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Unaudited Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities    
Net income $ 3,046 $ 2,920
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 587 577
Amortization of intangible assets 476 476
Amortization of mortgage servicing rights, net 140 176
Amortization of bond premiums, net 660 665
Share based compensation 31 0
Provision for loan losses 300 0
Provision for deferred income taxes 1,541 0
Earnings on bank-owned life insurance (441) (451)
OREO valuation adjustment 30 148
Securities gains, net (60) (101)
Gain on sale of OREO (75) (3)
Gain on extinguishment of debt 0 (1,750)
Gain on sale of loans (269) (460)
Gain on sale of branches (1,877) 0
Gain on sale of other assets (2) 0
Proceeds from sales of loans held for sale 10,299 19,474
Origination of loans held for sale (9,482) (14,972)
Change in assets and liabilities    
Decrease in other assets 338 1,480
Increase (decrease) in other liabilities 271 (5,469)
Net cash provided by operating activities 5,513 2,710
Cash flows from investing activities    
Proceeds from paydowns of securities available for sale 17,164 16,034
Proceeds from calls and maturities of securities available for sale 9,765 1,530
Proceeds from sales of securities available for sale 19,670 14,625
Purchases of securities available for sale (35,002) (89,174)
Redemption of Federal Reserve Bank stock 72 179
Purchase of Federal Reserve Bank stock (982) (1,117)
Net increase in loans (25,808) (36,890)
Purchase of premises and equipment (332) (384)
Proceeds from sale of OREO 1,785 424
Sale of branches, net of premium received (31,444) 0
Net cash used in investing activities (45,112) (94,773)
Cash flows from financing activities    
Net increase in deposits 48,257 1,294
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase (8,124) (9,126)
Net proceeds (repayments) of advances from the Federal Home Loan Bank (1,000) 45,000
Repayment of Notes Payable 0 (8,500)
Net proceeds from the issuance of Common Stock 0 68,960
Redemption of Series C Cumulative Perpetual Preferred Stock 0 (19,000)
Dividends paid on preferred stock (165) 0
Net cash provided by financing activities 38,968 78,628
Net decrease in cash and cash equivalents (631) (13,435)
Cash and cash equivalents    
Beginning of period 27,655 49,167
End of period 27,024 35,732
Cash payments for    
Interest 1,279 6,117
Income taxes 143 2
Transfers from loans to other real estate owned 28 98
Transfers from loan portfolio and sold in secondary market 0 315
Loan transfers to branch assets held for sale $ 1,607 $ 0