Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,244 $ 1,927
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Origination of loans for sale (8,995) (16,451)
Sale of loans originated for sale 10,173 15,450
Depreciation and amortization, net of accretion 598 521
Amortization of mortgage servicing rights 15 19
Stock based compensation expense 30 21
Gain on sale of securities, net (253) (393)
Gain on sale of loans held-for-sale, net (250) (380)
Gain on sale of foreclosed real estate, net (32) (1)
Provision for loan losses 296 287
Net change in:    
Interest receivable 147 98
Other assets (299) (517)
Accrued expenses and other liabilities 3,000 6,411
Total adjustments 4,430 5,065
Net cash - operating activities 6,674 6,992
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 13,370 8,536
Proceeds from sales of securities available-for-sale 8,247 12,864
Purchase of securities available-for-sale (26,047) (31,184)
Net change in loans receivable 641 (2,537)
Purchase of premises and equipment, net (387) (62)
Proceeds from sale of foreclosed real estate, net 209 16
Change in cash value of bank owned life insurance (116) (104)
Net cash - investing activities (4,083) (12,471)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 3,821 15,424
Proceeds from FHLB advances 1,000 0
Repayment of FHLB advances (15,000) (4,000)
Change in other borrowed funds 6,751 (768)
Dividends paid (771) (713)
Net cash - financing activities (4,199) 9,943
Net change in cash and cash equivalents (1,608) 4,464
Cash and cash equivalents at beginning of period 11,533 21,963
Cash and cash equivalents at end of period 9,925 26,427
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 581 463
Income taxes 235 17
Noncash activities:    
Transfers from loans to foreclosed real estate $ 10 $ 96