NORTHERN STATES FINANCIAL CORPORATION.. |
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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| ($ 000's) |
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| Years Ended December 31, |
1998 |
1997 |
1996 |
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| Cash flows from operating activities |
|
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|
| Net income
................................................................................... |
$ 7,304) |
$ 7,010) |
$ 6,011) |
| Adjustments to reconcile net income to cash from operating
activities: |
|
|
|
| Depreciation
................................................................................. |
590) |
568) |
546) |
| Provision for loan losses
........................................................... |
10) |
480) |
1,190) |
| Provision for losses on other real estate owned
.................... |
10) |
21) |
22) |
| Deferred loan fees
....................................................................... |
(78) |
(38) |
(172) |
| Net gains on sales of securities
................................................ |
0) |
0) |
(5) |
| Net change in loans held for sale
............................................. |
(4,267) |
(349) |
2,863) |
| Net gains on sales of loans
....................................................... |
(334) |
(172) |
(210) |
| Net (gains) losses on sales of other real estate owned ........ |
2) |
(142) |
(305) |
| Amortization of mortgage servicing rights
............................. |
65) |
36) |
15) |
| Net change in interest receivable
............................................. |
(100) |
(353) |
411) |
| Net change in interest payable
................................................. |
260) |
1,192) |
342) |
| Net change in other assets
........................................................ |
128) |
742) |
1,218) |
| Net change in other liabilities
.................................................... |
268) |
205) |
290) |
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|
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|
| Net cash from operating activities |
3,322) |
8,790) |
12,216) |
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| Cash flows from investing activities |
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|
| Proceeds from sales of securities available for sale
................ |
0) |
0) |
2,675) |
| Proceeds from maturities of securities available for sale
........ |
173,014) |
90,148) |
90,571) |
| Purchases of securities available for sale
................................. |
(192,926) |
(120,273) |
(83,959) |
| Change in loans made to customers
.......................................... |
547) |
(9,151) |
(17,847) |
| Property and equipment expenditures
....................................... |
(1,338) |
(217) |
(209) |
| Net change in direct lease financing
.......................................... |
287) |
(275) |
(377) |
| Proceeds from sales of other real estate owned
....................... |
46) |
586) |
2,180) |
|
|
|
|
| Net cash from investing activities
.............................................. |
20,370) |
39,182) |
6,966) |
|
|
|
|
| .. |
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| Cash flows from financing activities |
|
|
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| Net increase (decrease) in: |
|
|
|
| Deposits
......................................................................................... |
7,806) |
19,155) |
1,240) |
| Securities sold under repurchase agreements and other short-term
borrowings ................................................................. |
9,486) |
1,746) |
(6,520) |
| Advances from borrowers for taxes and insurance ................ |
(174) |
145) |
(260) |
| Federal Home Loan Bank term advance
.................................. |
5,000) |
5,000) |
0) |
| Net proceeds from exercise of stock options
........................... |
54) |
4) |
77) |
| Dividends paid
............................................................................. |
2,671) |
2,134) |
1,779) |
|
|
|
|
| Net cash from financing activities
............................................. |
19,501) |
23,916) |
7,242) |
|
|
|
|
| Net change in cash and cash equivalents
............................... |
2,453) |
(6,476) |
(1,992) |
| Cash and cash equivalents at beginning of year
................... |
25,506) |
31,982) |
33,974) |
|
|
|
|
| Cash and cash equivalents at end of year
............................... |
$ 27,959) |
$ 25,506) |
$ 31,982) |
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| Supplemental disclosures |
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| Cash paid during the year for |
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|
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| Interest
........................................................................................... |
$ 16,636) |
$ 14,423) |
$ 14,466) |
| Income taxes
.................................................................................. |
3,234) |
3,089) |
2,335) |
| Noncash investing activities |
) |
|
|
| Transfers made from loans to other real estate owned
.......... |
0) |
174) |
2,432) |
| Transfers made from tax-exempt loans to securities available for
sale, at fair value ..................................................................... |
0) |
0) |
4,700) |
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| The accompanying notes are an integral
part of these consolidated financial statements. |
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NSFC
ANNUAL |
34 |
REPORT
1998 |
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