CASH 2018 Annual Report

158 CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended September 30, 2018 2017 2016 (Dollars in Thousands) CASH FLOWS FROM OPERATING ACTIVITIES Net Income attributable to parent $ 51,620 $ 44,917 $ 33,220 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation, amortization and accretion, net 143 136 (22) Equity in undistributed net income of subsidiaries (55,840) (48,381) (34,105) Stock compensation 11,123 10,393 426 Other assets 232 7 (5) Accrued expenses and other liabilities (860) 16,636 541 Cash dividend received 45,315 — — Net cash provided by operating activities 51,733 23,708 55 CASH FLOWS FROM INVESTING ACTIVITES Held to Maturity: Proceeds from maturities and principal repayments 8 — — Capital contributions to subsidiaries (20,322) (82,820) (81,000) Net cash (used in) investing activities (20,314) (82,820) (81,000) CASH FLOWS FROM FINANCING ACTIVITIES Cash dividends paid (5,736) (4,839) (4,389) Payment: Short term debt (11,642) — — Long term debt (258) — 75,000 Debt issuance costs — — (1,767) Purchase of shares by ESOP 1,606 1,174 — Proceeds/(payment): Contingent consideration - equity — 24,142 — Exercise of stock options & issuance of common stock 148 650 13,537 Issuance of restricted stock 4 12 — Issuance of commons shares due to acquisitions 295,767 37,296 — Cash acquired due to acquisitions 697 — — Net increase in investment in subsidiaries (295,767) — — Shares repurchased for tax withholdings on stock compensation (2,598) (470) — Net cash provided by (used in) financing activities (17,779) 57,965 82,381 Net change in cash and cash equivalents $ 13,640 $ (1,147) $ 1,436 CASH AND CASH EQUIVALENTS Beginning of year 14,569 15,716 14,280 End of year $ 28,209 $ 14,569 $ 15,716 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.