Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 4,486 $ 3,903
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Origination of loans for sale (18,798) (28,058)
Sale of loans originated for sale 19,934 29,963
Depreciation and amortization, net of accretion 1,264 1,115
Amortization of mortgage servicing rights 27 41
Stock based compensation expense 67 47
Gain on sale of securities, net (418) (530)
Gain on sale of loans held-for-sale, net (541) (734)
Gain on sale of foreclosed real estate, net (74) (24)
Provision for loan losses 584 485
Net change in:    
Interest receivable 1 (61)
Other assets (3,295) (1,120)
Accrued expenses and other liabilities 6,322 3,606
Total adjustments 5,073 4,730
Net cash - operating activities 9,559 8,633
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 23,898 20,688
Proceeds from sales of securities available-for-sale 15,613 19,183
Purchase of securities available-for-sale (45,612) (49,424)
Net change in loans receivable (14,412) (19,064)
Proceeds from sale of Federal Home Loan Bank stock 0 1,055
Purchase of premises and equipment, net (629) (386)
Proceeds from sale of foreclosed real estate, net 531 321
Change in cash value of bank owned life insurance (237) (210)
Net cash - investing activities (20,848) (27,837)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 34,038 34,188
Proceeds from FHLB advances 6,000 0
Repayment of FHLB advances (15,000) (4,000)
Change in other borrowed funds 7,585 3,600
Dividends paid (1,542) (1,422)
Net cash - financing activities 31,081 32,366
Net change in cash and cash equivalents 19,792 13,162
Cash and cash equivalents at beginning of period 11,533 21,963
Cash and cash equivalents at end of period 31,325 35,125
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 1,177 943
Income taxes 1,055 1,000
Noncash activities:    
Transfers from loans to foreclosed real estate 56 104
Transfers to goodwill $ 231 $ 0