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Unaudited Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net income $ 1,059 $ 918
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation 277 295
Amortization of intangible assets 0 238
Amortization of mortgage servicing rights, net 68 66
Amortization of bond premiums, net 403 304
Share based compensation 64 0
Provision for loan losses 0 300
Provision for deferred income taxes 659 441
Earnings on bank-owned life insurance (217) (223)
OREO valuation adjustment 10 16
Securities gains, net 0 (37)
Gain on sale of OREO (2) (48)
Proceeds from sales of loans held for sale 4,546 3,729
Origination of loans held for sale (4,409) (3,084)
Gain on sale of loans (137) (92)
Change in assets and liabilities    
Decrease (increase) in other assets 418 (84)
Decrease in other liabilities (77) (463)
Net cash provided by operating activities 2,662 2,276
Cash flows from investing activities    
Proceeds from paydowns of securities available for sale 9,945 7,112
Proceeds from calls and maturities of securities available for sale 0 115
Proceeds from sales of securities available for sale 0 5,016
Purchases of securities available for sale 0 (9,680)
Redemption of Federal Home Loan Bank stock 3,080 0
Purchase of Federal Home Loan Bank stock (1,215) 0
Purchase of Federal Reserve Bank stock (24) (983)
Net increase in loans (2,277) (15,746)
Purchase of premises and equipment (56) (78)
Proceeds from sale of OREO 119 1,166
Net cash (used in) provided by investing activities 9,572 (13,078)
Cash flows from financing activities    
Net increase (decrease) in deposits (11,557) 10,765
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase 135 (3,157)
Net proceeds (repayments) of advances from the Federal Home Loan Bank 8,000 (1,000)
Dividends paid on preferred stock (82) (82)
Net cash (used in) provided by financing activities (3,504) 6,526
Net decrease in cash and cash equivalents 8,730 (4,276)
Cash and cash equivalents    
Beginning of period 22,507 27,655
End of period 31,237 23,379
Cash payments for    
Interest 835 692
Income taxes 0 57
Loan transfers from branch assets held for sale 0 (603)
Premises and equipment transferred from branch assets held for sale $ 0 $ (36)