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, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,298 $ 2,244
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Origination of loans for sale (6,332) (8,995)
Sale of loans originated for sale 7,876 10,173
Depreciation and amortization, net of accretion 620 598
Amortization of mortgage servicing rights 13 15
Stock based compensation expense 47 30
Gain on sale of securities, net (293) (253)
Gain on sale of loans held-for-sale, net (200) (250)
Gain on sale of foreclosed real estate, net 0 (32)
Provision for loan losses 234 296
Net change in:    
Interest receivable 191 147
Other assets 587 (299)
Accrued expenses and other liabilities (1,383) 3,000
Total adjustments 1,360 4,430
Net cash - operating activities 3,658 6,674
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 6,700 13,370
Proceeds from sales of securities available-for-sale 17,964 8,247
Purchase of securities available-for-sale (27,117) (26,047)
Net change in loans receivable (13,504) 641
Purchase of premises and equipment, net (732) (387)
Proceeds from sale of foreclosed real estate, net 0 209
Change in cash value of bank owned life insurance (115) (116)
Net cash - investing activities (16,804) (4,083)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits (9,142) 3,821
Proceeds from FHLB advances 0 1,000
Repayment of FHLB advances (4,000) (15,000)
Change in other borrowed funds (2,237) 6,751
Dividends paid (800) (771)
Net cash - financing activities (16,179) (4,199)
Net change in cash and cash equivalents (29,325) (1,608)
Cash and cash equivalents at beginning of period 45,109 11,533
Cash and cash equivalents at end of period 15,784 9,925
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 567 581
Income taxes 0 235
Noncash activities:    
Transfers from loans to foreclosed real estate $ 0 $ 10