CASH 2017 Annual Report

140 CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended September 30, 2017 2016 2015 (Dollars in Thousands) CASH FLOWS FROM OPERATINGACTIVITIES Net income $ 44,917 $ 33,220 $ 18,055 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation, amortization and accretion, net 136 (22) — Equity in undistributed net income of subsidiaries (48,381) (34,105) (18,418) Stock compensation 10,401 427 253 Change in other assets 7 (5) (15) Change in other liabilities 16,636 541 378 Net cash provided by (used in) operating activities 23,716 56 253 CASH FLOWS FROM INVESTING ACTIVITES Capital contributions to subsidiaries (82,820) (81,000) (67,600) Net cash used in investing activities (82,820) (81,000) (67,600) CASH FLOWS FROM FINANCING ACTIVITIES Cash dividends paid (4,839) (4,389) (3,493) Purchase of shares by ESOP 1,174 — — Proceeds from contingent consideration - equity 24,142 — — Proceeds from exercise of stock options & issuance of common stock 650 13,536 75,681 Issuance of common shares due to acquisition 37,296 — — Issuance of restricted stock 4 — — Proceeds from long term debt — 75,000 — Payment of debt issuance costs — (1,767) — Shares repurchased for tax withholdings on stock compensation (470) — — Other, net — — — Net cash provided by financing activities 57,957 82,380 72,188 Net change in cash and cash equivalents $ (1,147) $ 1,436 $ 4,841 CASH AND CASH EQUIVALENTS Beginning of year $ 15,716 $ 14,280 $ 9,439 End of year $ 14,569 $ 15,716 $ 14,280 The extent to which the Company may pay cash dividends to stockholders will depend on the cash currently available at the Company, as well as the ability of the Bank to pay dividends to the Company. For further discussion, see Note 13 herein.