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, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 4,827 $ 4,486
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Origination of loans for sale (17,633) (18,798)
Sale of loans originated for sale 17,611 19,934
Depreciation and amortization, net of accretion 1,267 1,264
Amortization of mortgage servicing rights 31 27
Stock based compensation expense 90 67
Gain on sale of securities, net (545) (418)
Gain on sale of loans held-for-sale, net (471) (541)
Gain on sale of foreclosed real estate, net (93) (74)
Provision for loan losses 557 584
Net change in:    
Interest receivable 80 1
Other assets (476) (3,295)
Accrued expenses and other liabilities (212) 6,322
Total adjustments 206 5,073
Net cash - operating activities 5,033 9,559
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 12,995 23,898
Proceeds from sales of securities available-for-sale 26,428 15,613
Purchase of securities available-for-sale (43,656) (45,612)
Net change in loans receivable (18,434) (14,412)
Purchase of premises and equipment, net (1,064) (629)
Proceeds from sale of foreclosed real estate, net 550 531
Change in cash value of bank owned life insurance (230) (237)
Net cash - investing activities (23,411) (20,848)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 7,210 34,038
Proceeds from FHLB advances 0 6,000
Repayment of FHLB advances (6,000) (15,000)
Change in other borrowed funds 1,419 7,585
Dividends paid (1,601) (1,542)
Net cash - financing activities 1,028 31,081
Net change in cash and cash equivalents (17,350) 19,792
Cash and cash equivalents at beginning of period 45,109 11,533
Cash and cash equivalents at end of period 27,759 31,325
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 1,186 1,177
Income taxes 920 1,055
Noncash activities:    
Transfers from loans to foreclosed real estate 0 56
Transfers to goodwill $ 0 $ 231