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
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 5,072 $ 4,827
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Origination of loans for sale (24,266) (17,633)
Sale of loans originated for sale 22,099 17,611
Depreciation and amortization, net of accretion 1,312 1,267
Amortization of mortgage servicing rights 32 31
Stock based compensation expense 104 90
Repurchase of shares (45) 0
Gain on sale of securities, net (1,004) (545)
Gain on sale of loans held-for-sale, net (570) (471)
Gain on sale of foreclosed real estate, net (100) (93)
Provision for loan losses 638 557
Net change in:    
Interest receivable 9 80
Other assets (17) (476)
Accrued expenses and other liabilities 2,468 (212)
Total adjustments 660 206
Net cash - operating activities 5,732 5,033
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposits in other financial institutions 150 0
Proceeds from maturities and pay downs of securities available-for-sale 10,314 12,995
Proceeds from sales of securities available-for-sale 22,545 26,428
Purchase of securities available-for-sale (32,339) (43,656)
Net change in loans receivable (27,002) (18,434)
Purchase of Federal Home Loan Bank Stock (17) 0
Purchase of premises and equipment, net (398) (1,064)
Proceeds from sale of foreclosed real estate, net 965 550
Change in cash value of bank owned life insurance (228) (230)
Net cash - investing activities (26,010) (23,411)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 12,973 7,210
Proceeds from FHLB advances 44,000 0
Repayment of FHLB advances (29,000) (6,000)
Change in other borrowed funds 2,734 1,419
Dividends paid (1,662) (1,601)
Net cash - financing activities 29,045 1,028
Net change in cash and cash equivalents 8,767 (17,350)
Cash and cash equivalents at beginning of period 11,025 45,109
Cash and cash equivalents at end of period 19,792 27,759
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 1,949 1,186
Income taxes 955 920
Noncash activities:    
Transfers from loans to foreclosed real estate $ 253 $ 0