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
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 5,823 $ 5,666
Adjustments to reconcile net income to net cash provided by/(used in) operating activities:    
Origination of loans for sale (36,811) (18,865)
Sale of loans originated for sale 40,501 17,294
Depreciation and amortization, net of accretion 1,765 1,513
Amortization of mortgage servicing rights 54 59
Stock based compensation expense 71 46
Gain on sale of securities, net (562) (520)
Gain on sale of loans held-for-sale, net (1,010) (383)
Gain on sale of foreclosed real estate, net (24) (21)
Provision for loan losses 585 575
Net change in:    
Interest receivable (116) (183)
Other assets (784) 444
Accrued expenses and other liabilities (2,736) 2,633
Total adjustments 933 2,592
Net cash - operating activities 6,756 8,258
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from maturities and pay downs of securities available-for-sale 30,919 14,437
Proceeds from sales of securities available-for-sale 29,241 29,451
Purchase of securities available-for-sale (63,983) (56,500)
Loan participations purchased 0 (427)
Net change in loans receivable (37,175) (26,627)
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 (743) (661)
Proceeds from sale of foreclosed real estate, net 598 819
Cash and cash equivalents from acquisition activity 16,996 2,630
Change in cash value of bank owned life insurance (327) (310)
Net cash - investing activities (23,419) (38,069)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in deposits 8,352 21,377
Proceeds from FHLB advances 0 47,000
Repayment of FHLB advances (8,000) (39,000)
Change in other borrowed funds 7,736 9,294
Common stock purchased 0 (31)
Dividends paid (2,192) (1,962)
Net cash - financing activities 5,896 36,678
Net change in cash and cash equivalents (10,767) 6,867
Cash and cash equivalents at beginning of period 21,963 21,124
Cash and cash equivalents at end of period 11,196 27,991
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest 1,479 1,345
Income taxes 1,570 810
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 $ 271 $ 1,528