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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities    
Net income $ 2,155 $ 1,091
Adjustments to reconcile net income to cash and cash equivalents provided by operating activities:    
Provision for loan losses 153 340
Depreciation and amortization of bank premises, equipment and software, and operating lease right-of-use assets 367 231
Acquired loan accretion (249) (3)
Accretion of time deposit discount and amortization of core deposit intangibles 308 17
Net amortization of bond premiums/discounts 180 68
Amortization of long-term subordinated debt issuance costs 40 37
Unrealized gain on equity securities (196) (88)
Stock compensation expense 0 1
Increase in value of bank-owned life insurance (133) (98)
Net losses and impairment write-downs on foreclosed assets 55 226
Deferred tax provision 699 (107)
Decrease (increase) in other assets (751) 91
Increase in accrued interest receivable (107) (62)
Increase in accrued interest payable 116 68
Decrease in other liabilities (1,792) (44)
Net cash and cash equivalents provided by operating activities 845 1,768
Cash flows from investing activities    
Net cash received from acquisition 8,741 0
Net increase in loans (27,923) (27,057)
Maturities of certificates of deposit with banks 494 0
Proceeds from the sale of foreclosed assets 784 210
Purchase of available for sale securities (533) 0
Net purchases of bank premises, equipment and software (241) (23)
Proceeds from maturities, calls and pay-downs of available for sale securities 6,235 1,613
Redemptions (purchases) of Federal Home Loan Bank stock (222) 291
Net cash and cash equivalents used in investing activities (12,665) (24,966)
Cash flows from financing activities    
Increase in deposits 9,353 52,626
Increase (decrease) in Federal Home Loan Bank advances 1,100 (7,500)
Finance lease payments (35) (33)
Issuance of long term debt 0 3,000
Repayment of long term debt 0 (3,000)
Net proceeds from the issuance of common stock 23 18,453
Net cash and cash equivalents provided by financing activities 10,441 63,546
Net increase (decrease) in cash and cash equivalents (1,379) 40,348
Cash and cash equivalents, beginning 31,940 9,056
Cash and cash equivalents, ending 30,561 49,404
Supplemental disclosure of cash flow information    
Cash paid during the period for taxes 30 466
Cash paid during the period for interest 3,058 2,147
Noncash financing and investing activities    
Unrealized gain (loss) on investment securities available-for-sale, net of taxes 1,386 (462)
Transfer of loans to foreclosed assets 73 1,618
Fair value of assets acquired 115,193 0
Fair value of liabilities assumed 113,500 0
Initial recognition of operating lease right-of-use assets 457 0
Initial recognition of operating lease liabilities $ 443 $ 0