Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
shares in Thousands, $ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 6,697 $ 7,075
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Origination of loans for sale (41,823) (31,599)
Sale of loans originated for sale 39,953 32,659
Depreciation and amortization, net of accretion 1,902 1,906
Amortization of mortgage servicing rights 48 48
Stock based compensation expense 154 142
Net surrender value of restricted stock awards (72) 0
Gain on sale of securities, net (1,155) (758)
Gain on sale of loans held-for-sale, net (1,021) (883)
Gain on sale of foreclosed real estate, net (154) (95)
Provision for loan losses 950 722
Net change in:    
Interest receivable (298) 65
Other assets (345) (538)
Accrued expenses and other liabilities (2,544) 372
Total adjustments (4,405) 2,041
Net cash - operating activities 2,292 9,116
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities of certificates of deposits in other financial institutions 1,150 0
Proceeds from maturities and pay downs of securities available-for-sale 17,747 18,887
Proceeds from sales of securities available-for-sale 29,049 48,063
Purchase of securities available-for-sale (48,464) (73,503)
Loan participations purchased 0 (362)
Net change in loans receivable (28,385) (25,260)
Purchase of Federal Home Loan Bank Stock (17) 0
Purchase of premises and equipment, net (624) (1,373)
Proceeds from sale of foreclosed real estate, net 1,273 902
Cash and cash equivalents from acquisition activity 26,950 0
Cash paid for acquisition (8,689) 0
Change in cash value of bank owned life insurance (358) (349)
Net cash - investing activities (10,368) (32,995)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits (15,180) (22,211)
Proceeds from FHLB advances 62,000 7,000
Repayment of FHLB advances (44,000) (8,000)
Change in other borrowed funds 10,718 18,541
Dividends paid (2,523) (2,432)
Net cash - financing activities 11,015 (7,102)
Net change in cash and cash equivalents 2,939 (30,981)
Cash and cash equivalents at beginning of period 11,025 45,109
Cash and cash equivalents at end of period 13,964 14,128
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 3,258 1,832
Income taxes 1,080 1,355
Acquisition activity:    
Fair value of assets acquired, including cash and cash equivalents 137,449 0
Value of goodwill and other intangible assets 8,481 0
Fair value of liabilities assumed 130,313 0
Cash paid for acquisition $ 8,689 $ 0
Issuance of common stock for acquisition 6,928 0
Noncash activities:    
Transfers from loans to foreclosed real estate $ 253 $ 51