidated Condensed Statement of Stockholders’ Equity

6

 

Consolidated Condensed Statements of Cash Flows

7

 

Notes to Unaudited Consolidated Condensed Financial Statements

8

 

 

 

Item 2. 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

36

 

 

 

Item 3. 

Quantitative and Qualitative Disclosures about Market Risk

53

 

 

 

Item 4. 

Controls and Procedures

55

 

 

 

PART II – OTHER INFORMATION 

 

 

 

 

Item 1. 

Legal Proceedings

56

 

 

 

Item 1A. 

Risk Factors

56

 

 

 

Item 2. 

Unregistered Sales of Equity Securities and Use of Proceeds

56

 

 

 

Item 3. 

Defaults Upon Senior Securities

57

 

 

 

Item 4. 

Mine Safety Disclosure

57

 

 

 

Item 5. 

Other Information

57

 

 

 

Item 6. 

Exhibits

58

 

 

 

 

 

 

Index to Exhibits 

 

60

Signature Page 

 

61

 

 

 

 

 

 

MutualFirst Financial, Inc.

Consolidated Condensed Balance Sheets

(In Thousands, Except Share and Per Share Data)

 

 

 

 

 

 

 

June 30, 

 

December 31, 

 

2019

    

2018

 

(Unaudited)

 

 

Assets

 

  

 

 

  

Cash and due from banks

$

11,228

 

$

13,078

Interest-bearing demand deposits

 

21,716

 

 

20,336

Cash and cash equivalents

 

32,944

 

 

33,414

Interest-bearing time deposits

 

4,277

 

 

4,239

Investment securities available for sale (carried at fair value)

 

375,948

 

 

370,875

Loans held for sale

 

38,744

 

 

3,987

Loans, net of allowance for loan losses of $13,435 and $13,281, at June 30, 2019 and December 31, 2018, respectively

 

1,485,703

 

 

1,482,662

Premises and equipment, net

 

24,969

 

 

25,641

Federal Home Loan Bank stock

 

13,115

 

 

13,034

Deferred tax asset, net

 

4,142

 

 

7,744

Cash value of life insurance

 

60,787

 

 

60,160

Goodwill

 

22,310

 

 

22,310

Core deposit intangibles

 

3,156

 

 

3,569

Other real estate owned and repossessed assets

 

2,259

 

 

2,013

Other assets

 

22,565

 

 

19,665

Total assets

$

2,090,919

 

$

2,049,313

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

  

 

 

  

Liabilities

 

  

 

 

  

Deposits

 

  

 

 

  

Noninterest-bearing

$

274,420

 

$

259,909

Interest-bearing

 

1,301,593

 

 

1,259,316

Total deposits

 

1,576,013

 

 

1,519,225

Federal Home Loan Bank advances

 

260,615

 

 

292,497

Other borrowings

 

17,732

 

 

17,988

Other liabilities

 

19,701

 

 

17,240

Total liabilities

 

1,874,061

 

 

1,846,950

 

 

 

 

 

 

Commitments and Contingencies

 

  

 

 

  

 

 

 

 

 

 

Stockholders' Equity

 

  

 

 

  

Common stock, $0.01 par value

 

 

 

 

 

Authorized - 20,000,000 shares

 

 

 

 

 

Issued and outstanding - 8,551,233 and 8,603,462 shares

 

 

 

 

 

at June 30, 2019 and December 31, 2018, respectively

 

86

 

 

86

Additional paid-in capital

 

115,741

 

 

117,883

Retained earnings

 

94,567

 

 

87,018

Accumulated other comprehensive income (loss)

 

6,464

 

 

(2,624)

Total stockholders' equity

 

216,858

 

 

202,363

Total liabilities and stockholders' equity

$

2,090,919

 

$

2,049,313

 

 

See notes to consolidated condensed financial statements

3

MutualFirst Financial, Inc.

