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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating activities    
Net Income $ 1,980 $ 1,871
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 609 568
Depreciation 459 426
Stock compensation 37 48
Gain on sales of other real estate owned (30) (67)
Write-downs of other real estate owned 70 9
Gain on loan sales (15) (12)
Loss on disposal of fixed assets 1 2
Net amortization of investment securities discounts and premiums- AFS 109 16
Net amortization of investment securities discounts and premiums- HTM 30 0
Losses/(gains) on sales of investment securities - available-for-sale 9 (206)
Amortization of deferred loan fees (385) (122)
(Increase)/decrease in accrued interest receivable and other assets (1,933) 1,162
Decrease in deferred tax benefit 336 927
Decrease in accrued interest payable and other liabilities (831) (161)
Earnings on bank owned life insurance (309) (319)
Net cash provided by operating activities 137 4,142
Investing activities    
Proceeds from maturities/calls of investment securities available-for-sale 3,554 11,901
Proceeds from maturities/calls of investment securities held-to-maturity 1,997 4,039
Proceeds from sales of investment securities available-for-sale 3,830 10,771
Purchases of investment securities available-for-sale (4,145) (8,300)
Purchases of investment securities held-to-maturity (2,877) 0
Proceeds from sales of other real estate owned 147 950
Proceeds from loan sales 2,021 1,801
Proceeds from disposal of fixed assets 1 0
Net decrease in FHLB stock 5 23
Net increase in loans (3,450) (23,626)
Purchases of premises and equipment (1,456) (650)
Net cash used in by investing activities (373) (3,091)
Financing activities    
Net increase in deposits 12,639 17,036
Preferred stock dividends paid (540) (675)
Preferred stock redemption (10,000) (10,000)
Proceeds from sale of common stock 9,349 0
Rights Offering costs (145) 0
Net decrease in short-term borrowings (731) (6,274)
Payments on long-term borrowings (10,808) (18)
Net cash (used in)/provided by financing activities (236) 69
(Decrease)/increase in cash and cash equivalents (472) 1,120
Cash and cash equivalents at beginning of the year 63,310 52,141
Cash and cash equivalents at end of period 62,838 53,261
Supplemental information    
Interest paid 1,896 2,003
Non-cash investing activities:    
Transfers from loans to other real estate owned $ 279 $ 151