Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 8,961 $ 9,142
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (42,212) (58,338)
Sale of loans originated for sale 43,980 60,163
Depreciation and amortization, net of accretion 2,548 2,502
Deferred tax expense 377 125
Reclassification related to tax effect of unrealized gains (111) 0
Amortization of mortgage servicing rights 64 52
Stock based compensation expense 192 142
Gain on sale of securities, net (860) (826)
Gain on sale of loans held-for-sale, net (1,200) (1,609)
Gain on sale of foreclosed real estate (103) (100)
Provision for loan losses 1,200 1,268
Net change in:    
Interest receivable (176) (86)
Other assets (455) (858)
Accrued expenses and other liabilities 93 (1,187)
Total adjustments 3,337 1,248
Net cash - operating activities 12,298 10,390
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposit in other financial institutions 245 0
Purchase of certificates of deposit in other financial institutions (1,036) (885)
Proceeds from maturities and pay downs of securities available-for-sale 25,033 49,412
Proceeds from sales of securities available-for-sale 56,347 44,258
Purchase of securities available-for-sale (89,399) (98,633)
Loan participations purchased (796) 0
Net change in loans receivable (37,390) (14,070)
Purchase of premises and equipment, net (1,657) (1,710)
Proceeds from sale of foreclosed real estate, net 1,278 820
Change in cash value of bank owned life insurance (460) (469)
Net cash - investing activities (47,835) (21,277)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits 13,233 64,896
Proceeds from FHLB advances 9,000 11,000
Repayment of FHLB advances (17,000) (25,000)
Change in other borrowed funds 355 (4,175)
Proceeds from exercise of incentive stock options 14 0
Dividends paid (3,264) (3,143)
Net cash - financing activities 2,338 43,578
Net change in cash and cash equivalents (33,199) 32,691
Cash and cash equivalents at beginning of period 44,224 11,533
Cash and cash equivalents at end of period 11,025 44,224
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 2,591 2,349
Income taxes 1,895 2,655
Noncash activities:    
Transfers from loans to foreclosed real estate $ 349 $ 1,794