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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
OPERATING ACTIVITIES:    
Net income $ 3,343,000 $ 2,267,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
PROVISION FOR LOAN LOSSES 489,000 $ 300,000
Provision for real estate losses 8,000
Deferred tax provision 1,298,000 $ 885,000
Net amortization of premiums on investment securities 228,000 64,000
Federal Home Loan Bank stock dividends (6,000) $ (2,000)
Gain on sale of fixed assets, net (1,000)
Gain on sale of real estate owned, net (46,000) $ (42,000)
Loss (gain) on sale of investment securities, net 2,000 (88,000)
Originations of loans held for sale (29,968,000) (26,354,000)
Proceeds from sales of loans held for sale 27,985,000 22,320,000
Gain on sale of loans originated to sell (794,000) (637,000)
Depreciation 938,000 622,000
Amortization of deferred loan costs, net 258,000 23,000
Accretion of purchased loans, net (1,647,000) (1,128,000)
Amortization of intangible assets 255,000 156,000
Stock compensation 327,000 20,000
Earnings on life insurance policies (412,000) (367,000)
Changes in operating assets and liabilities:    
Accrued interest receivable 230,000 (55,000)
Prepaid expenses and other assets (23,000) 1,308,000
Other liabilities 1,015,000 (402,000)
Net cash provided by (used in) operating activities 3,479,000 $ (1,110,000)
INVESTING ACTIVITIES:    
Net increase in federal funds sold (498,000)
Redemptions of interest-bearing time deposits in banks 249,000 $ 498,000
Purchases of investment securities available for sale (“AFS”) (2,897,000) (9,728,000)
Proceeds from sales of investment securities AFS 8,089,000 2,082,000
Proceeds from maturities/calls/paydowns of investment securities AFS 9,062,000 4,340,000
Redemptions of Federal Home Loan Bank stock 1,199,000 141,000
Purchases of Federal Home Loan Bank stock (1,247,000) (423,000)
Redemptions of Federal Reserve Bank stock 790,000 907,000
Purchases of Federal Reserve Bank stock (1,663,000) (3,243,000)
Loan repayments, net 3,496,000 25,735,000
Loan participations purchased (1,485,000) (10,225,000)
Proceeds from sales of real estate owned 783,000 $ 581,000
Proceeds from sales of office properties and equipment 1,000
Purchases of office properties and equipment (547,000) $ (1,771,000)
Purchases of bank owned life insurance (3,000,000) (772,000)
Net cash provided by investing activities 12,332,000 8,122,000
FINANCING ACTIVITIES:    
Net increase (decrease) in deposits 3,035,000 (27,539,000)
Proceeds from advances from Federal Home Loan Bank 27,500,000 11,174,000
Repayment of advances from Federal Home Loan Bank (30,840,000) (15,333,000)
Proceeds from other borrowings 4,200,000 800,000
Repayment of other borrowings (381,000) (257,000)
Net decrease in short term borrowings (3,085,000) (6,507,000)
Repurchase of common stock (3,672,000) (20,000)
Net cash used in financing activities (3,243,000) (37,682,000)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 12,568,000 (30,670,000)
CASH AND CASH EQUIVALENTS:    
Beginning of period 52,131,000 113,086,000
End of period 64,699,000 82,416,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Cash paid for interest $ 1,800,000 1,580,000
Cash received for income tax refunds $ 1,746,000
Cash paid for income taxes $ 419,000
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Real estate and other assets acquired in settlement of loans 223,000 $ 613,000
Sales of real estate owned financed by the Bank $ 46,000 $ 147,000