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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows from Operating Activities:    
Net income $ 6,836 $ 1,933
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,255 1,298
Provision for loan losses 300 150
Deferred tax expense, net 590 511
Gain on sale of loans sold in the secondary market (547) (454)
Origination of loans held for sale in the secondary market (28,775) (20,613)
Proceeds from sale of loans in the secondary market 29,322 21,067
Loss on sale of other real estate held for sale 47 19
Writedown of other real estate held for sale   47
Stock compensation 196 274
Change in other assets (709) 1,191
Change in other liabilities 3,805 34
Net cash provided by operating activities 12,320 5,457
Cash Flows from Investing Activities:    
Net increase in loans (25,518) (7,343)
Net decrease in interest bearing deposits in other financial institutions 987 2,501
Purchase of securities available for sale (7,776) (1,063)
Proceeds from maturities, sales, calls or paydowns of securities available for sale 16,058 58,760
Capital expenditures (713) (1,484)
Acquisition of FFNM   13,267
Proceeds from sale of other real estate, premises and fixed assets 636 1,624
Net cash (used in) provided by investing activities (16,326) 66,262
Cash Flows from Financing Activities:    
Net increase (decrease) in deposits 17,316 (56,212)
Net activity on line of credit   (1,000)
Net (decrease) increase in fed funds purchased (2,905) 10,000
Principal payments on borrowings (11,304) (27,527)
Proceeds of common stock offering, net of offering costs   32,524
Dividend on common stock (2,568) (2,041)
Net cash provided by (used in) financing activities 539 (44,256)
Net (decrease) increase in cash and cash equivalents (3,467) 27,463
Cash and cash equivalents at beginning of period 64,157 37,426
Cash and cash equivalents at end of period 60,690 64,889
Cash paid during the year for:    
Interest 5,102 3,777
Income taxes 1,500 625
Noncash Investing and Financing Activities:    
Transfers of Foreclosures from Loans to Other Real Estate Held for Sale 825 $ 400
Transfers of Other Real Estate Held for Sale to Fixed Assets $ 1,013