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
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 6,813 $ 5,823
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Origination of loans for sale (42,077) (36,811)
Sale of loans originated for sale 41,986 40,501
Depreciation and amortization, net of accretion 1,920 1,765
Amortization of mortgage servicing rights 36 54
Stock based compensation expense 104 71
Gain on sale of securities, net (700) (562)
Gain on sale of loans held-for-sale, net (1,120) (1,010)
Gain on sale of foreclosed real estate, net (80) (24)
Provision for loan losses 846 585
Net change in:    
Interest receivable 97 (116)
Other assets (2,242) (784)
Accrued expenses and other liabilities (86) (2,736)
Total adjustments (1,316) 933
Net cash - operating activities 5,497 6,756
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 34,822 30,919
Proceeds from sales of securities available-for-sale 26,977 29,241
Purchase of securities available-for-sale (65,971) (63,983)
Net change in loans receivable (23,122) (37,175)
Proceeds from sale of Federal Home Loan Bank stock 0 1,055
Purchase of premises and equipment, net (898) (743)
Proceeds from sale of foreclosed real estate, net 641 598
Cash and cash equivalents from acquisition activity 0 16,996
Change in cash value of bank owned life insurance (354) (327)
Net cash - investing activities (27,905) (23,419)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 33,485 8,352
Proceeds from FHLB advances 6,000 0
Repayment of FHLB advances (15,000) (8,000)
Change in other borrowed funds 5,294 7,736
Dividends paid (2,343) (2,192)
Net cash - financing activities 27,436 5,896
Net change in cash and cash equivalents 5,028 (10,767)
Cash and cash equivalents at beginning of period 11,533 21,963
Cash and cash equivalents at end of period 16,561 11,196
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 1,763 1,479
Income taxes 1,308 1,570
Acquisition activity:    
Fair value of assets acquired, including cash and cash equivalents 0 56,837
Value of goodwill and other intangible assets 0 1,044
Fair value of liabilities assumed 0 57,881
Noncash activities:    
Transfers from loans to foreclosed real estate 93 271
Transfers to goodwill $ 231 $ 0