Consolidated Condensed Statements of Income

(Unaudited)

(In Thousands, Except Share and Per Share Data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended June 30, 

 

Six Months Ended June 30, 

 

 

    

2019

    

2018

    

2019

    

2018

 

Interest and Dividend Income

 

 

  

 

 

  

 

 

  

 

 

  

 

Loans receivable

 

$

18,542

 

$

17,738

 

$

36,812

 

$

32,063

 

Investment securities

 

 

2,730

 

 

2,693

 

 

5,496

 

 

4,859

 

Federal Home Loan Bank stock

 

 

178

 

 

127

 

 

356

 

 

317

 

Deposits with financial institutions

 

 

68

 

 

63

 

 

156

 

 

130

 

Total interest and dividend income

 

 

21,518

 

 

20,621

 

 

42,820

 

 

37,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

  

 

 

  

 

 

  

 

 

  

 

Deposits

 

 

3,901

 

 

2,540

 

 

7,474

 

 

4,647

 

Federal Home Loan Bank advances

 

 

1,322

 

 

1,174

 

 

2,758

 

 

2,136

 

Other

 

 

251

 

 

299

 

 

502

 

 

394

 

Total interest expense

 

 

5,474

 

 

4,013

 

 

10,734

 

 

7,177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

 

16,044

 

 

16,608

 

 

32,086

 

 

30,192

 

Provision for loan losses

 

 

475

 

 

500

 

 

950

 

 

950

 

Net Interest Income After Provision for Loan Losses

 

 

15,569

 

 

16,108

 

 

31,136

 

 

29,242

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest Income

 

 

  

 

 

  

 

 

  

 

 

  

 

Service fee income

 

 

2,041

 

 

1,959

 

 

3,849

 

 

3,523

 

Net realized gain on sales of available for sale securities

 

 

422

 

 

106

 

 

866

 

 

260

 

Commissions

 

 

1,282

 

 

1,368

 

 

2,478

 

 

2,630

 

Net gains on sales of loans

 

 

1,341

 

 

736

 

 

2,371

 

 

1,371

 

Net servicing fees

 

 

139

 

 

154

 

 

288

 

 

304

 

Increase in cash value of life insurance

 

 

325

 

 

322

 

 

627

 

 

611

 

Gain (loss) on sale of other real estate and repossessed assets

 

 

(29)

 

 

11

 

 

(58)

 

 

(57)

 

Other income

 

 

183

 

 

148

 

 

368

 

 

597

 

Total non-interest income

 

 

5,704

 

 

4,804

 

 

10,789

 

 

9,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-interest Expenses

 

 

  

 

 

  

 

 

  

 

 

  

 

Salaries and employee benefits

 

 

8,541

 

 

8,628

 

 

17,101

 

 

15,917

 

Net occupancy expenses

 

 

996

 

 

995

 

 

2,040

 

 

1,892

 

Equipment expenses

 

 

584

 

 

698

 

 

1,231

 

 

1,254

 

Data processing fees

 

 

639

 

 

676

 

 

1,290

 

 

1,269

 

ATM and debit card expenses

 

 

598

 

 

573

 

 

1,160

 

 

1,044

 

Deposit insurance

 

 

209

 

 

225

 

 

416

 

 

482

 

Professional fees

 

 

472

 

 

472

 

 

880

 

 

1,254

 

Advertising and promotion

 

 

345

 

 

499

 

 

674

 

 

859

 

Software subscriptions and maintenance

 

 

816

 

 

691

 

 

1,585

 

 

1,285

 

Intangible amortization

 

 

200

 

 

375

 

 

414

 

 

538

 

Other real estate and repossessed assets

 

 

70

 

 

44

 

 

123

 

 

89

 

Other expenses

 

 

1,174

 

 

2,287

 

 

2,289

 

 

3,257

 

Total non-interest expenses

 

 

14,644

 

 

16,163

 

 

29,203

 

 

29,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Tax

 

 

6,629

 

 

4,749

 

 

12,722

 

 

9,341

 

Income tax expense

 

 

878

 

 

584

 

 

1,733

 

 

1,169

 

Net Income

 

$

5,751

 

$

4,165

 

$

10,989

 

$

8,172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Common Share

 

 

  

 

 

  

 

 

  

 

 

  

 

Basic

 

$

0.67

 

$

0.49

 

$

1.28

 

$

1.00

 

Diluted

 

$

0.66

 

$

0.48

 

$

1.26

 

$

0.98

 

Dividends Per Common Share

 

$

0.20

 

$

0.18

 

$

0.40

 

$

0.36

 

 

 

See notes to consolidated condensed financial statements

4

MutualFirst Financial, Inc.

