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, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,903 $ 3,753
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Origination of loans for sale (28,058) (11,629)
Sale of loans originated for sale 29,963 10,147
Depreciation and amortization, net of accretion 1,115 984
Amortization of mortgage servicing rights 41 41
Stock based compensation expense 47 30
Gain on sale of securities, net (530) (457)
Gain on sale of loans held-for-sale, net (734) (216)
Gain on sale of foreclosed real estate, net (24) (5)
Provision for loan losses 485 410
Net change in:    
Interest receivable (61) (200)
Other assets (1,120) (427)
Accrued expenses and other liabilities 3,606 (2,919)
Total adjustments 4,730 (4,241)
Net cash - operating activities 8,633 (488)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 20,688 8,634
Proceeds from sales of securities available-for-sale 19,183 28,737
Purchase of securities available-for-sale (49,424) (43,061)
Loan participations purchased 0 (427)
Net change in loans receivable (19,064) (24,131)
Purchase of Federal Home Loan Bank Stock 0 (881)
Proceeds from sale of Federal Home Loan Bank stock 1,055 0
Purchase of premises and equipment, net (386) (426)
Proceeds from sale of foreclosed real estate, net 321 507
Cash and cash equivalents from acquisition activity 0 2,630
Change in cash value of bank owned life insurance (210) (205)
Net cash - investing activities (27,837) (28,623)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 34,188 29,762
Proceeds from FHLB advances 0 47,000
Repayment of FHLB advances (4,000) (39,000)
Change in other borrowed funds 3,600 2,472
Common stock purchased 0 (31)
Dividends paid (1,422) (1,251)
Net cash - financing activities 32,366 38,952
Net change in cash and cash equivalents 13,162 9,841
Cash and cash equivalents at beginning of period 21,963 21,124
Cash and cash equivalents at end of period 35,125 30,965
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 943 868
Income taxes 1,000 793
Acquisition activity:    
Fair value of assets acquired, including cash and cash equivalents 0 37,906
Value of goodwill and other intangible assets 0 1,704
Fair value of liabilities assumed 0 39,610
Noncash activities:    
Transfers from loans to foreclosed real estate $ 104 $ 832