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Consolidated Statement of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Operating activities    
Net Income $ 4,289,000 $ 3,575,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Provision for loan losses 908,000 1,914,000
Depreciation 921,000 843,000
Stock compensation 85,000 96,000
Gain on sales of other real estate owned (74,000) (131,000)
Write-downs of other real estate owned 93,000 97,000
Gain on loan sales (32,000) (48,000)
Loss/(gain) on disposal of fixed assets 1,000 (5,000)
Net amortization of investment securities discounts and premiums- AFS 123,000 146,000
Net amortization of investment securities discounts and premiums- HTM 30,000 15,000
Losses/(gains) on sales of investment securities - available-for-sale 17,000 (227,000)
Amortization of deferred loan fees (297,000) (255,000)
Increase in accrued interest receivable and other assets (2,626,000) (478,000)
Decrease/(increase) in deferred tax benefit 1,368,000 (18,000)
Increase/(decrease) in accrued interest payable and other liabilities 642,000 (201,000)
Earnings on bank owned life insurance (600,000) (835,000)
Net cash provided by operating activities 4,848,000 4,488,000
Investing activities    
Proceeds from maturities/calls of investment securities available-for-sale 14,192,000 27,383,000
Proceeds from maturities/calls of investment securities held-to-maturity 2,973,000 11,350,000
Proceeds from sales of investment securities available-for-sale 18,530,000 25,591,000
Purchases of investment securities available-for-sale (19,047,000) (29,137,000)
Purchases of investment securities held-to-maturity (4,188,000) (3,535,000)
Proceeds from sales of other real estate owned 538,000 1,247,000
Proceeds from loan sales 3,900,000 6,330,000
Proceeds from disposal of fixed assets 1,000 261,000
Proceeds from BOLI death benefit 0 608,000
Net decrease in FHLB stock 5,000 23,000
Net increase in loans (9,707,000) (51,167,000)
Purchases of premises and equipment (2,718,000) (1,995,000)
Net cash provided by/(used in) by investing activities 4,479,000 (13,041,000)
Financing activities    
Net increase in deposits 23,483,000 6,474,000
Preferred stock dividends paid (765,000) (1,125,000)
Preferred stock redemption (10,000,000) (10,000,000)
Proceeds from sale of common stock 9,349,000 0
Rights Offering costs (158,000) 0
Net decrease in short-term borrowings (10,776,000) (15,471,000)
Payments on long-term borrowings (10,808,000) (781,000)
Net cash provided by/(used in) financing activities 325,000 (20,903,000)
Increase/(decrease) in cash and cash equivalents 9,652,000 (29,456,000)
Cash and cash equivalents at beginning of the year 63,310,000 52,141,000
Cash and cash equivalents at end of period 72,962,000 22,685,000
Supplemental information    
Interest paid 3,672,000 4,104,000
Non-cash investing activities:    
Transfers from loans to other real estate owned $ 1,203,000 $ 3,753,000