CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
3 Months Ended |
Mar. 31, 2018 |
Mar. 31, 2017 |
| Operating activities: |
|
|
| Net income (loss) |
$ 6,953,000
|
$ 6,572,000
|
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
| Provision for loan losses |
(880,000)
|
(1,211,000)
|
| Provision for depreciation |
558,000
|
520,000
|
| Stock based compensation |
440,000
|
474,000
|
| Net amortization of premium/discount on debt and mortgage related securities |
148,000
|
190,000
|
| Amortization of unearned ESOP shares |
456,000
|
482,000
|
| Amortization and impairment of mortgage servicing rights |
49,000
|
19,000
|
| Gain on sale of loans held for sale |
(20,684,000)
|
(21,647,000)
|
| Loans originated for sale |
(489,155,000)
|
(481,313,000)
|
| Proceeds on sales of loans originated for sale |
532,097,000
|
608,482,000
|
| Increase in accrued interest receivable |
(273,000)
|
(319,000)
|
| Increase in cash surrender value of life insurance |
(328,000)
|
(318,000)
|
| Increase (decrease) in accrued interest on deposits and borrowings |
18,000
|
(70,000)
|
| (Decrease) increase in other liabilities |
(2,166,000)
|
(3,877,000)
|
| Increase in accrued tax receivable |
(783,000)
|
(1,089,000)
|
| Loss on sale of securities |
1
|
|
| Net loss related to real estate owned |
201,000
|
315,000
|
| Gain on sale of mortgage servicing rights |
0
|
(308,000)
|
| Other |
(6,854,000)
|
(1,606,000)
|
| Net cash provided by (used in) operating activities |
19,797,000
|
105,296,000
|
| Investing activities: |
|
|
| Net increase in loans receivable |
(23,103,000)
|
(17,469,000)
|
| Net change on FHLB stock |
(1,800,000)
|
1,350,000
|
| Purchases of: |
|
|
| Mortgage related securities |
0
|
(4,976,000)
|
| Premises and equipment, net |
(221,000)
|
(505,000)
|
| Proceeds from: |
|
|
| Principal repayments on mortgage-related securities |
7,245,000
|
8,357,000
|
| Maturities of debt securities |
2,365,000
|
1,485,000
|
| Sales of real estate owned |
1,197,000
|
1,134,000
|
| Net cash used in investing activities |
(14,317,000)
|
(10,624,000)
|
| Financing activities: |
|
|
| Net (decrease) increase in deposits |
6,844,000
|
(3,370,000)
|
| Net change in short-term borrowings |
(16,920,000)
|
(28,391,000)
|
| Repayment of long term debt |
65,000,000
|
(24,000,000)
|
| Net change in advance payments by borrowers for taxes |
(5,184,000)
|
(8,156,000)
|
| Cash dividends on common stock |
(17,188,000)
|
(3,274,000)
|
| Purchase of common stock returned to authorized but unissued |
(3,726,000)
|
(524,000)
|
| Proceeds from stock option exercises |
494,000
|
454,000
|
| Net cash provided by financing activities |
29,320,000
|
(67,261,000)
|
| Increase (decrease) in cash and cash equivalents |
34,800,000
|
27,411,000
|
| Cash and cash equivalents at beginning of period |
48,607,000
|
47,217,000
|
| Cash and cash equivalents at end of period |
83,407,000
|
74,628,000
|
| Cash paid or credited during the period for: |
|
|
| Income tax payments |
2,384,000
|
5,042,000
|
| Interest payments |
3,804,000
|
3,961,000
|
| Noncash activities: |
|
|
| Loans receivable transferred to real estate owned |
238,000
|
416,000
|
| Dividends declared but not paid in other liabilities |
$ 3,850,000
|
$ 3,722,000
|