Consolidated Condensed Statements of Comprehensive Income

(Unaudited)

(In Thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three Months Ended June 30, 

 

Six Months Ended June 30, 

 

 

    

2019

    

2018

    

2019

    

2018

 

Net Income

 

$

5,751

 

$

4,165

 

$

10,989

 

$

8,172

 

Other Comprehensive Income (Loss)

 

 

  

 

 

  

 

 

  

 

 

  

 

Net unrealized holding gain (loss) on securities available for sale

 

 

5,430

 

 

(1,312)

 

 

12,389

 

 

(6,243)

 

Reclassification adjustment for realized gains included in net income

 

 

(422)

 

 

(106)

 

 

(866)

 

 

(260)

 

 

 

 

5,008

 

 

(1,418)

 

 

11,523

 

 

(6,503)

 

Income tax (benefit) expense related to other comprehensive income

 

 

(1,059)

 

 

302

 

 

(2,435)

 

 

1,381

 

Other comprehensive income (loss), net of tax

 

 

3,949

 

 

(1,116)

 

 

9,088

 

 

(5,122)

 

Comprehensive Income

 

$

9,700

 

$

3,049

 

$

20,077

 

$

3,050

 

 

 

See notes to consolidated condensed financial statements

5

MutualFirst Financial, Inc.

Consolidated Condensed Statements of Stockholders’ Equity

(Unaudited)

(In Thousands, Except Share and Per Share Data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

    

Additional

    

 

 

    

Other

    

 

 

 

 

Common

 

Paid-in

 

Retained

 

Comprehensive

 

 

 

 

 

Stock

    

Capital

    

Earnings

    

 Income (Loss)

    

Total

Balances March 31, 2018

 

$

86

 

$

117,630

 

$

76,971

 

$

(3,625)

 

$

191,062

Net income

 

 

  

 

 

  

 

 

4,165

 

 

  

 

 

4,165

Other comprehensive loss, net of taxes

 

 

 

 

 

 

 

 

 

 

 

(1,116)

 

 

(1,116)

Stock options, exercised

 

 

 

 

 

121

 

 

 

 

 

 

 

 

121

Cash dividends, common stock ($0.18 per share)

 

 

 

 

 

 

 

 

(1,544)

 

 

 

 

 

(1,544)

Issuance of common stock related to acquisition

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 -

Balances June 30, 2018

 

$

86

 

$

117,751

 

$

79,592

 

$

(4,741)

 

$

192,688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances March 31, 2019

 

$

86

 

$

118,052

 

$

90,531

 

$

2,515

 

$

211,184

Net income

 

 

  

 

 

  

 

 

5,751

 

 

  

 

 

5,751

Other comprehensive income, net of taxes

 

 

 

 

 

 

 

 

 

 

 

3,949

 

 

3,949

Stock repurchased

 

 

 

 

 

(2,351)

 

 

 

 

 

 

 

 

(2,351)

Stock options, exercised

 

 

 

 

 

40

 

 

 

 

 

 

 

 

40

Cash dividends, common stock ($0.20 per share)

 

 

 

 

 

 

 

 

(1,715)

 

 

 

 

 

(1,715)

Balances June 30, 2019

 

$

86

 

$

115,741

 

$

94,567

 

$

6,464

 

$

216,858

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

    

Additional

    

 

 

    

Other

    

 

 

 

 

Common

 

Paid-in

 

Retained

 

Comprehensive

 

 

 

 

 

Stock

    

Capital

    

Earnings

    

 Income (Loss)

    

Total

Balances December 31, 2017

 

$

74

 

$

75,319

 

$

74,508

 

$

381

 

$

150,282

Net income

 

 

  

 

 

  

 

 

8,172

 

 

  

 

 

8,172

Other comprehensive loss, net of taxes

 

 

 

