Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 7,852 $ 7,394
Adjustments to reconcile net income to net cash provided by operating activities:    
Origination of loans for sale (45,987) (28,321)
Sale of loans originated for sale 47,657 26,154
Depreciation and amortization, net of accretion 2,249 1,955
Deferred tax (benefit)/expense (668) 316
Amortization of mortgage servicing rights 71 76
Stock based compensation expense 96 61
Gain on sale of securities, net (606) (541)
Gain on sale of loans held-for-sale, net (1,212) (623)
Gain/(loss) on sale of foreclosed real estate 35 (35)
Provision for loan losses 954 875
Net change in:    
Interest receivable (273) (247)
Other assets (49) 281
Accrued expenses and other liabilities (659) 2,233
Total adjustments 1,608 2,184
Net cash - operating activities 9,460 9,578
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 41,733 19,144
Proceeds from sales of securities available-for-sale 31,088 36,244
Purchase of securities available-for-sale (77,997) (68,777)
Loan participations purchased 0 (1,070)
Net change in loans receivable (56,709) (22,678)
Purchase of Federal Home Loan Bank Stock 0 (456)
Proceeds from sale of Federal Home Loan Bank stock 1,055 286
Purchase of premises and equipment, net (1,310) (859)
Proceeds from sale of foreclosed real estate, net 775 911
Change in cash value of bank owned life insurance (442) (418)
Cash and cash equivalents from acquisition activity 16,996 2,630
Net cash - investing activities (44,811) (35,043)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Change in deposits 24,771 23,367
Proceeds from FHLB advances 11,000 47,000
Repayment of FHLB advances (8,000) (41,000)
Change in other borrowed funds 112 977
Treasury stock purchased 0 (31)
Dividends paid (2,962) (2,673)
Net cash - financing activities 24,921 27,640
Net change in cash and cash equivalents (10,430) 2,175
Cash and cash equivalents at beginning of period 21,963 19,788
Cash and cash equivalents at end of period 11,533 21,963
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 2,017 1,818
Income taxes 2,037 1,402
Acquisition activity:    
Fair value of assets acquired, including cash and cash equivalents 56,837 37,906
Value of goodwill and other intangible assets 1,044 1,704
Fair value of liabilities assumed 57,881 39,610
Noncash activities:    
Transfers from loans to foreclosed real estate 654 1,191
Transfers from other assets to foreclosed real estate $ 0 $ 340