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
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,561 $ 2,298
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Origination of loans for sale (8,250) (6,332)
Sale of loans originated for sale 8,145 7,876
Depreciation and amortization, net of accretion 650 620
Amortization of mortgage servicing rights 16 13
Stock based compensation expense 52 47
Gain on sale of securities, net (758) (293)
Gain on sale of loans held-for-sale, net (211) (200)
Gain on sale of foreclosed real estate, net (32) 0
Provision for loan losses 341 234
Net change in:    
Interest receivable 210 191
Other assets 690 587
Accrued expenses and other liabilities (443) (1,383)
Total adjustments 410 1,360
Net cash - operating activities 2,971 3,658
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 5,313 6,700
Proceeds from sales of securities available-for-sale 14,668 17,964
Purchase of securities available-for-sale (21,604) (27,117)
Net change in loans receivable (5,430) (13,504)
Purchase of premises and equipment, net (235) (732)
Proceeds from sale of foreclosed real estate, net 552 0
Change in cash value of bank owned life insurance (108) (115)
Net cash - investing activities (6,694) (16,804)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 2,369 (9,142)
Proceeds from FHLB advances 32,000 0
Repayment of FHLB advances (19,000) (4,000)
Change in other borrowed funds (1,425) (2,237)
Dividends paid (831) (800)
Net cash - financing activities 13,113 (16,179)
Net change in cash and cash equivalents 9,390 (29,325)
Cash and cash equivalents at beginning of period 11,025 45,109
Cash and cash equivalents at end of period 20,415 15,784
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 873 567
Income taxes 0 0
Noncash activities:    
Transfers from loans to foreclosed real estate $ 253 $ 0