 

 

 

 

 

 

 

 

(5,122)

 

 

(5,122)

Stock options, exercised

 

 

 

 

 

121

 

 

 

 

 

 

 

 

121

Cash dividends, common stock ($0.36 per share)

 

 

 

 

 

 

 

 

(3,088)

 

 

 

 

 

(3,088)

Issuance of common stock related to acquisition

 

 

12

 

 

42,311

 

 

 

 

 

 

 

 

42,323

Balances June 30, 2018

 

$

86

 

$

117,751

 

$

79,592

 

$

(4,741)

 

$

192,688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances December 31, 2018

 

$

86

 

$

117,883

 

$

87,018

 

$

(2,624)

 

$

202,363

Net income

 

 

  

 

 

  

 

 

10,989

 

 

  

 

 

10,989

Other comprehensive income, net of taxes

 

 

 

 

 

 

 

 

 

 

 

9,088

 

 

9,088

Stock repurchased

 

 

 

 

 

(2,351)

 

 

 

 

 

 

 

 

(2,351)

Stock options, exercised

 

 

 

 

 

209

 

 

 

 

 

 

 

 

209

Cash dividends, common stock ($0.40 per share)

 

 

 

 

 

 

 

 

(3,440)

 

 

 

 

 

(3,440)

Balances June 30, 2019

 

$

86

 

$

115,741

 

$

94,567

 

$

6,464

 

$

216,858

 

 

See notes to consolidated condensed financial statements

 

 

6

MutualFirst Financial, Inc.

Consolidated Condensed Statements of Cash Flows

(Unaudited)

(In Thousands)

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 

 

 

    

2019

    

2018

 

Operating Activities

 

 

  

 

 

  

 

Net income

 

$

10,989

 

$

8,172

 

Items not requiring cash

 

 

  

 

 

  

 

Provision for loan losses

 

 

950

 

 

950

 

Depreciation and amortization

 

 

3,180

 

 

2,715

 

Deferred income tax

 

 

1,167

 

 

267

 

Increase in cash value of life insurance

 

 

(627)

 

 

(611)

 

Net amortization (accretion) of purchase accounting adjustments

 

 

66

 

 

(176)

 

Loans originated for sale

 

 

(77,831)

 

 

(48,527)

 

Proceeds from sales of loans held for sale

 

 

72,803

 

 

50,380

 

Net gain on sale of loans

 

 

(2,371)

 

 

(1,371)

 

Net gain on sale of securities, available for sale

 

 

(866)

 

 

(260)

 

Gain on bank owned life insurance

 

 

 -

 

 

(326)

 

Loss on sale of other real estate and repossessed assets

 

 

58

 

 

57

 

Change in

 

 

 

 

 

 

 

Interest receivable and other assets

 

 

1,546

 

 

816

 

Interest payable and other liabilities

 

 

(2,044)

 

 

614

 

Other adjustments

 

 

50

 

 

50

 

Net cash provided by operating activities

 

 

7,070

 

 

12,750

 

 

 

 

 

 

 

 

 

Investing Activities

 

 

  

 

 

  

 

Net change in interest-bearing time deposits

 

 

(38)

 

 

6,118

 

Purchases of securities, available for sale

 

 

(35,020)

 

 

(61,843)

 

Proceeds from maturities and paydowns of securities, available for sale

 

 

16,901

 

 

14,736

 

Proceeds from sales of securities, available for sale

 

 

24,690

 

 

43,284

 

Purchase of Federal Home Loan Bank stock

 

 

(81)

 

 

 -

 

Net change in loans

 

 

(33,754)

 

 

(33,916)

 

Net cash and cash equivalents paid in acquisition

 

 

 -

 

 

(7,673)

 

Purchases of premises and equipment

 

 

(862)

 

 

(715)

 

Proceeds from sale of real estate owned and repossessed assets

 

 

1,382

 

 

797

 

Proceeds from bank owned life insurance

 

 

 -

 

 

1,669

 

Proceeds from sale of premises and equipment

 

 

375

 

 

67

 

Net cash used in investing activities

 

 

(26,407)

 

 

(37,476)