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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Operating Activities:    
Net income $ 4,724 $ 3,868
Adjustments to reconcile net income to net cash provided by operating activities-    
Provision for loan losses 450 300
Depreciation and amortization 683 694
Net amortization of premiums and discounts on securities 283 482
SBA discount accretion (151) (111)
Gain from bargain purchase of NJCB (184) 0
Gains on sales and calls of securities available for sale (12) (104)
Gains on sales of other real estate owned 0 (14)
Gains on sales of loans held for sale (2,133) (2,607)
Originations of loans held for sale (54,025) (52,391)
Proceeds from sales of loans held for sale 51,121 66,233
Income on Bank–owned life insurance (287) (260)
Loss on cash surrender value on Bank-owned life insurance 14 0
Share-based compensation expense 506 484
(Increase) decrease in accrued interest receivable (48) 35
Increase in other assets (503) (899)
Increase (decrease) in accrued interest payable 45 (54)
Increase (decrease) in accrued expenses and other liabilities 8,415 (806)
Net cash provided by operating activities 8,898 14,850
Purchases of securities:    
Available for sale (24,059) (25,752)
Held to maturity (2,868) (16,460)
Proceeds from maturities and payments of securities:    
Available for sale 8,949 11,231
Held to maturity 17,694 17,645
Proceeds from sales of securities:    
Available for sale 0 5,728
Held to maturity 0 606
Proceeds from Bank-owned life insurance benefits paid 893 0
Net purchase of restricted stock (4,600) (105)
Net increase in loans (35,999) (38,242)
Capital expenditures (479) (439)
Forfeitable deposit on other real estate owned 100 0
Cost of improvements to OREO 0 (5)
Net cash paid for acquisition of NJCB (996) 0
Proceeds from sales of other real estate owned 0 284
Net cash used in investing activities (41,365) (45,509)
Financing Activities:    
Exercise of stock options 67 113
Cash dividends paid to shareholders (986) (803)
Net (decrease) increase in deposits (52,442) 29,899
Increase in short-term borrowings 97,725 775
Net cash provided by financing activities 44,364 29,984
Increase (decrease) in cash and cash equivalents 11,897 (675)
Cash and Cash Equivalents at Beginning of Period 18,754 14,886
Cash and Cash Equivalents at End of Period 30,651 14,211
Cash paid during the period for -    
Interest 3,193 2,683
Income taxes 3,226 1,577
Transfer of loans to other real estate owned 93 $ 455
Noncash assets acquired:    
Investment securities available for sale 11,173  
Loans 75,144  
Premises and equipment, net 1,120  
Bank-owned life insurance 3,972  
Accrued interest receivable 259  
Core deposit intangible asset 80  
Other assets 2,786  
Value of assets 94,534  
Liabilities assumed:    
Deposits 87,223  
Other liabilities 636  
Value of liabilities 87,859  
Common stock issued as consideration $ 5,495