Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 9,142 $ 7,852
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (58,338) (45,987)
Sale of loans originated for sale 60,163 47,657
Depreciation and amortization, net of accretion 2,502 2,249
Deferred tax (benefit)/expense 125 (668)
Amortization of mortgage servicing rights 52 71
Stock based compensation expense 142 96
Gain on sale of securities, net (826) (606)
Gain on sale of loans held-for-sale, net (1,609) (1,212)
(Gain)/loss on sale of foreclosed real estate (100) 35
Provision for loan losses 1,268 954
Net change in:    
Interest receivable (86) (273)
Other assets (858) (49)
Accrued expenses and other liabilities (1,187) (659)
Total adjustments 1,248 1,608
Net cash - operating activities 10,390 9,460
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 49,412 41,733
Proceeds from sales of securities available-for-sale 44,258 31,088
Purchase of securities available-for-sale (98,633) (77,997)
Net change in loans receivable (14,070) (56,709)
Proceeds from sale of Federal Home Loan Bank stock 0 1,055
Purchase of premises and equipment, net (1,710) (1,310)
Proceeds from sale of foreclosed real estate, net 820 775
Change in cash value of bank owned life insurance (469) (442)
Cash and cash equivalents from acquisition activity 0 16,996
Net cash - investing activities (20,392) (44,811)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits 64,896 24,771
Proceeds from FHLB advances 11,000 11,000
Repayment of FHLB advances (25,000) (8,000)
Change in other borrowed funds (4,175) 112
Dividends paid (3,143) (2,962)
Net cash - financing activities 43,578 24,921
Net change in cash and cash equivalents 33,576 (10,430)
Cash and cash equivalents at beginning of period 11,533 21,963
Cash and cash equivalents at end of period 45,109 11,533
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 2,349 2,017
Income taxes 2,655 2,037
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 $ 1,794 $ 654